1st Source (NASDAQ:SRCE) Trading Down 3.5% – Here’s Why

1st Source Co. (NASDAQ:SRCE) shares fell 3.5% during mid-day trading on Friday . The stock traded as low as $57.16 and last traded at $57.39. 4,611 shares were traded during mid-day trading, a decline of 94% from the average session volume of 71,805 shares. The stock had previously closed at $59.49.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $62.00 target price (up from $54.00) on shares of 1st Source in a research report on Monday, July 29th. Piper Sandler cut 1st Source from an “overweight” rating to a “neutral” rating and raised their price target for the company from $60.00 to $67.50 in a report on Monday, July 29th.

1st Source Price Performance

The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.09. The stock has a market cap of $1.41 billion, a price-to-earnings ratio of 11.97 and a beta of 0.78. The company has a 50 day simple moving average of $59.50 and a 200-day simple moving average of $55.53.

1st Source (NASDAQ:SRCE) last announced its earnings results on Thursday, October 24th. The financial services provider reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.05. The business had revenue of $97.93 million for the quarter, compared to analyst estimates of $97.30 million. 1st Source had a return on equity of 12.02% and a net margin of 23.23%. During the same quarter last year, the firm earned $1.32 EPS. Research analysts expect that 1st Source Co. will post 5.37 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. LRI Investments LLC acquired a new position in shares of 1st Source during the 1st quarter worth about $48,000. nVerses Capital LLC lifted its holdings in 1st Source by 150.0% during the 3rd quarter. nVerses Capital LLC now owns 1,000 shares of the financial services provider’s stock worth $60,000 after purchasing an additional 600 shares during the last quarter. CWM LLC boosted its stake in 1st Source by 726.1% in the 2nd quarter. CWM LLC now owns 1,363 shares of the financial services provider’s stock valued at $73,000 after purchasing an additional 1,198 shares during the period. PNC Financial Services Group Inc. grew its holdings in 1st Source by 10.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,356 shares of the financial services provider’s stock valued at $129,000 after buying an additional 218 shares in the last quarter. Finally, AMI Investment Management Inc. bought a new position in 1st Source during the 3rd quarter worth $206,000. Institutional investors own 74.45% of the company’s stock.

About 1st Source

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.