1st Source Corporation (NASDAQ:SRCE) Rating Increased to Buy at Zacks Investment Research
1st Source Corporation (NASDAQ:SRCE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday, July 25th. The brokerage presently has a $55.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 19.31% from the company’s current price.
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. “
Other equities analysts have also recently issued reports about the company. ValuEngine raised 1st Source Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Keefe, Bruyette & Woods reissued 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 raised 1st Source Corporation from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. 1st Source Corporation has a consensus rating of “Hold” and a consensus target price of $51.00.
Shares of 1st Source Corporation (NASDAQ SRCE) traded up 0.61% on Tuesday, hitting $46.10. The stock had a trading volume of 39,073 shares. The company 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 one year low of $33.27 and a one year high of $50.78. The firm’s 50-day moving average is $48.32 and its 200-day moving average is $47.12.
1st Source Corporation (NASDAQ:SRCE) last issued its quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.03. The firm had revenue of $70 million during the quarter, compared to analysts’ expectations of $68.90 million. 1st Source Corporation had a return on equity of 9.14% and a net margin of 21.41%. On average, analysts expect that 1st Source Corporation will post $2.59 EPS for the current fiscal year.
Institutional investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc raised its position in 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 valued at $186,000 after buying an additional 137 shares during the last quarter. Victory Capital Management Inc. raised its position 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 last quarter. Royal Bank of Canada raised its position in 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 valued at $205,000 after buying an additional 3,668 shares during the last quarter. Karp Capital Management Corp purchased a new stake in 1st Source Corporation during the first quarter worth about $206,000. Finally, Virginia Retirement Systems ET AL purchased a new stake in 1st Source Corporation during the first quarter worth about $211,000. Hedge funds and other institutional investors 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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