1st Source (NASDAQ:SRCE) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of 1st Source (NASDAQ:SRCE) from a hold rating to a sell rating in a research report report published on Wednesday morning, Zacks.com reports.

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. “

Separately, BidaskClub lowered 1st Source from a sell rating to a strong sell rating in a research note on Saturday, January 11th.

1st Source stock traded down $1.72 during trading on Wednesday, hitting $29.65. The company’s stock had a trading volume of 55,774 shares, compared to its average volume of 97,158. The stock has a market capitalization of $778.91 million, a price-to-earnings ratio of 8.28 and a beta of 1.23. The stock’s fifty day moving average is $37.80 and its 200 day moving average is $46.77. 1st Source has a 1-year low of $26.07 and a 1-year high of $53.42. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.94 and a current ratio of 0.94.

1st Source (NASDAQ:SRCE) last released its earnings results on Thursday, January 23rd. The financial services provider reported $0.86 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.90 by ($0.04). The business had revenue of $80.87 million during the quarter, compared to analyst estimates of $82.00 million. 1st Source had a net margin of 23.95% and a return on equity of 11.26%. On average, research analysts anticipate that 1st Source will post 3.1 EPS for the current fiscal year.

In other news, CEO Christopher J. Murphy III purchased 2,500 shares of the company’s stock in a transaction on Thursday, March 12th. The stock was bought at an average cost of $28.76 per share, for a total transaction of $71,900.00. Following the completion of the purchase, the chief executive officer now directly owns 513,371 shares of the company’s stock, valued at approximately $14,764,549.96. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 20.22% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of SRCE. Marshall Wace LLP purchased a new stake in shares of 1st Source in the fourth quarter worth about $41,000. Great West Life Assurance Co. Can purchased a new stake in shares of 1st Source in the fourth quarter worth about $65,000. Meeder Asset Management Inc. boosted its position in shares of 1st Source by 42.3% in the fourth quarter. Meeder Asset Management Inc. now owns 2,533 shares of the financial services provider’s stock worth $131,000 after buying an additional 753 shares during the period. SG Americas Securities LLC purchased a new stake in shares of 1st Source in the fourth quarter worth about $152,000. Finally, US Bancorp DE boosted its position in shares of 1st Source by 44.5% in the fourth quarter. US Bancorp DE now owns 3,213 shares of the financial services provider’s stock worth $166,000 after buying an additional 990 shares during the period. 70.07% of the stock is owned by institutional investors.

About 1st Source

1st Source Corporation operates as the 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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