Zacks Investment Research Downgrades 1st Source Corporation (SRCE) to Hold

1st Source Corporation (NASDAQ:SRCE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Friday.

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. “

Several other equities research analysts have also commented on the stock. ValuEngine upgraded shares of 1st Source Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Piper Jaffray Companies set a $55.00 price target on shares of 1st Source Corporation and gave the company a “buy” rating in a report on Wednesday, July 26th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $47.00 price target on shares of 1st Source Corporation in a report on Sunday, July 23rd. Finally, BidaskClub upgraded shares of 1st Source Corporation from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. 1st Source Corporation currently has an average rating of “Hold” and an average target price of $52.33.

Shares of 1st Source Corporation (NASDAQ SRCE) opened at 45.82 on Friday. 1st Source Corporation has a one year low of $33.27 and a one year high of $50.78. The firm has a 50-day moving average of $48.38 and a 200-day moving average of $47.11. The stock has a market cap of $1.19 billion, a PE ratio of 19.16 and a beta of 1.03.

1st Source Corporation (NASDAQ:SRCE) last posted its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.64 EPS for the quarter, beating the consensus estimate of $0.61 by $0.03. 1st Source Corporation had a net margin of 21.41% and a return on equity of 9.14%. The business had revenue of $70 million during the quarter, compared to analyst estimates of $68.90 million. On average, equities research analysts expect that 1st Source Corporation will post $2.59 earnings per share for the current fiscal year.

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Hedge funds and other institutional investors have recently modified their holdings of the company. Legal & General Group Plc increased its position in shares of 1st Source Corporation by 3.7% in the second quarter. Legal & General Group Plc now owns 3,866 shares of the financial services provider’s stock worth $186,000 after buying an additional 137 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of 1st Source Corporation by 17.6% in the second quarter. Victory Capital Management Inc. now owns 4,133 shares of the financial services provider’s stock worth $198,000 after buying an additional 620 shares during the last quarter. Royal Bank of Canada increased its position in shares of 1st Source Corporation by 598.4% in the second quarter. Royal Bank of Canada now owns 4,281 shares of the financial services provider’s stock worth $205,000 after buying an additional 3,668 shares during the last quarter. Karp Capital Management Corp purchased a new position in shares of 1st Source Corporation during the first quarter worth about $206,000. Finally, Virginia Retirement Systems ET AL purchased a new position in shares of 1st Source Corporation during the first quarter worth about $211,000. 69.53% of the stock is currently owned by hedge funds and other institutional investors.

1st Source Corporation Company Profile

1st Source Corporation is a bank holding company. The Company, through its subsidiaries, provides a range of financial products and services. It is engaged in commercial banking. 1st Source Bank (Bank), its banking subsidiary, offers commercial and consumer banking services, trust and wealth advisory services, and insurance to individual and business clients.

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