1st Source Corporation (SRCE) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of 1st Source Corporation (NASDAQ:SRCE) from a buy rating to a hold rating in a research report report published on Saturday morning.

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 research reports about the company. ValuEngine upgraded 1st Source Corporation from a hold rating to a buy rating in a research report on Monday, August 7th. Piper Jaffray Companies set a $55.00 price target on 1st Source Corporation and gave the company a buy rating in a research report on Wednesday, July 26th. Keefe, Bruyette & Woods restated a hold rating and issued a $47.00 price target on shares of 1st Source Corporation in a research report on Sunday, July 23rd. Finally, BidaskClub cut 1st Source Corporation from a hold rating to a sell rating in a research report on Friday, August 18th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock has an average rating of Hold and an average price target of $51.67.

Shares of 1st Source Corporation (NASDAQ:SRCE) traded up 0.43% during mid-day trading on Friday, hitting $47.17. The stock had a trading volume of 72,746 shares. The firm has a market cap of $1.22 billion, a PE ratio of 19.73 and a beta of 1.04. The firm has a 50 day moving average price of $47.12 and a 200 day moving average price of $47.29. 1st Source Corporation has a 52-week low of $33.27 and a 52-week high of $50.78.

1st Source Corporation (NASDAQ:SRCE) last issued its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate 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 return on equity of 9.14% and a net margin of 21.41%. Equities analysts predict that 1st Source Corporation will post $2.59 EPS for the current year.

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Institutional investors and hedge funds have recently made changes to their positions in the business. Legal & General Group Plc boosted its holdings in 1st Source Corporation by 3.7% in the 2nd quarter. Legal & General Group Plc now owns 3,866 shares of the financial services provider’s stock valued at $186,000 after purchasing an additional 137 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in 1st Source Corporation by 17.6% in the 2nd quarter. Victory Capital Management Inc. now owns 4,133 shares of the financial services provider’s stock valued at $198,000 after purchasing an additional 620 shares in the last quarter. Royal Bank of Canada boosted its holdings in 1st Source Corporation by 598.4% in the 2nd quarter. Royal Bank of Canada now owns 4,281 shares of the financial services provider’s stock valued at $205,000 after purchasing an additional 3,668 shares in the last quarter. Karp Capital Management Corp purchased a new stake in 1st Source Corporation in the 1st quarter valued at approximately $206,000. Finally, Virginia Retirement Systems ET AL purchased a new stake in 1st Source Corporation in the 1st quarter valued at approximately $211,000. 70.22% of the stock is currently owned by institutional investors.

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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