1st Source (SRCE) Upgraded at ValuEngine

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ValuEngine upgraded shares of 1st Source (NASDAQ:SRCE) from a sell rating to a hold rating in a research report released on Monday morning.

SRCE has been the subject of a number of other research reports. BidaskClub upgraded 1st Source from a hold rating to a buy rating in a research report on Tuesday, July 10th. Zacks Investment Research upgraded 1st Source from a sell rating to a hold rating in a research report on Tuesday, September 18th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. 1st Source has a consensus rating of Hold and a consensus target price of $58.00.

Shares of SRCE stock opened at $46.77 on Monday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.17. 1st Source has a 12 month low of $39.93 and a 12 month high of $59.33. The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of 18.71, a PEG ratio of 1.43 and a beta of 0.97.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings data on Thursday, October 18th. The financial services provider reported $0.76 EPS for the quarter, missing the Zacks’ consensus estimate of $0.89 by ($0.13). 1st Source had a return on equity of 10.41% and a net margin of 22.98%. The firm had revenue of $78.42 million during the quarter, compared to the consensus estimate of $78.50 million. On average, equities research analysts forecast that 1st Source will post 3.2 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Monday, November 5th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, November 2nd. This represents a $1.00 annualized dividend and a dividend yield of 2.14%. 1st Source’s dividend payout ratio (DPR) is presently 40.00%.

In related news, EVP Jeffrey L. Buhr sold 1,450 shares of the firm’s stock in a transaction that occurred on Friday, August 3rd. The stock was sold at an average price of $56.98, for a total transaction of $82,621.00. Following the completion of the transaction, the executive vice president now owns 50,911 shares in the company, valued at approximately $2,900,908.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jeffrey L. Buhr sold 550 shares of the firm’s stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $56.92, for a total value of $31,306.00. Following the transaction, the insider now owns 52,361 shares of the company’s stock, valued at approximately $2,980,388.12. The disclosure for this sale can be found here. 19.92% of the stock is owned by company insiders.

Several institutional investors have recently bought and sold shares of SRCE. Northern Trust Corp lifted its position in shares of 1st Source by 1.4% during the 1st quarter. Northern Trust Corp now owns 260,010 shares of the financial services provider’s stock worth $13,161,000 after buying an additional 3,685 shares during the period. California Public Employees Retirement System lifted its position in shares of 1st Source by 9.3% during the 1st quarter. California Public Employees Retirement System now owns 37,828 shares of the financial services provider’s stock worth $1,915,000 after buying an additional 3,213 shares during the period. Barclays PLC lifted its position in shares of 1st Source by 29.0% during the 1st quarter. Barclays PLC now owns 4,454 shares of the financial services provider’s stock worth $226,000 after buying an additional 1,001 shares during the period. Legal & General Group Plc lifted its position in shares of 1st Source by 47.1% during the 1st quarter. Legal & General Group Plc now owns 9,196 shares of the financial services provider’s stock worth $466,000 after buying an additional 2,945 shares during the period. Finally, Xact Kapitalforvaltning AB lifted its position in shares of 1st Source by 58.4% during the 1st quarter. Xact Kapitalforvaltning AB now owns 7,051 shares of the financial services provider’s stock worth $357,000 after buying an additional 2,600 shares during the period. Institutional investors and hedge funds own 70.80% of the company’s stock.

About 1st Source

1st Source Corporation operates as the bank 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.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

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