1st Source (NASDAQ:SRCE) Announces Quarterly Earnings Results

1st Source (NASDAQ:SRCE) released its earnings results on Thursday. The financial services provider reported $1.41 EPS for the quarter, beating the consensus estimate of $1.36 by $0.05, Zacks reports. 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 23.23% and a return on equity of 12.02%. During the same quarter last year, the company earned $1.32 EPS.

1st Source Trading Down 3.0 %

Shares of SRCE traded down $1.79 during midday trading on Friday, hitting $57.70. The stock had a trading volume of 31,889 shares, compared to its average volume of 71,937. 1st Source has a fifty-two week low of $43.35 and a fifty-two week high of $65.63. The business has a 50-day simple moving average of $59.50 and a two-hundred day simple moving average of $55.53. The firm has a market cap of $1.41 billion, a P/E ratio of 11.97 and a beta of 0.78. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.09.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SRCE. Piper Sandler cut shares of 1st Source from an “overweight” rating to a “neutral” rating and lifted their price objective for the stock from $60.00 to $67.50 in a research note on Monday, July 29th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $62.00 price objective (up previously from $54.00) on shares of 1st Source in a research note on Monday, July 29th.

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.