1st Source Corporation (SRCE) Lifted to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of 1st Source Corporation (NASDAQ:SRCE) from a hold rating to a buy rating in a report released on Tuesday morning. The brokerage currently has $53.00 target price 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. “
A number of other analysts have also recently weighed in on SRCE. ValuEngine raised shares of 1st Source Corporation from a hold rating to a buy rating in a research note on Monday, August 7th. BidaskClub cut shares of 1st Source Corporation from a hold rating to a sell rating in a research note on Friday, August 18th. Piper Jaffray Companies set a $55.00 price target on shares of 1st Source Corporation and gave the stock a buy rating in a report on Wednesday, July 26th. Finally, Keefe, Bruyette & Woods reiterated a hold rating and set a $47.00 price target on shares of 1st Source Corporation in a report on Sunday, July 23rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $51.67.
1st Source Corporation (NASDAQ:SRCE) opened at 48.43 on Tuesday. 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 $1.26 billion, a P/E ratio of 20.26 and a beta of 1.04. The firm’s 50-day moving average price is $47.04 and its 200 day moving average price is $47.30.
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, topping analysts’ consensus estimates of $0.61 by $0.03. The firm had revenue of $70.00 million for 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%. Analysts forecast that 1st Source Corporation will post $2.59 earnings per share for the current fiscal year.
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Several large investors have recently modified their holdings of SRCE. Public Employees Retirement System of Ohio lifted its holdings in 1st Source Corporation by 25.1% in the second quarter. Public Employees Retirement System of Ohio now owns 7,538 shares of the financial services provider’s stock valued at $361,000 after buying an additional 1,511 shares during the period. State Street Corp lifted its holdings in 1st Source Corporation by 5.5% in the second quarter. State Street Corp now owns 306,993 shares of the financial services provider’s stock valued at $14,714,000 after buying an additional 16,134 shares during the period. Janus Henderson Group PLC acquired a new position in 1st Source Corporation in the second quarter valued at $18,196,000. Royal Bank of Canada lifted its holdings 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 period. Finally, Goldman Sachs Group Inc. acquired a new position in 1st Source Corporation in the second quarter valued at $504,000. 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.
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