1st Source (NASDAQ:SRCE) Releases Quarterly Earnings Results, Beats Expectations By $0.05 EPS

1st Source (NASDAQ:SRCE) announced its earnings results on Thursday. The financial services provider reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.36 by $0.05, Zacks reports. The business had revenue of $97.93 million during the quarter, compared to the consensus estimate 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 firm earned $1.32 earnings per share.

1st Source Stock Down 3.2 %

Shares of NASDAQ SRCE traded down $1.89 during trading on Friday, hitting $57.60. 33,934 shares of the company traded hands, compared to its average volume of 71,947. The firm has a market capitalization of $1.41 billion, a price-to-earnings ratio of 11.97 and a beta of 0.78. The business’s fifty day moving average is $59.50 and its 200 day moving average is $55.53. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.94 and a current ratio of 0.94. 1st Source has a fifty-two week low of $43.35 and a fifty-two week high of $65.63.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SRCE. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $62.00 price objective (up from $54.00) on shares of 1st Source in a research report on Monday, July 29th. Piper Sandler lowered 1st Source from an “overweight” rating to a “neutral” rating and boosted their price target for the company from $60.00 to $67.50 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.