Zacks Research Upgrades 1st Source (NASDAQ:SRCE) to Strong-Buy

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

Other equities analysts have also issued research reports about the company. Weiss Ratings lowered 1st Source from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Tuesday. Keefe, Bruyette & Woods increased their price objective on 1st Source from $79.00 to $82.00 and gave the company a “market perform” rating in a report on Monday. DA Davidson raised their price objective on 1st Source from $77.00 to $87.00 and gave the stock a “neutral” rating in a research note on Monday. Finally, Piper Sandler lifted their target price on 1st Source from $88.00 to $100.00 and gave the stock an “overweight” rating in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $89.67.

1st Source Trading Down 0.4%

NASDAQ:SRCE opened at $90.30 on Tuesday. 1st Source has a one year low of $56.89 and a one year high of $91.46. The firm has a 50-day simple moving average of $79.55 and a 200-day simple moving average of $73.15. The firm has a market cap of $2.17 billion, a P/E ratio of 13.85 and a beta of 0.58. 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 (NASDAQ:SRCE) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.71 by $0.24. 1st Source had a net margin of 28.09% and a return on equity of 12.94%. The company had revenue of $118.16 million during the quarter, compared to the consensus estimate of $114.13 million. Equities analysts anticipate that 1st Source will post 7.26 EPS for the current fiscal year.

Institutional Trading of 1st Source

Hedge funds have recently modified their holdings of the stock. Empowered Funds LLC raised its position in 1st Source by 4.6% during the first quarter. Empowered Funds LLC now owns 108,997 shares of the financial services provider’s stock valued at $7,544,000 after acquiring an additional 4,776 shares in the last quarter. Bank of America Corp DE boosted its position in 1st Source by 5.4% during the first quarter. Bank of America Corp DE now owns 58,669 shares of the financial services provider’s stock worth $4,060,000 after purchasing an additional 2,986 shares in the last quarter. Edgestream Partners L.P. increased its holdings in 1st Source by 226.9% in the 1st quarter. Edgestream Partners L.P. now owns 42,833 shares of the financial services provider’s stock worth $2,964,000 after acquiring an additional 29,732 shares in the last quarter. Janus Henderson Group PLC increased its stake in shares of 1st Source by 37.4% during the first quarter. Janus Henderson Group PLC now owns 460,422 shares of the financial services provider’s stock worth $31,889,000 after purchasing an additional 125,248 shares in the last quarter. Finally, Quantinno Capital Management LP increased its stake in 1st Source by 14.2% during the 1st quarter. Quantinno Capital Management LP now owns 7,497 shares of the financial services provider’s stock worth $519,000 after buying an additional 932 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 is a bank holding company headquartered in South Bend, Indiana, operating through its wholly owned subsidiary, 1st Source Bank. The company offers a full range of commercial and consumer banking products, including checking and savings accounts, business and commercial lending, residential mortgage loans, and cash management services. Its client base spans small and medium-sized businesses, agribusinesses, professional firms, and individual consumers primarily across northern Indiana and southwestern Michigan.

In addition to traditional banking services, 1st Source Corporation provides wealth management and trust services through its 1st Source Wealth Management division.