Brokerages Expect 1st Source Co. (SRCE) Will Post Quarterly Sales of $79.15 Million

Analysts expect that 1st Source Co. (NASDAQ:SRCE) will report $79.15 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for 1st Source’s earnings. The lowest sales estimate is $78.10 million and the highest is $80.20 million. 1st Source posted sales of $74.49 million during the same quarter last year, which would indicate a positive year over year growth rate of 6.3%. The firm is scheduled to issue its next earnings results on Thursday, January 17th.

On average, analysts expect that 1st Source will report full-year sales of $310.90 million for the current fiscal year, with estimates ranging from $308.50 million to $313.30 million. For the next fiscal year, analysts expect that the firm will post sales of $324.65 million, with estimates ranging from $317.80 million to $331.50 million. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for 1st Source.

1st Source (NASDAQ:SRCE) last released its quarterly earnings data on Thursday, October 18th. The financial services provider reported $0.76 EPS for the quarter, missing the consensus estimate of $0.89 by ($0.13). 1st Source had a return on equity of 10.18% and a net margin of 22.84%. The business had revenue of $78.42 million during the quarter, compared to analysts’ expectations of $78.50 million.

SRCE has been the topic of a number of recent research reports. BidaskClub lowered shares of 1st Source from a “buy” rating to a “hold” rating in a report on Tuesday, July 17th. Zacks Investment Research upgraded shares of 1st Source from a “sell” rating to a “hold” rating in a report on Tuesday, September 18th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $56.75.

In other 1st Source news, EVP Jeffrey L. Buhr sold 1,450 shares of the company’s stock in a transaction dated Friday, August 3rd. The shares were sold at an average price of $56.98, for a total value of $82,621.00. Following the transaction, the executive vice president now directly owns 50,911 shares in the company, valued at approximately $2,900,908.78. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Jeffrey L. Buhr sold 550 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 52,361 shares in the company, valued at $2,980,388.12. The disclosure for this sale can be found here. 19.92% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its holdings in 1st Source by 3.0% in the 2nd quarter. BlackRock Inc. now owns 1,149,935 shares of the financial services provider’s stock valued at $61,440,000 after purchasing an additional 33,113 shares in the last quarter. Janus Henderson Group PLC increased its stake in shares of 1st Source by 10.1% during the 2nd quarter. Janus Henderson Group PLC now owns 608,424 shares of the financial services provider’s stock valued at $32,508,000 after acquiring an additional 55,646 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of 1st Source by 0.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 567,157 shares of the financial services provider’s stock valued at $28,709,000 after acquiring an additional 3,795 shares during the last quarter. BTIM Corp. increased its stake in shares of 1st Source by 2.9% during the 2nd quarter. BTIM Corp. now owns 268,189 shares of the financial services provider’s stock valued at $14,329,000 after acquiring an additional 7,577 shares during the last quarter. Finally, Northern Trust Corp increased its stake in shares of 1st Source by 1.0% during the 2nd quarter. Northern Trust Corp now owns 262,567 shares of the financial services provider’s stock valued at $14,028,000 after acquiring an additional 2,557 shares during the last quarter. Institutional investors own 70.82% of the company’s stock.

Shares of 1st Source stock traded down $0.61 on Tuesday, hitting $48.23. The company’s stock had a trading volume of 1,386 shares, compared to its average volume of 36,475. The firm has a market capitalization of $1.29 billion, a PE ratio of 19.44, a P/E/G ratio of 1.49 and a beta of 0.96. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.18. 1st Source has a 52-week low of $47.16 and a 52-week high of $59.33.

1st Source Company Profile

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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Earnings History and Estimates for 1st Source (NASDAQ:SRCE)

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