1st Source Corporation (SRCE) Downgraded by BidaskClub

BidaskClub downgraded shares of 1st Source Corporation (NASDAQ:SRCE) from a hold rating to a sell rating in a research report sent to investors on Friday.

A number of other research firms have also recently weighed in on SRCE. Zacks Investment Research cut 1st Source Corporation from a buy rating to a hold rating in a research note on Friday. ValuEngine upgraded 1st Source Corporation from a hold rating to a buy rating in a research note on Friday, June 2nd. Keefe, Bruyette & Woods restated a hold rating and issued a $47.00 price target on shares of 1st Source Corporation in a research note on Sunday, July 23rd. Finally, Piper Jaffray Companies set a $55.00 price target on 1st Source Corporation and gave the company a buy rating in a research note on Wednesday, July 26th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $51.00.

Shares of 1st Source Corporation (SRCE) opened at 46.10 on Friday. The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of 19.28 and a beta of 1.03. 1st Source Corporation has a 12 month low of $33.27 and a 12 month high of $50.78. The firm’s 50-day moving average price is $48.32 and its 200-day moving average price is $47.12.

1st Source Corporation (NASDAQ:SRCE) last posted its quarterly earnings results on Thursday, July 20th. The financial services provider reported $0.64 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.03. 1st Source Corporation had a return on equity of 9.14% and a net margin of 21.41%. The company had revenue of $70 million for the quarter, compared to analysts’ expectations of $68.90 million. Equities research analysts expect that 1st Source Corporation will post $2.59 EPS for the current year.

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The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Monday, August 7th were paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date was Thursday, August 3rd. 1st Source Corporation’s dividend payout ratio is presently 31.80%.

Several hedge funds have recently bought and sold shares of the company. Legal & General Group Plc boosted its stake in 1st Source Corporation by 3.7% in the second quarter. Legal & General Group Plc now owns 3,866 shares of the financial services provider’s stock worth $186,000 after buying an additional 137 shares during the period. Victory Capital Management Inc. boosted its stake in 1st Source Corporation by 17.6% in the second quarter. Victory Capital Management Inc. now owns 4,133 shares of the financial services provider’s stock worth $198,000 after buying an additional 620 shares during the period. Royal Bank of Canada boosted its stake 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 worth $205,000 after buying an additional 3,668 shares during the period. Karp Capital Management Corp purchased a new stake in 1st Source Corporation during the first quarter worth approximately $206,000. Finally, Virginia Retirement Systems ET AL purchased a new stake in 1st Source Corporation during the first quarter worth approximately $211,000. Institutional investors and hedge funds own 69.53% 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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