Zacks Investment Research Upgrades 1st Source Corp. (SRCE) to Buy
1st Source Corp. (NASDAQ:SRCE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The firm currently has a $39.00 target price on the financial services provider’s stock. Zacks Investment Research’s price target would indicate a potential upside of 11.46% from the stock’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 assumed coverage on 1st Source Corp. in a research report on Thursday, July 21st. They issued a “neutral” rating and a $36.00 target price on the stock.
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1st Source Corp. (NASDAQ:SRCE) opened at 34.99 on Wednesday. The firm has a market capitalization of $905.05 million, a PE ratio of 16.27 and a beta of 1.00. 1st Source Corp. has a 52-week low of $27.01 and a 52-week high of $35.60. The stock’s 50 day moving average price is $34.66 and its 200 day moving average price is $33.36.
1st Source Corp. (NASDAQ:SRCE) last issued its earnings results on Thursday, July 21st. The financial services provider reported $0.56 earnings per share for the quarter, topping the 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%. Analysts expect that 1st Source Corp. will post $2.24 earnings per share for the current year.
In related news, insider Steven J. Wessell sold 10,000 shares of the stock in a transaction on Monday, July 25th. The stock was sold at an average price of $33.06, for a total value of $330,600.00. Following the transaction, the insider now directly owns 51,547 shares of the company’s stock, valued at approximately $1,704,143.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 20.52% of the stock is owned by corporate insiders.
1st Source Corp. Company Profile
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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