1st Source (NASDAQ:SRCE) Stock Rating Lowered by Zacks Research

1st Source (NASDAQ:SRCE) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday, Zacks reports.

A number of other equities analysts have also commented on the company. Weiss Ratings lowered 1st Source from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Tuesday, July 28th. DA Davidson upped their price target on shares of 1st Source from $77.00 to $87.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Keefe, Bruyette & Woods increased their price objective on shares of 1st Source from $79.00 to $82.00 and gave the stock a “market perform” rating in a report on Monday, July 27th. Finally, Piper Sandler boosted their target price on shares of 1st Source from $88.00 to $100.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 28th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $89.67.

1st Source Stock Down 0.7%

Shares of NASDAQ SRCE opened at $84.91 on Monday. 1st Source has a 52-week low of $56.89 and a 52-week high of $91.46. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.97 and a current ratio of 0.97. The business has a fifty day moving average of $86.94 and a two-hundred day moving average of $79.11. The stock has a market cap of $2.04 billion, a PE ratio of 13.02 and a beta of 0.56.

1st Source (NASDAQ:SRCE) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $1.71 by $0.24. The firm had revenue of $118.16 million for the quarter, compared to analyst estimates of $114.13 million. 1st Source had a net margin of 28.09% and a return on equity of 12.94%. As a group, equities research analysts expect that 1st Source will post 7.26 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Brett Bauer sold 500 shares of 1st Source stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $87.89, for a total transaction of $43,945.00. Following the completion of the sale, the chief financial officer owned 30,706 shares in the company, valued at $2,698,750.34. The trade was a 1.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 20.17% of the company’s stock.

Institutional Investors Weigh In On 1st Source

A number of institutional investors have recently made changes to their positions in SRCE. 1ST Source Bank acquired a new position in shares of 1st Source during the 2nd quarter worth about $416,946,000. BlackRock Inc. bought a new position in shares of 1st Source during the second quarter worth $166,355,000. Jupiter Topco LLC acquired a new position in shares of 1st Source in the 2nd quarter valued at $39,286,000. The Manufacturers Life Insurance Company bought a new stake in shares of 1st Source in the 2nd quarter valued at $19,319,000. Finally, Janus Henderson Group PLC increased its position in shares of 1st Source by 37.4% in the 1st quarter. Janus Henderson Group PLC now owns 460,422 shares of the financial services provider’s stock valued at $31,889,000 after buying an additional 125,248 shares in the last quarter. 74.45% of the stock is owned by institutional investors and hedge funds.

1st Source Company Profile

1st Source Corporation is a financial services holding company headquartered in South Bend, Indiana. Its principal subsidiary, 1st Source Bank, provides banking and financial services to individuals, businesses, and institutions in northern Indiana and southwest Michigan.

The bank offers deposit accounts, consumer and commercial loans, mortgages, treasury management, cash management, and other traditional banking services. It also provides wealth management, trust and investment services, insurance solutions, and specialized financing for industries such as transportation, construction equipment, aircraft, and marine equipment.

Founded in 1863, 1st Source has developed a regional banking network serving communities across its primary market area.