1st Source (SRCE) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of 1st Source (NASDAQ:SRCE) from a hold rating to a buy rating in a report issued on Wednesday, Zacks.com reports. They currently have $50.00 price target on the financial services provider’s stock.

According to Zacks, “1ST SOURCE CORP.is a bank holding company engaged in general banking business. The bank offers a broad range of commercial banking, personal banking and trust services. In addition, 1st Source Bank provides highly specialized financing services for: automobile fleets in the rental and leasing industries; privately-held used aircraft; heavy duty trucks and construction equipment.These services are marketed nationwide. “

Several other equities research analysts have also recently commented on SRCE. BidaskClub raised shares of 1st Source from a strong sell rating to a sell rating in a research report on Monday, January 7th. ValuEngine cut shares of 1st Source from a hold rating to a sell rating in a research report on Tuesday, January 15th.

Shares of SRCE stock opened at $46.07 on Wednesday. 1st Source has a 12-month low of $38.44 and a 12-month high of $59.33. The firm has a market capitalization of $1.18 billion, a PE ratio of 14.05, a PEG ratio of 1.30 and a beta of 1.12. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.93 and a quick ratio of 0.92.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings results on Thursday, April 18th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.01. 1st Source had a net margin of 23.46% and a return on equity of 11.27%. The company had revenue of $79.07 million during the quarter, compared to analyst estimates of $79.45 million. Equities analysts expect that 1st Source will post 3.55 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, May 6th will be given a $0.27 dividend. The ex-dividend date is Friday, May 3rd. This represents a $1.08 annualized dividend and a yield of 2.34%. 1st Source’s dividend payout ratio is currently 34.18%.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Metropolitan Life Insurance Co. NY lifted its position in 1st Source by 390.7% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 5,383 shares of the financial services provider’s stock valued at $217,000 after acquiring an additional 4,286 shares in the last quarter. Wells Fargo & Company MN lifted its position in 1st Source by 5.9% in the 3rd quarter. Wells Fargo & Company MN now owns 23,213 shares of the financial services provider’s stock valued at $1,221,000 after acquiring an additional 1,301 shares in the last quarter. BlackRock Inc. lifted its position in 1st Source by 0.8% in the 3rd quarter. BlackRock Inc. now owns 1,159,343 shares of the financial services provider’s stock valued at $61,005,000 after acquiring an additional 9,408 shares in the last quarter. Reinhart Partners Inc. lifted its position in 1st Source by 47.2% in the 1st quarter. Reinhart Partners Inc. now owns 119,829 shares of the financial services provider’s stock valued at $5,382,000 after acquiring an additional 38,438 shares in the last quarter. Finally, Ocean Capital Management LLC bought a new stake in 1st Source in the 4th quarter valued at $272,000. 70.14% of the stock is currently owned by institutional investors and hedge funds.

About 1st Source

1st Source Corporation operates as the holding company for 1st Source Bank that provides commercial and consumer banking services, trust and investment management services, and insurance 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 loans, and lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.

See Also: Dividend

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