BidaskClub cut shares of 1st Source (NASDAQ:SRCE) from a buy rating to a hold rating in a research note issued to investors on Tuesday.
SRCE has been the subject of several other research reports. Zacks Investment Research lowered shares of 1st Source from a buy rating to a hold rating in a report on Friday, August 18th. ValuEngine lowered shares of 1st Source from a buy rating to a hold rating in a report on Friday, September 1st. Keefe, Bruyette & Woods restated a hold rating and issued a $47.00 target price on shares of 1st Source in a report on Tuesday, October 3rd. Piper Jaffray Companies set a $55.00 target price on shares of 1st Source and gave the stock a buy rating in a report on Friday, October 6th. Finally, DA Davidson reiterated a hold rating and set a $53.00 price objective on shares of 1st Source in a report on Monday, October 23rd. They noted that the move was a valuation call. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $53.25.
1st Source (NASDAQ:SRCE) traded down $0.78 during mid-day trading on Tuesday, reaching $49.31. 25,100 shares of the company’s stock traded hands, compared to its average volume of 56,961. 1st Source has a fifty-two week low of $42.15 and a fifty-two week high of $53.29. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $1,310.00, a price-to-earnings ratio of 20.04, a P/E/G ratio of 1.94 and a beta of 1.05.
1st Source (NASDAQ:SRCE) last released its quarterly earnings data on Thursday, October 19th. The financial services provider reported $0.66 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.66. 1st Source had a net margin of 21.74% and a return on equity of 9.43%. The business had revenue of $72.82 million during the quarter, compared to analyst estimates of $70.20 million. research analysts anticipate that 1st Source will post 2.59 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 15th. Investors of record on Monday, November 6th were issued a dividend of $0.20 per share. This is a positive change from 1st Source’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend was Friday, November 3rd. This represents a $0.80 dividend on an annualized basis and a yield of 1.62%. 1st Source’s dividend payout ratio (DPR) is presently 32.00%.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in 1st Source by 3.8% during the 2nd quarter. Vanguard Group Inc. now owns 711,898 shares of the financial services provider’s stock valued at $34,129,000 after buying an additional 26,341 shares in the last quarter. Alliancebernstein L.P. increased its position in 1st Source by 10.3% during the 2nd quarter. Alliancebernstein L.P. now owns 574,353 shares of the financial services provider’s stock valued at $27,534,000 after purchasing an additional 53,820 shares during the period. Janus Henderson Group PLC increased its position in 1st Source by 5.7% during the 3rd quarter. Janus Henderson Group PLC now owns 401,064 shares of the financial services provider’s stock valued at $20,374,000 after purchasing an additional 21,502 shares during the period. State Street Corp increased its position in 1st Source by 5.5% during the 2nd quarter. State Street Corp now owns 306,993 shares of the financial services provider’s stock valued at $14,714,000 after purchasing an additional 16,134 shares during the period. Finally, JPMorgan Chase & Co. increased its position in 1st Source by 3.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 288,115 shares of the financial services provider’s stock valued at $13,812,000 after purchasing an additional 8,754 shares during the period. Institutional investors own 70.34% of the company’s stock.
About 1st Source
1st Source Corporation is a bank holding company. The Company, through its subsidiaries, provides a range of financial products and services. It is engaged in commercial banking. 1st Source Bank (Bank), its banking subsidiary, offers commercial and consumer banking services, trust and wealth advisory services, and insurance to individual and business clients.
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