1st Source (NASDAQ:SRCE) Cut to Hold at Zacks Research

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

Other equities research analysts have also issued research reports about the stock. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $69.00 price target (up previously from $67.00) on shares of 1st Source in a research report on Monday, July 28th. Weiss Ratings reissued a “buy (b)” rating on shares of 1st Source in a report on Saturday, September 13th. Piper Sandler increased their target price on shares of 1st Source from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Monday, July 28th. Finally, DA Davidson increased their target price on shares of 1st Source from $65.00 to $67.00 and gave the stock a “neutral” rating in a report on Tuesday, July 29th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $72.00.

1st Source Price Performance

SRCE opened at $60.90 on Monday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 0.97. The stock has a market capitalization of $1.49 billion, a P/E ratio of 10.67 and a beta of 0.67. The company’s 50-day simple moving average is $62.25 and its two-hundred day simple moving average is $61.07. 1st Source has a 52-week low of $52.14 and a 52-week high of $68.13.

1st Source (NASDAQ:SRCE) last released its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.51 EPS for the quarter, beating the consensus estimate of $1.49 by $0.02. 1st Source had a net margin of 24.02% and a return on equity of 11.94%. The firm had revenue of $108.25 million during the quarter, compared to analyst estimates of $104.67 million. As a group, analysts predict that 1st Source will post 5.82 EPS for the current year.

1st Source Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Tuesday, August 5th were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend was Tuesday, August 5th. 1st Source’s dividend payout ratio (DPR) is 26.62%.

Institutional Investors Weigh In On 1st Source

Institutional investors have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC grew its holdings in 1st Source by 562.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider’s stock valued at $27,000 after buying an additional 371 shares in the last quarter. CX Institutional bought a new position in shares of 1st Source during the 2nd quarter valued at approximately $63,000. Tower Research Capital LLC TRC boosted its position in shares of 1st Source by 435.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,682 shares of the financial services provider’s stock valued at $104,000 after acquiring an additional 1,368 shares during the last quarter. Financial Life Planners boosted its position in shares of 1st Source by 239.1% during the 1st quarter. Financial Life Planners now owns 2,784 shares of the financial services provider’s stock valued at $166,000 after acquiring an additional 1,963 shares during the last quarter. Finally, Curi Capital LLC bought a new position in shares of 1st Source during the 2nd quarter valued at approximately $205,000. 74.45% of the stock is owned by hedge funds and other institutional investors.

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 wealth advisory services, and insurance products 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 mortgage loans, and home equity lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.