1st Source Corporation (NASDAQ:SRCE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Saturday.

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. “

A number of other research firms also recently weighed in on SRCE. ValuEngine upgraded 1st Source Corporation from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. BidaskClub upgraded 1st Source Corporation from a “sell” rating to a “hold” rating in a research note on Saturday, June 10th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $47.00 price target on shares of 1st Source Corporation in a research note on Sunday, July 23rd. Finally, Piper Jaffray Companies set a $55.00 price target on 1st Source Corporation and gave the company a “buy” rating in a research note on Wednesday, July 26th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. 1st Source Corporation presently has a consensus rating of “Hold” and an average price target of $51.67.

1st Source Corporation (NASDAQ SRCE) opened at 47.17 on Friday. The firm has a market capitalization of $1.22 billion, a P/E ratio of 19.73 and a beta of 1.04. 1st Source Corporation has a one year low of $33.27 and a one year high of $50.78. The firm has a 50-day moving average price of $47.12 and a 200-day moving average price of $47.29.

1st Source Corporation (NASDAQ:SRCE) last announced its earnings results on Thursday, July 20th. The financial services provider reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.03. 1st Source Corporation had a return on equity of 9.14% and a net margin of 21.41%. The company had revenue of $70.00 million for the quarter, compared to the consensus estimate of $68.90 million. Equities analysts anticipate that 1st Source Corporation will post $2.59 earnings per share for the current year.

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A number of hedge funds have recently modified their holdings of SRCE. Teachers Advisors LLC raised its holdings in 1st Source Corporation by 3.5% during the fourth quarter. Teachers Advisors LLC now owns 25,984 shares of the financial services provider’s stock worth $1,160,000 after purchasing an additional 880 shares during the last quarter. First Trust Advisors LP raised its holdings in 1st Source Corporation by 5.7% during the first quarter. First Trust Advisors LP now owns 101,860 shares of the financial services provider’s stock worth $4,782,000 after purchasing an additional 5,487 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in 1st Source Corporation by 6.3% during the first quarter. Bank of New York Mellon Corp now owns 118,020 shares of the financial services provider’s stock worth $5,541,000 after purchasing an additional 6,974 shares during the last quarter. Karp Capital Management Corp acquired a new position in 1st Source Corporation during the first quarter worth $206,000. Finally, Ameriprise Financial Inc. raised its holdings in 1st Source Corporation by 26.5% during the first quarter. Ameriprise Financial Inc. now owns 16,844 shares of the financial services provider’s stock worth $790,000 after purchasing an additional 3,533 shares during the last quarter. 70.22% of the stock is owned by hedge funds and other institutional investors.

1st Source Corporation Company Profile

1st Source Corporation is a bank holding company. The Company, through its subsidiaries, provides a range of financial products and services. It is engaged in commercial banking. 1st Source Bank (Bank), its banking subsidiary, offers commercial and consumer banking services, trust and wealth advisory services, and insurance to individual and business clients.

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