1st Source Corporation (NASDAQ:SRCE) was downgraded by BidaskClub from a “hold” rating to a “sell” rating in a note issued to investors on Friday.
SRCE has been the subject of several other reports. Zacks Investment Research cut 1st Source Corporation from a “buy” rating to a “hold” rating in a report on Saturday, June 3rd. ValuEngine upgraded 1st Source Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $47.00 price target on shares of 1st Source Corporation in a research note on Sunday, July 23rd. Finally, Piper Jaffray Companies set a $55.00 price target on 1st Source Corporation and gave the company a “buy” rating in a research note on Wednesday, July 26th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $51.00.
Shares of 1st Source Corporation (NASDAQ:SRCE) opened at 46.10 on Friday. The stock’s 50 day moving average price is $48.32 and its 200-day moving average price is $47.12. The stock has a market cap of $1.20 billion, a price-to-earnings ratio of 19.28 and a beta of 1.03. 1st Source Corporation has a 1-year low of $33.27 and a 1-year high of $50.78.
1st Source Corporation (NASDAQ:SRCE) last announced its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.64 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.03. The company had revenue of $70 million for the quarter, compared to the consensus estimate of $68.90 million. 1st Source Corporation had a return on equity of 9.14% and a net margin of 21.41%. On average, equities research analysts forecast that 1st Source Corporation will post $2.59 earnings per share for the current year.
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Several institutional investors have recently added to or reduced their stakes in the stock. 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. Bessemer Group Inc. boosted its stake in 1st Source Corporation by 1.2% in the second quarter. Bessemer Group Inc. now owns 28,951 shares of the financial services provider’s stock valued at $1,388,000 after buying an additional 341 shares during the period. Teachers Advisors LLC boosted its stake in 1st Source Corporation by 2.2% in the first quarter. Teachers Advisors LLC now owns 26,556 shares of the financial services provider’s stock valued at $1,247,000 after buying an additional 572 shares during the period. Bank of America Corp DE boosted its stake in 1st Source Corporation by 11.6% in the first quarter. Bank of America Corp DE now owns 5,974 shares of the financial services provider’s stock valued at $280,000 after buying an additional 620 shares during the period. Finally, Victory Capital Management Inc. boosted its stake in 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 valued at $198,000 after buying an additional 620 shares during the period. Institutional investors and hedge funds own 69.53% of the company’s stock.
About 1st Source Corporation
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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