1st Source (NASDAQ:SRCE) Rating Lowered to Hold at Zacks Research

1st Source (NASDAQ:SRCE) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

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

1st Source Price Performance

Shares of NASDAQ:SRCE opened at $61.56 on Monday. The company has a market capitalization of $1.51 billion, a price-to-earnings ratio of 10.78 and a beta of 0.72. 1st Source has a 12-month low of $52.14 and a 12-month high of $68.13. The business has a 50-day moving average price of $62.30 and a 200 day moving average price of $61.07. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.08.

1st Source (NASDAQ:SRCE) last posted 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. The company had revenue of $108.25 million for the quarter, compared to analysts’ expectations of $104.67 million. 1st Source had a net margin of 24.02% and a return on equity of 11.94%. Sell-side analysts expect that 1st Source will post 5.82 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC raised its position in 1st Source by 562.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 371 shares in the last quarter. CX Institutional purchased a new stake in shares of 1st Source during the second quarter worth approximately $63,000. Tower Research Capital LLC TRC raised its holdings in 1st Source by 435.7% in the second quarter. Tower Research Capital LLC TRC now owns 1,682 shares of the financial services provider’s stock valued at $104,000 after acquiring an additional 1,368 shares in the last quarter. Financial Life Planners raised its holdings in 1st Source by 239.1% in the first quarter. Financial Life Planners now owns 2,784 shares of the financial services provider’s stock valued at $166,000 after acquiring an additional 1,963 shares in the last quarter. Finally, Curi Capital LLC purchased a new position in 1st Source in the second quarter worth approximately $205,000. 74.45% of the stock is owned by institutional investors and hedge funds.

1st Source Company Profile

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.