1st Source Corp. (SRCE) Stock Rating Upgraded by Zacks Investment Research
1st Source Corp. (NASDAQ:SRCE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage currently has a $39.00 price objective on the financial services provider’s stock. Zacks Investment Research’s price objective points to a potential upside of 11.46% from the company’s current price.
According to Zacks, “1ST SOURCE CORP.is a bank holding company engaged in general banking business. The bank offers a broad range of commercial banking, personal banking and trust services. In addition, 1st Source Bank provides highly specialized financing services for: automobile fleets in the rental and leasing industries; privately-held used aircraft; heavy duty trucks and construction equipment.These services are marketed nationwide. “
Separately, DA Davidson initiated coverage on 1st Source Corp. in a research note on Thursday, July 21st. They issued a “neutral” rating and a $36.00 price target for the company.
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1st Source Corp. (NASDAQ:SRCE) opened at 34.99 on Wednesday. 1st Source Corp. has a 52 week low of $27.01 and a 52 week high of $35.60. The company’s 50-day moving average price is $34.66 and its 200-day moving average price is $33.36. The company has a market capitalization of $905.05 million, a price-to-earnings ratio of 16.27 and a beta of 1.00.
1st Source Corp. (NASDAQ:SRCE) last announced its quarterly earnings results on Thursday, July 21st. The financial services provider reported $0.56 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.01. 1st Source Corp. had a return on equity of 8.73% and a net margin of 20.56%. Equities analysts forecast that 1st Source Corp. will post $2.24 earnings per share for the current fiscal year.
In other 1st Source Corp. news, insider Steven J. Wessell sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $33.06, for a total transaction of $330,600.00. Following the completion of the sale, the insider now directly owns 51,547 shares in the company, valued at approximately $1,704,143.82. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 20.52% of the company’s stock.
About 1st Source Corp.
1st Source Corporation is a bank holding company. The Company, through its subsidiaries, provides a range of financial products and services. 1st Source Bank (the Bank), its banking subsidiary, offers commercial and consumer banking services, trust and investment management services, and insurance to individual and business clients through its approximately 80 banking center locations in over 20 counties in Indiana and Michigan.
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