1st Source Co. (SRCE) Receives Average Rating of “Hold” from Analysts
Shares of 1st Source Co. (NASDAQ:SRCE) have received a consensus rating of “Hold” from the six brokerages that are presently covering the company, Marketbeat.com reports. Four equities research analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price target among brokers that have covered the stock in the last year is $53.67.
SRCE has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded shares of 1st Source from a “hold” rating to a “buy” rating and set a $53.00 price objective for the company in a research report on Tuesday, September 19th. Piper Jaffray Companies set a $55.00 target price on 1st Source and gave the stock a “buy” rating in a report on Friday, October 6th. ValuEngine upgraded 1st Source from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. DA Davidson reiterated a “hold” rating and set a $53.00 target price on shares of 1st Source in a report on Monday, October 23rd. They noted that the move was a valuation call. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $53.00 target price on shares of 1st Source in a report on Friday, December 22nd.
Shares of 1st Source (NASDAQ SRCE) opened at $50.40 on Friday. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.93 and a quick ratio of 0.92. 1st Source has a 1 year low of $42.15 and a 1 year high of $53.29. The company has a market cap of $1,285.40, a price-to-earnings ratio of 20.16, a P/E/G ratio of 1.72 and a beta of 1.06.
Hedge funds have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. bought a new position in 1st Source during the 2nd quarter worth about $504,000. Vanguard Group Inc. increased its holdings in 1st Source by 3.8% during the 2nd quarter. Vanguard Group Inc. now owns 711,898 shares of the financial services provider’s stock worth $34,129,000 after purchasing an additional 26,341 shares in the last quarter. Teachers Advisors LLC increased its holdings in 1st Source by 11.3% during the 2nd quarter. Teachers Advisors LLC now owns 29,568 shares of the financial services provider’s stock worth $1,417,000 after purchasing an additional 3,012 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in 1st Source by 3.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 288,115 shares of the financial services provider’s stock worth $13,812,000 after purchasing an additional 8,754 shares in the last quarter. Finally, State Street Corp increased its holdings in 1st Source by 5.5% during the 2nd quarter. State Street Corp now owns 306,993 shares of the financial services provider’s stock worth $14,714,000 after purchasing an additional 16,134 shares in the last quarter. Hedge funds and other institutional investors own 70.33% of the company’s stock.
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About 1st Source
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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