1st Source (NASDAQ:SRCE) Announces Earnings Results, Beats Estimates By $0.24 EPS

1st Source (NASDAQ:SRCE) posted its quarterly earnings data on Thursday. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.71 by $0.24, FiscalAI reports. 1st Source had a return on equity of 12.39% and a net margin of 26.66%.The company had revenue of $118.16 million for the quarter, compared to analysts’ expectations of $114.13 million.

1st Source Price Performance

SRCE traded up $0.34 during trading on Thursday, reaching $83.18. The company’s stock had a trading volume of 190,950 shares, compared to its average volume of 133,551. The company has a market cap of $2.00 billion, a price-to-earnings ratio of 12.76 and a beta of 0.58. The firm has a fifty day simple moving average of $78.04 and a two-hundred day simple moving average of $72.31. 1st Source has a 1 year low of $56.89 and a 1 year high of $86.64. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.07.

Wall Street Analyst Weigh In

A number of equities analysts have commented on SRCE shares. DA Davidson reissued a “neutral” rating and set a $74.00 target price on shares of 1st Source in a report on Monday, April 27th. Weiss Ratings reiterated a “buy (a-)” rating on shares of 1st Source in a research report on Thursday, July 2nd. Finally, Piper Sandler increased their price objective on 1st Source from $83.00 to $88.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.00.

Institutional Investors Weigh In On 1st Source

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Empowered Funds LLC grew its holdings in 1st Source by 15.5% in the 4th quarter. Empowered Funds LLC now owns 104,221 shares of the financial services provider’s stock valued at $6,513,000 after buying an additional 13,992 shares in the last quarter. Man Group plc raised its holdings in shares of 1st Source by 3.6% during the 4th quarter. Man Group plc now owns 11,933 shares of the financial services provider’s stock worth $746,000 after acquiring an additional 413 shares during the period. Janus Henderson Group PLC raised its holdings in shares of 1st Source by 49.3% during the 4th quarter. Janus Henderson Group PLC now owns 335,174 shares of the financial services provider’s stock worth $20,965,000 after acquiring an additional 110,711 shares during the period. AQR Capital Management LLC boosted its position in shares of 1st Source by 29.9% during the 4th quarter. AQR Capital Management LLC now owns 89,536 shares of the financial services provider’s stock valued at $5,595,000 after acquiring an additional 20,597 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of 1st Source by 3.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 30,509 shares of the financial services provider’s stock valued at $1,907,000 after acquiring an additional 981 shares during the last quarter. Institutional investors and hedge funds own 74.45% of the company’s stock.

About 1st Source

1st Source Corporation is a bank holding company headquartered in South Bend, Indiana, operating through its wholly owned subsidiary, 1st Source Bank. The company offers a full range of commercial and consumer banking products, including checking and savings accounts, business and commercial lending, residential mortgage loans, and cash management services. Its client base spans small and medium-sized businesses, agribusinesses, professional firms, and individual consumers primarily across northern Indiana and southwestern Michigan.

In addition to traditional banking services, 1st Source Corporation provides wealth management and trust services through its 1st Source Wealth Management division.