1st Source (NASDAQ:SRCE – Get a Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released Friday, Zacks.com reports. The brokerage currently has a price target of $52.00 on shares of the financial services provider. Zacks Investment Research’s price target would point to a potential upside of 12.43% from the company’s previous close.
According to Zacks, “1ST SOURCE CORP. is a bank holding company engaged in general banking business. The bank offers a wide range of commercial banking, personal banking and trust services. In addition, 1st Source Bank provides highly specialized financing services for: automotive fleets in the rental and leasing sectors; private used aircraft; heavy trucks and construction equipment. These services are marketed nationally. »
Separately, StockNews.com kicked off coverage on 1st Source in a report on Thursday. They set a “hold” rating for the company.
NASDAQ:SRCE opened at $46.25 on Friday. The company has a debt ratio of 0.13, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market capitalization of $1.14 billion, a PE ratio of 9.86 and a beta of 1.07. 1st Source has a 52-week low of $41.19 and a 52-week high of $52.69. The stock has a 50-day simple moving average of $48.86 and a 200-day simple moving average of $48.67.
1st Source (NASDAQ:SRCE – Get Rating) last released its quarterly earnings data on Thursday, January 20. The financial services provider reported earnings per share (EPS) of $1.11 for the quarter, missing the Zacks consensus estimate of $1.19 per ($0.08). The company posted revenue of $83.90 million for the quarter, versus a consensus estimate of $86.30 million. 1st Source had a return on equity of 12.45% and a net margin of 33.40%. In the same quarter a year earlier, the company posted earnings per share of $1.03. On average, research analysts predict that 1st Source will post earnings per share of 3.88 for the current fiscal year.
Separately, director Daniel B. Fitzpatrick acquired 1,000 shares of the company in a transaction on Monday, February 14. The shares were purchased at an average cost of $48.69 per share, with a total value of $48,690.00. The acquisition was disclosed in a legal filing with the SEC, which is available via this link. 19.05% of the shares are held by insiders.
Institutional investors and hedge funds have recently changed their holdings in the company. Point72 Hong Kong Ltd bought a new position in 1st Source shares in Q4 worth $25,000. Captrust Financial Advisors increased its position in 1st Source by 68.0% during the third quarter. Captrust Financial Advisors now owns 566 shares of the financial services provider worth $27,000 after acquiring 229 additional shares in the last quarter. The New York State Teachers’ Retirement System purchased a new stake in 1st Source during Q4 for $50,000. Huntington National Bank increased its position in 1st Source by 3,058.3% during the 4th quarter. Huntington National Bank now owns 1,137 shares of the financial services provider worth $56,000 after acquiring 1,101 additional shares in the last quarter. Finally, the Royal Bank of Canada increased its position in 1st Source by 39.2% during the second quarter. Royal Bank of Canada now owns 1,285 shares of the financial services provider worth $59,000 after acquiring 362 more shares in the last quarter. Institutional investors hold 72.87% of the company’s shares.
1st Source Company Profile (Get an assessment)
1st Source Corporation operates as a bank holding company for 1st Source Bank which provides corporate and personal banking services, trust and wealth management advisory services, and insurance products to individuals and businesses. Its consumer banking services include checking and savings accounts; certificates of deposit; individual retirement accounts; online and mobile banking products; consumer loans, home mortgages and home equity lines of credit; and financial planning, financial literacy and other advisory services, as well as debit and credit cards.
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