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

Zacks Investment Research lowered shares of 1st Source Corporation (NASDAQ:SRCE) from a buy rating to a hold rating in a research report released on Saturday morning.

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. “

A number of other analysts have also issued reports on SRCE. ValuEngine raised 1st Source Corporation from a hold rating to a buy rating in a research report on Friday, June 2nd. BidaskClub raised 1st Source Corporation from a sell rating to a hold rating in a research report on Saturday, June 10th. Keefe, Bruyette & Woods reaffirmed a hold rating and set a $47.00 target price on shares of 1st Source Corporation in a research report on Sunday, July 23rd. Finally, Piper Jaffray Companies set a $55.00 target price on 1st Source Corporation and gave the stock a buy rating in a research report on Wednesday, July 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. 1st Source Corporation has a consensus rating of Hold and an average target price of $51.67.

1st Source Corporation (NASDAQ SRCE) opened at 47.65 on Friday. 1st Source Corporation has a 12-month low of $33.27 and a 12-month high of $50.78. The stock has a 50 day moving average price of $47.09 and a 200-day moving average price of $47.29. The stock has a market cap of $1.24 billion, a P/E ratio of 19.93 and a beta of 1.04.

1st Source Corporation (NASDAQ:SRCE) last announced its earnings results on Thursday, July 20th. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.61 by $0.03. 1st Source Corporation had a return on equity of 9.14% and a net margin of 21.41%. The business had revenue of $70.00 million for the quarter, compared to analyst estimates of $68.90 million. On average, equities analysts expect that 1st Source Corporation will post $2.59 earnings per share for the current year.

TRADEMARK VIOLATION WARNING: This report was first posted by Chaffey Breeze and is the property of of Chaffey Breeze. If you are reading this report on another publication, it was illegally copied and reposted in violation of international trademark and copyright law. The original version of this report can be read at https://www.chaffeybreeze.com/2017/09/19/zacks-investment-research-lowers-1st-source-corporation-srce-to-hold.html.

A number of institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP increased its holdings in 1st Source Corporation by 301.3% in the first quarter. Wellington Management Group LLP now owns 1,061,773 shares of the financial services provider’s stock valued at $49,850,000 after buying an additional 797,158 shares during the last quarter. Vanguard Group Inc. increased its holdings in 1st Source Corporation by 3.8% in the second quarter. Vanguard Group Inc. now owns 711,898 shares of the financial services provider’s stock valued at $34,129,000 after buying an additional 26,341 shares during the last quarter. Alliancebernstein L.P. increased its holdings in 1st Source Corporation by 10.3% in the second quarter. Alliancebernstein L.P. now owns 574,353 shares of the financial services provider’s stock valued at $27,534,000 after buying an additional 53,820 shares during the last quarter. Janus Henderson Group PLC bought a new stake in 1st Source Corporation in the second quarter valued at about $18,196,000. Finally, State Street Corp increased its holdings in 1st Source Corporation by 5.5% in the second quarter. State Street Corp now owns 306,993 shares of the financial services provider’s stock valued at $14,714,000 after buying an additional 16,134 shares during the last quarter. 70.22% of the stock is 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.

Get a free copy of the Zacks research report on 1st Source Corporation (SRCE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for 1st Source Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 1st Source Corporation and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply