ValuEngine cut shares of 1st Source Corporation (NASDAQ:SRCE) from a buy rating to a hold rating in a research note released on Friday morning.

Several other research analysts have also recently issued reports on SRCE. Zacks Investment Research cut shares of 1st Source Corporation from a buy rating to a hold rating in a report on Saturday, June 3rd. BidaskClub upgraded shares of 1st Source Corporation from a sell rating to a hold rating in a report on Saturday, June 10th. Keefe, Bruyette & Woods reiterated a hold rating and issued a $47.00 price objective on shares of 1st Source Corporation in a report on Sunday, July 23rd. Finally, Piper Jaffray Companies set a $55.00 price objective on shares of 1st Source Corporation and gave the company a buy rating in a report on Wednesday, July 26th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $51.67.

Shares of 1st Source Corporation (SRCE) opened at 46.89 on Friday. 1st Source Corporation has a 52 week low of $33.27 and a 52 week high of $50.78. The stock’s 50 day moving average price is $47.79 and its 200 day moving average price is $47.30. The stock 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 quarterly earnings data on Thursday, July 20th. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.03. The business had revenue of $70 million during the quarter, compared to analysts’ expectations of $68.90 million. 1st Source Corporation had a net margin of 21.41% and a return on equity of 9.14%. Equities research analysts anticipate that 1st Source Corporation will post $2.59 EPS for the current fiscal year.

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The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 15th. Investors of record on Monday, August 7th were issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date was Thursday, August 3rd. 1st Source Corporation’s payout ratio is 31.80%.

Large investors have recently modified their holdings of the stock. Citadel Advisors LLC bought a new stake in 1st Source Corporation during the first quarter worth approximately $225,000. Karp Capital Management Corp bought a new stake in 1st Source Corporation during the first quarter worth approximately $206,000. Geode Capital Management LLC boosted its holdings in 1st Source Corporation by 4.5% during the first quarter. Geode Capital Management LLC now owns 156,790 shares of the financial services provider’s stock worth $7,361,000 after buying an additional 6,756 shares in the last quarter. Wellington Management Group LLP boosted its holdings in 1st Source Corporation by 301.3% during the first quarter. Wellington Management Group LLP now owns 1,061,773 shares of the financial services provider’s stock worth $49,850,000 after buying an additional 797,158 shares in the last quarter. Finally, Virginia Retirement Systems ET AL bought a new stake in 1st Source Corporation during the first quarter worth approximately $211,000. Hedge funds and other institutional investors own 70.22% 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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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