1st Source Corporation (SRCE) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of 1st Source Corporation (NASDAQ:SRCE) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. Zacks Investment Research currently has $53.00 price objective on the financial services provider’s stock.
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. “
SRCE has been the subject of several other reports. Piper Jaffray Companies set a $55.00 target price on shares of 1st Source Corporation and gave the company a buy rating in a report on Wednesday, July 26th. Keefe, Bruyette & Woods restated a hold rating and set a $47.00 target price on shares of 1st Source Corporation in a report on Sunday, July 23rd. ValuEngine upgraded shares of 1st Source Corporation from a hold rating to a buy rating in a report on Monday, August 7th. Finally, BidaskClub downgraded shares of 1st Source Corporation from a hold rating to a sell rating in a report on Friday, August 18th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. 1st Source Corporation presently has an average rating of Hold and a consensus price target of $51.67.
Shares of 1st Source Corporation (NASDAQ SRCE) opened at 46.89 on Tuesday. The stock has a 50 day moving average of $47.79 and a 200 day moving average of $47.30. 1st Source Corporation has a 12 month low of $33.27 and a 12 month high of $50.78. The firm has a market cap of $1.22 billion, a price-to-earnings ratio of 19.61 and a beta of 1.04.
1st Source Corporation (NASDAQ:SRCE) last posted its earnings results on Thursday, July 20th. The financial services provider reported $0.64 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.03. 1st Source Corporation had a net margin of 21.41% and a return on equity of 9.14%. The firm had revenue of $70 million during the quarter, compared to the consensus estimate of $68.90 million. On average, equities research analysts expect that 1st Source Corporation will post $2.59 EPS for the current fiscal year.
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The company also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Monday, August 7th were paid a dividend of $0.19 per share. The ex-dividend date of this dividend was Thursday, August 3rd. This represents a $0.76 annualized dividend and a dividend yield of 1.62%. 1st Source Corporation’s dividend payout ratio is currently 31.80%.
Large investors have recently added to or reduced their stakes in the company. Alliancebernstein L.P. boosted its stake in 1st Source Corporation by 3.9% in the first quarter. Alliancebernstein L.P. now owns 520,533 shares of the financial services provider’s stock valued at $24,439,000 after buying an additional 19,410 shares in the last quarter. American International Group Inc. boosted its stake in 1st Source Corporation by 7.3% in the first quarter. American International Group Inc. now owns 9,652 shares of the financial services provider’s stock valued at $453,000 after buying an additional 654 shares in the last quarter. Nordea Investment Management AB boosted its stake in 1st Source Corporation by 23.9% in the first quarter. Nordea Investment Management AB now owns 89,780 shares of the financial services provider’s stock valued at $4,215,000 after buying an additional 17,300 shares in the last quarter. Virginia Retirement Systems ET AL purchased a new stake in 1st Source Corporation during the first quarter valued at about $211,000. Finally, Ameriprise Financial Inc. boosted its stake in 1st Source Corporation by 26.5% in the first quarter. Ameriprise Financial Inc. now owns 16,844 shares of the financial services provider’s stock valued at $790,000 after buying an additional 3,533 shares in the last quarter. 70.22% of the stock is currently owned by 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.
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