1st Source (NASDAQ:SRCE) Stock Rating Lowered by Zacks Research

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

Several other analysts also recently weighed in on the stock. Keefe, Bruyette & Woods lifted their price objective on shares of 1st Source from $79.00 to $82.00 and gave the company a “market perform” rating in a research report on Monday, July 27th. Weiss Ratings lowered 1st Source from a “buy (a-)” rating to a “buy (b+)” rating in a report on Tuesday, July 28th. DA Davidson lifted their target price on 1st Source from $77.00 to $87.00 and gave the company a “neutral” rating in a research note on Monday, July 27th. Finally, Piper Sandler increased their price target on 1st Source from $88.00 to $100.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 28th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $89.67.

1st Source Trading Down 0.7%

NASDAQ SRCE opened at $84.91 on Monday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.97 and a current ratio of 0.97. 1st Source has a one year low of $56.89 and a one year high of $91.46. The company has a 50-day simple moving average of $86.94 and a 200-day simple moving average of $79.11. The firm has a market capitalization of $2.04 billion, a PE ratio of 13.02 and a beta of 0.56.

1st Source (NASDAQ:SRCE) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $1.71 by $0.24. The company had revenue of $118.16 million during the quarter, compared to the consensus estimate of $114.13 million. 1st Source had a return on equity of 12.94% and a net margin of 28.09%. On average, equities analysts forecast that 1st Source will post 7.26 earnings per share for the current year.

Insider Buying and Selling

In other 1st Source news, CFO Brett Bauer sold 500 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $87.89, for a total value of $43,945.00. Following the completion of the sale, the chief financial officer directly owned 30,706 shares in the company, valued at $2,698,750.34. This represents a 1.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 20.17% of the stock is currently owned by insiders.

Hedge Funds Weigh In On 1st Source

Several hedge funds have recently modified their holdings of SRCE. 1ST Source Bank bought a new position in 1st Source during the second quarter valued at about $416,946,000. BlackRock Inc. bought a new stake in 1st Source in the second quarter worth about $166,355,000. Jupiter Topco LLC acquired a new stake in 1st Source in the 2nd quarter valued at about $39,286,000. The Manufacturers Life Insurance Company acquired a new stake in 1st Source in the 2nd quarter valued at about $19,319,000. Finally, Janus Henderson Group PLC boosted its position in shares of 1st Source by 37.4% during the 1st quarter. Janus Henderson Group PLC now owns 460,422 shares of the financial services provider’s stock valued at $31,889,000 after purchasing an additional 125,248 shares in the last quarter. 74.45% of the stock is currently owned by institutional investors and hedge funds.

About 1st Source

1st Source Corporation is a financial services holding company headquartered in South Bend, Indiana. Its principal subsidiary, 1st Source Bank, provides banking and financial services to individuals, businesses, and institutions in northern Indiana and southwest Michigan.

The bank offers deposit accounts, consumer and commercial loans, mortgages, treasury management, cash management, and other traditional banking services. It also provides wealth management, trust and investment services, insurance solutions, and specialized financing for industries such as transportation, construction equipment, aircraft, and marine equipment.

Founded in 1863, 1st Source has developed a regional banking network serving communities across its primary market area.