1st Source (NASDAQ:SRCE - Get Free Report) was downgraded by Zacks Research from a "strong-buy" rating to a "hold" rating in a note issued to investors on Monday,Zacks.com reports.
Other equities analysts have also issued reports about the stock. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $69.00 price objective (up from $67.00) on shares of 1st Source in a research report on Monday, July 28th. DA Davidson raised their target price on shares of 1st Source from $65.00 to $67.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 29th. Weiss Ratings reiterated a "buy (b)" rating on shares of 1st Source in a research note on Saturday, September 13th. Finally, Piper Sandler increased their price target on shares of 1st Source from $75.00 to $80.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $72.00.
Check Out Our Latest Analysis on SRCE
1st Source Price Performance
Shares of SRCE opened at $61.56 on Monday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 0.97. 1st Source has a fifty-two week low of $52.14 and a fifty-two week high of $68.13. The firm has a 50-day simple moving average of $62.30 and a 200-day simple moving average of $61.07. 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 (NASDAQ:SRCE - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The financial services provider reported $1.51 EPS for the quarter, beating the consensus estimate of $1.49 by $0.02. 1st Source had a return on equity of 11.94% and a net margin of 24.02%.The firm had revenue of $108.25 million during the quarter, compared to the consensus estimate of $104.67 million. On average, equities research analysts anticipate that 1st Source will post 5.82 earnings per share for the current year.
Institutional Investors Weigh In On 1st Source
Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE raised its stake in shares of 1st Source by 13.3% during the 4th quarter. Bank of America Corp DE now owns 26,447 shares of the financial services provider's stock worth $1,544,000 after buying an additional 3,105 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in 1st Source by 37.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 25,596 shares of the financial services provider's stock valued at $1,494,000 after acquiring an additional 6,911 shares in the last quarter. GAMMA Investing LLC raised its position in 1st Source by 5,970.1% during the first quarter. GAMMA Investing LLC now owns 16,268 shares of the financial services provider's stock worth $973,000 after acquiring an additional 16,000 shares during the last quarter. Vest Financial LLC purchased a new stake in shares of 1st Source in the first quarter valued at about $766,000. Finally, SG Americas Securities LLC grew its position in shares of 1st Source by 2.2% in the first quarter. SG Americas Securities LLC now owns 8,888 shares of the financial services provider's stock valued at $532,000 after purchasing an additional 188 shares during the last quarter. 74.45% of the stock is currently owned by institutional investors and hedge funds.
1st Source Company Profile
(
Get Free Report)
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.
Further Reading
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