1st Source (NASDAQ:SRCE) Lowered to “Hold” Rating by Zacks Research

Zacks Research cut shares of 1st Source (NASDAQ:SRCE) from a strong-buy rating to a hold rating in a research report report published on Monday,Zacks.com reports.

A number of other research firms also recently commented on SRCE. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $69.00 target price (up previously from $67.00) on shares of 1st Source in a report on Monday, July 28th. DA Davidson raised their target price on 1st Source from $65.00 to $67.00 and gave the company a “neutral” rating in a report on Tuesday, July 29th. Piper Sandler raised their price target on 1st Source from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Monday, July 28th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of 1st Source in a research report on Saturday, September 13th. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, 1st Source presently has a consensus rating of “Hold” and a consensus target price of $72.00.

1st Source Price Performance

1st Source stock opened at $61.56 on Monday. 1st Source has a one year low of $52.14 and a one year high of $68.13. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 0.97. The business has a fifty day moving average of $62.30 and a two-hundred day moving average of $61.07. The company has a market cap of $1.51 billion, a P/E ratio of 10.78 and a beta of 0.72.

1st Source (NASDAQ:SRCE) last released its earnings results on Thursday, July 24th. The financial services provider reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.49 by $0.02. 1st Source had a return on equity of 11.94% and a net margin of 24.02%.The company had revenue of $108.25 million during the quarter, compared to the consensus estimate of $104.67 million. As a group, analysts predict that 1st Source will post 5.82 earnings per share for the current fiscal year.

1st Source Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Tuesday, August 5th were given a $0.38 dividend. The ex-dividend date was Tuesday, August 5th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.5%. 1st Source’s dividend payout ratio (DPR) is currently 26.62%.

Institutional Trading of 1st Source

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Valeo Financial Advisors LLC increased its position in 1st Source by 20.1% during the 2nd quarter. Valeo Financial Advisors LLC now owns 12,461 shares of the financial services provider’s stock worth $773,000 after purchasing an additional 2,083 shares in the last quarter. Tower Research Capital LLC TRC increased its position in 1st Source by 435.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,682 shares of the financial services provider’s stock worth $104,000 after purchasing an additional 1,368 shares in the last quarter. Rafferty Asset Management LLC increased its position in 1st Source by 29.1% during the 2nd quarter. Rafferty Asset Management LLC now owns 14,320 shares of the financial services provider’s stock worth $889,000 after purchasing an additional 3,227 shares in the last quarter. Man Group plc increased its position in 1st Source by 43.4% during the 2nd quarter. Man Group plc now owns 11,952 shares of the financial services provider’s stock worth $742,000 after purchasing an additional 3,619 shares in the last quarter. Finally, Lazard Asset Management LLC increased its position in 1st Source by 1,948.3% during the 2nd quarter. Lazard Asset Management LLC now owns 20,893 shares of the financial services provider’s stock worth $1,296,000 after purchasing an additional 19,873 shares in the last quarter. Hedge funds and other institutional investors own 74.45% 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 wealth advisory services, and insurance products 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 mortgage loans, and home equity lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.