1st Source’s (SRCE) “Buy (B)” Rating Reaffirmed at Weiss Ratings

Weiss Ratings restated their buy (b) rating on shares of 1st Source (NASDAQ:SRCE) in a report published on Saturday,Weiss Ratings reports.

1st Source Stock Performance

Shares of SRCE opened at $57.85 on Friday. The company has a 50-day moving average of $61.47 and a two-hundred day moving average of $60.27. The stock has a market cap of $1.42 billion, a price-to-earnings ratio of 11.02 and a beta of 0.82. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.94 and a quick ratio of 0.94. 1st Source has a one year low of $47.30 and a one year high of $68.13.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.41 earnings per share for the quarter, topping 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 previous year, the company posted $1.32 EPS. On average, equities research analysts expect that 1st Source will post 5.36 earnings per share for the current year.

1st Source Announces Dividend

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SRCE. nVerses Capital LLC lifted its position in 1st Source by 150.0% in the 3rd quarter. nVerses Capital LLC now owns 1,000 shares of the financial services provider’s stock worth $60,000 after buying an additional 600 shares in the last quarter. New York State Teachers Retirement System raised its holdings in shares of 1st Source by 12.2% during the third quarter. New York State Teachers Retirement System now owns 1,675 shares of the financial services provider’s stock worth $100,000 after acquiring an additional 182 shares in the last quarter. Quantbot Technologies LP purchased a new stake in shares of 1st Source during the third quarter worth $122,000. CWM LLC boosted its position in 1st Source by 122.7% during the third quarter. CWM LLC now owns 3,035 shares of the financial services provider’s stock valued at $182,000 after purchasing an additional 1,672 shares during the last quarter. Finally, AMI Investment Management Inc. acquired a new position in 1st Source in the 3rd quarter worth about $206,000. 74.45% of the stock is owned by hedge funds and other institutional investors.

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.