1st Source Co. (SRCE) Given Average Recommendation of “Buy” by Analysts

1st Source Co. (NASDAQ:SRCE) has been assigned an average rating of “Buy” from the six brokerages that are currently covering the firm, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $56.25.

Several research firms recently commented on SRCE. Zacks Investment Research upgraded 1st Source from a “hold” rating to a “buy” rating and set a $60.00 price objective for the company in a report on Wednesday, January 24th. Piper Jaffray Companies reiterated a “buy” rating and issued a $59.00 price objective on shares of 1st Source in a report on Tuesday, January 9th. ValuEngine upgraded 1st Source from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $53.00 price objective on shares of 1st Source in a report on Friday, December 22nd. Finally, BidaskClub downgraded 1st Source from a “buy” rating to a “hold” rating in a report on Tuesday, December 12th.

Shares of 1st Source (NASDAQ SRCE) opened at $52.22 on Wednesday. 1st Source has a twelve month low of $42.15 and a twelve month high of $54.00. The company has a market capitalization of $1,353.90, a PE ratio of 20.01, a P/E/G ratio of 1.56 and a beta of 1.06. 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 (NASDAQ:SRCE) last released its quarterly earnings data on Friday, January 19th. The financial services provider reported $0.59 EPS for the quarter, missing the consensus estimate of $0.66 by ($0.07). The company had revenue of $74.49 million during the quarter, compared to the consensus estimate of $71.40 million. analysts predict that 1st Source will post 3.36 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, February 15th. Shareholders of record on Monday, February 5th will be paid a dividend of $0.22 per share. This is an increase from 1st Source’s previous quarterly dividend of $0.20. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date of this dividend is Friday, February 2nd. 1st Source’s payout ratio is currently 30.65%.

Several institutional investors have recently added to or reduced their stakes in SRCE. Janus Henderson Group PLC bought a new stake in shares of 1st Source during the 2nd quarter valued at about $18,196,000. Vanguard Group Inc. grew its stake in shares of 1st Source by 3.8% during the 2nd quarter. Vanguard Group Inc. now owns 711,898 shares of the financial services provider’s stock valued at $34,129,000 after purchasing an additional 26,341 shares during the period. Chicago Equity Partners LLC grew its stake in shares of 1st Source by 112.6% during the 3rd quarter. Chicago Equity Partners LLC now owns 32,465 shares of the financial services provider’s stock valued at $1,649,000 after purchasing an additional 17,195 shares during the period. Citadel Advisors LLC grew its stake in shares of 1st Source by 345.3% during the 2nd quarter. Citadel Advisors LLC now owns 21,350 shares of the financial services provider’s stock valued at $1,024,000 after purchasing an additional 16,556 shares during the period. Finally, State Street Corp grew its stake in shares of 1st Source by 5.5% during the 2nd quarter. State Street Corp now owns 306,993 shares of the financial services provider’s stock valued at $14,714,000 after purchasing an additional 16,134 shares during the period. Institutional investors and hedge funds own 70.32% of the company’s stock.

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1st Source 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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