1st Source (SRCE) Rating Increased to Hold at Zacks Investment Research

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1st Source (NASDAQ:SRCE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday, September 18th.

According to Zacks, “1ST SOURCE CORP.is a bank holding company engaged in general banking business. The bank offers a broad range of commercial banking, personal banking and trust services. In addition, 1st Source Bank provides highly specialized financing services for: automobile fleets in the rental and leasing industries; privately-held used aircraft; heavy duty trucks and construction equipment.These services are marketed nationwide. “

Separately, BidaskClub upgraded shares of 1st Source from a “hold” rating to a “buy” rating in a research note on Friday, June 8th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. 1st Source presently has a consensus rating of “Hold” and a consensus price target of $56.75.

SRCE stock traded down $1.54 during trading hours on Tuesday, reaching $49.45. 42,250 shares of the stock were exchanged, compared to its average volume of 43,534. The stock has a market cap of $1.37 billion, a PE ratio of 19.78, a price-to-earnings-growth ratio of 1.58 and a beta of 0.97. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.18. 1st Source has a 12 month low of $47.16 and a 12 month high of $59.33.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings data on Thursday, July 19th. The financial services provider reported $0.84 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.84. 1st Source had a net margin of 22.84% and a return on equity of 10.18%. The company had revenue of $78.19 million during the quarter, compared to the consensus estimate of $76.80 million. On average, analysts forecast that 1st Source will post 3.34 earnings per share for the current fiscal year.

In other 1st Source news, EVP Jeffrey L. Buhr sold 1,450 shares of the firm’s stock in a transaction that occurred on Friday, August 3rd. The shares were sold at an average price of $56.98, for a total value of $82,621.00. Following the sale, the executive vice president now owns 50,911 shares in the company, valued at $2,900,908.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeffrey L. Buhr sold 550 shares of the firm’s stock in a transaction that occurred on Wednesday, August 1st. The shares were sold at an average price of $56.92, for a total transaction of $31,306.00. Following the completion of the sale, the insider now owns 52,361 shares in the company, valued at approximately $2,980,388.12. The disclosure for this sale can be found here. 19.92% of the stock is currently owned by company insiders.

Institutional investors have recently modified their holdings of the business. Barclays PLC lifted its holdings in shares of 1st Source by 29.0% during the first quarter. Barclays PLC now owns 4,454 shares of the financial services provider’s stock worth $226,000 after purchasing an additional 1,001 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of 1st Source by 15.9% during the second quarter. Victory Capital Management Inc. now owns 9,298 shares of the financial services provider’s stock worth $497,000 after purchasing an additional 1,275 shares during the period. Swiss National Bank lifted its holdings in shares of 1st Source by 5.0% during the first quarter. Swiss National Bank now owns 31,689 shares of the financial services provider’s stock worth $1,604,000 after purchasing an additional 1,500 shares during the period. WBI Investments Inc. lifted its holdings in shares of 1st Source by 10.5% during the first quarter. WBI Investments Inc. now owns 17,690 shares of the financial services provider’s stock worth $895,000 after purchasing an additional 1,681 shares during the period. Finally, Schwab Charles Investment Management Inc. lifted its holdings in shares of 1st Source by 1.4% during the second quarter. Schwab Charles Investment Management Inc. now owns 148,231 shares of the financial services provider’s stock worth $7,920,000 after purchasing an additional 1,993 shares during the period. Hedge funds and other institutional investors own 70.82% of the company’s stock.

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 investment management services, and insurance 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 loans, and lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.

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