1st Source (NASDAQ:SRCE) Receives “Buy (B)” Rating from Weiss Ratings

Weiss Ratings reissued their buy (b) rating on shares of 1st Source (NASDAQ:SRCE) in a research note issued to investors on Saturday,Weiss Ratings reports.

1st Source Stock Performance

Shares of NASDAQ SRCE traded up $0.35 during midday trading on Friday, hitting $57.85. 59,248 shares of the company’s stock were exchanged, compared to its average volume of 51,594. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $1.42 billion, a PE ratio of 11.02 and a beta of 0.82. 1st Source has a 12 month low of $47.30 and a 12 month high of $68.13. The company’s 50 day moving average price is $61.65 and its 200 day moving average price is $60.18.

1st Source (NASDAQ:SRCE) last released its quarterly earnings results on Thursday, October 24th. The financial services provider reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.05. The firm had revenue of $97.93 million for the quarter, compared to analysts’ expectations of $97.30 million. 1st Source had a net margin of 23.01% and a return on equity of 11.68%. During the same period in the prior year, the firm earned $1.32 EPS. As a group, analysts predict that 1st Source will post 5.36 earnings per share for the current fiscal year.

1st Source Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th were issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date of this dividend was Tuesday, November 5th. 1st Source’s dividend payout ratio is currently 27.43%.

Institutional Investors Weigh In On 1st Source

A number of hedge funds and other institutional investors have recently made changes to their positions in SRCE. Jane Street Group LLC grew its holdings in shares of 1st Source by 152.7% during the 3rd quarter. Jane Street Group LLC now owns 35,169 shares of the financial services provider’s stock worth $2,106,000 after purchasing an additional 21,254 shares in the last quarter. State Street Corp increased its holdings in shares of 1st Source by 1.7% during the third quarter. State Street Corp now owns 567,195 shares of the financial services provider’s stock worth $33,964,000 after buying an additional 9,235 shares in the last quarter. Barclays PLC increased its holdings in 1st Source by 162.2% in the 3rd quarter. Barclays PLC now owns 41,525 shares of the financial services provider’s stock worth $2,487,000 after purchasing an additional 25,687 shares in the last quarter. Thrivent Financial for Lutherans raised its holdings in 1st Source by 625.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 33,227 shares of the financial services provider’s stock valued at $1,989,000 after buying an additional 28,648 shares during the last quarter. Finally, Harbor Capital Advisors Inc. raised its stake in shares of 1st Source by 95.8% during the third quarter. Harbor Capital Advisors Inc. now owns 28,110 shares of the financial services provider’s stock valued at $1,683,000 after acquiring an additional 13,753 shares during the last quarter. 74.45% of the stock is currently owned by institutional investors and hedge funds.

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.