1st Source (NASDAQ:SRCE) Given Buy (B) Rating at Weiss Ratings

Weiss Ratings reiterated their buy (b) rating on shares of 1st Source (NASDAQ:SRCE) in a report released on Tuesday,Weiss Ratings reports.

A number of other equities research analysts have also commented on the stock. Piper Sandler upgraded shares of 1st Source from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $70.00 to $72.50 in a report on Monday, January 27th. Keefe, Bruyette & Woods lifted their price target on 1st Source from $67.00 to $69.00 and gave the company a “market perform” rating in a research note on Monday, January 27th.

1st Source Stock Down 4.6 %

NASDAQ:SRCE opened at $53.70 on Tuesday. 1st Source has a 1 year low of $47.30 and a 1 year high of $68.13. The stock has a 50-day moving average price of $61.94 and a two-hundred day moving average price of $61.27. The stock has a market cap of $1.32 billion, a price-to-earnings ratio of 10.02 and a beta of 0.67. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings data on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.07. 1st Source had a return on equity of 11.92% and a net margin of 23.10%. As a group, equities analysts expect that 1st Source will post 5.82 earnings per share for the current year.

1st Source Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Tuesday, February 4th were given a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date was Tuesday, February 4th. 1st Source’s dividend payout ratio is presently 26.87%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SRCE. R Squared Ltd acquired a new position in shares of 1st Source during the 4th quarter worth about $40,000. Financial Life Planners acquired a new position in 1st Source during the fourth quarter valued at approximately $48,000. Jones Financial Companies Lllp grew its stake in 1st Source by 61.4% in the fourth quarter. Jones Financial Companies Lllp now owns 1,222 shares of the financial services provider’s stock valued at $71,000 after purchasing an additional 465 shares in the last quarter. Picton Mahoney Asset Management increased its position in shares of 1st Source by 105.6% during the 4th quarter. Picton Mahoney Asset Management now owns 1,902 shares of the financial services provider’s stock worth $111,000 after purchasing an additional 977 shares during the last quarter. Finally, Aquatic Capital Management LLC raised its stake in shares of 1st Source by 14.3% during the 4th quarter. Aquatic Capital Management LLC now owns 2,515 shares of the financial services provider’s stock worth $147,000 after purchasing an additional 315 shares in the last quarter. Institutional investors own 74.45% of the company’s stock.

1st Source Company Profile

1st Source Corporation operates as the bank holding company for 1st Source Bank that provides commercial and consumer banking services, trust and wealth advisory services, and insurance products to individual and business clients. Its consumer banking services include checking and savings accounts; certificates of deposit; individual retirement accounts; online and mobile banking products; consumer loans, real estate mortgage loans, and home equity lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.