1st Source (NASDAQ:SRCE) Downgraded by Zacks Research to Hold

Zacks Research cut shares of 1st Source (NASDAQ:SRCE) from a strong-buy rating to a hold rating in a research note published on Monday,Zacks reports.

Several other analysts have also weighed in on the stock. Weiss Ratings lowered shares of 1st Source from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Tuesday, July 28th. Keefe, Bruyette & Woods lifted 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, July 27th. DA Davidson upped their price objective 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 target price on 1st Source from $88.00 to $100.00 and gave the stock an “overweight” rating in a report on Tuesday, July 28th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, 1st Source presently has a consensus rating of “Hold” and a consensus price target of $89.67.

1st Source Stock Down 0.7%

Shares of SRCE stock opened at $84.91 on Monday. The stock has a market cap of $2.04 billion, a P/E ratio of 13.02 and a beta of 0.56. 1st Source has a one year low of $56.89 and a one year high of $91.46. The stock has a fifty day moving average price of $86.94 and a 200 day moving average price of $79.11. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.97 and a quick ratio of 0.97.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.95 earnings per share (EPS) 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 firm had revenue of $118.16 million for the quarter, compared to analyst estimates of $114.13 million. Analysts predict that 1st Source will post 7.26 earnings per share for the current year.

1st Source Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Tuesday, August 4th were paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. This is an increase from 1st Source’s previous quarterly dividend of $0.43. The ex-dividend date of this dividend was Tuesday, August 4th. 1st Source’s payout ratio is currently 27.61%.

Insiders Place Their Bets

In related news, CFO Brett Bauer sold 500 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $87.89, for a total value of $43,945.00. Following the completion of the transaction, the chief financial officer owned 30,706 shares in the company, valued at $2,698,750.34. The trade was a 1.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 20.17% of the stock is owned by company insiders.

Institutional Investors Weigh In On 1st Source

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Nykredit A S acquired a new position in shares of 1st Source during the second quarter valued at $27,000. Frazier Financial Advisors LLC bought a new stake in 1st Source during the 2nd quarter worth about $40,000. Integrated Wealth Concepts LLC bought a new position in shares of 1st Source in the 2nd quarter valued at about $48,000. Financial Life Planners acquired a new stake in shares of 1st Source during the 1st quarter worth approximately $197,000. Finally, Pictet Asset Management Holding SA acquired a new stake in shares of 1st Source during the 1st quarter worth approximately $227,000. 74.45% of the stock is owned by institutional investors and hedge funds.

1st Source Company Profile

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.