Zacks Investment Research cut shares of 1st Source Corporation (NASDAQ:SRCE) from a buy rating to a hold rating in a research note issued to investors on Saturday morning.

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. “

Other equities research analysts have also issued research reports about the company. BidaskClub lowered 1st Source Corporation from a hold rating to a sell rating in a research report on Friday, August 18th. ValuEngine raised 1st Source Corporation from a hold rating to a buy rating in a research report on Monday, August 7th. Piper Jaffray Companies set a $55.00 price target on 1st Source Corporation and gave the stock a buy rating in a research report on Wednesday, July 26th. Finally, Keefe, Bruyette & Woods reaffirmed a hold rating and set a $47.00 price target on shares of 1st Source Corporation in a research report on Sunday, July 23rd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. The company has an average rating of Hold and a consensus target price of $51.67.

Shares of 1st Source Corporation (SRCE) opened at 46.57 on Friday. The company has a 50 day moving average of $48.06 and a 200 day moving average of $47.19. The firm has a market capitalization of $1.21 billion, a PE ratio of 19.48 and a beta of 1.03. 1st Source Corporation has a 52-week low of $33.27 and a 52-week high of $50.78.

1st Source Corporation (NASDAQ:SRCE) last announced its earnings results on Thursday, July 20th. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, beating the Zacks’ 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 business had revenue of $70 million for the quarter, compared to analyst estimates of $68.90 million. On average, analysts anticipate that 1st Source Corporation will post $2.59 earnings per share for the current fiscal year.

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The business also recently declared a quarterly dividend, which was paid on Tuesday, August 15th. Shareholders of record on Monday, August 7th were given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.63%. The ex-dividend date was Thursday, August 3rd. 1st Source Corporation’s dividend payout ratio (DPR) is 31.80%.

Several hedge funds and other institutional investors have recently bought and sold shares of SRCE. Legal & General Group Plc raised its position in 1st Source Corporation by 3.7% in the second quarter. Legal & General Group Plc now owns 3,866 shares of the financial services provider’s stock valued at $186,000 after buying an additional 137 shares during the period. Victory Capital Management Inc. raised its position in 1st Source Corporation by 17.6% in the second quarter. Victory Capital Management Inc. now owns 4,133 shares of the financial services provider’s stock valued at $198,000 after buying an additional 620 shares during the period. Royal Bank of Canada raised its position in 1st Source Corporation by 598.4% in the second quarter. Royal Bank of Canada now owns 4,281 shares of the financial services provider’s stock valued at $205,000 after buying an additional 3,668 shares during the period. Karp Capital Management Corp bought a new position in 1st Source Corporation during the first quarter valued at $206,000. Finally, Virginia Retirement Systems ET AL bought a new position in 1st Source Corporation during the first quarter valued at $211,000. 70.22% of the stock is currently owned by hedge funds and other institutional investors.

About 1st Source Corporation

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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