1st Source (SRCE) Lifted to Hold at Zacks Investment Research

1st Source (NASDAQ:SRCE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

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. “

Several other brokerages have also recently commented on SRCE. BidaskClub cut shares of 1st Source from a “sell” rating to a “strong sell” rating in a research note on Tuesday, October 23rd. ValuEngine upgraded shares of 1st Source from a “sell” rating to a “hold” rating in a research note on Monday, October 29th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $58.00.

SRCE stock opened at $45.92 on Wednesday. 1st Source has a one year low of $39.93 and a one year high of $59.33. The firm has a market capitalization of $1.19 billion, a PE ratio of 18.37, a PEG ratio of 1.43 and a beta of 0.97. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.17.

1st Source (NASDAQ:SRCE) last released its earnings results on Thursday, October 18th. The financial services provider reported $0.76 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.89 by ($0.13). 1st Source had a return on equity of 10.41% and a net margin of 22.98%. The firm had revenue of $78.42 million during the quarter, compared to analyst estimates of $78.50 million. As a group, research analysts expect that 1st Source will post 3.2 EPS for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of 1st Source by 2.9% in the third quarter. Vanguard Group Inc. now owns 713,841 shares of the financial services provider’s stock valued at $37,562,000 after purchasing an additional 20,326 shares during the period. MetLife Investment Advisors LLC lifted its stake in shares of 1st Source by 56.1% in the third quarter. MetLife Investment Advisors LLC now owns 11,931 shares of the financial services provider’s stock valued at $628,000 after purchasing an additional 4,286 shares during the period. Matarin Capital Management LLC acquired a new stake in shares of 1st Source in the third quarter valued at about $3,820,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of 1st Source in the third quarter valued at about $495,000. Finally, JPMorgan Chase & Co. lifted its stake in shares of 1st Source by 0.5% in the third quarter. JPMorgan Chase & Co. now owns 243,772 shares of the financial services provider’s stock valued at $12,828,000 after purchasing an additional 1,177 shares during the period. Hedge funds and other institutional investors own 71.11% of the company’s stock.

About 1st Source

1st Source Corporation operates as the bank holding company for 1st Source Bank that provides commercial and consumer banking services, trust and investment management services, and insurance to individual and business clients. Its consumer banking services include checking and savings accounts; certificates of deposit; individual retirement accounts; online and mobile banking products; consumer loans, real estate loans, and lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.

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