BidaskClub upgraded shares of 1st Source (NASDAQ:SRCE) from a sell rating to a hold rating in a research report sent to investors on Thursday morning, BidAskClub reports.

SRCE has been the subject of a number of other reports. ValuEngine raised 1st Source from a sell rating to a hold rating in a research note on Saturday, July 27th. Zacks Investment Research cut 1st Source from a hold rating to a sell rating in a research note on Wednesday, July 24th.

NASDAQ:SRCE traded up $0.31 on Thursday, reaching $47.91. The company’s stock had a trading volume of 2,487 shares, compared to its average volume of 38,067. 1st Source has a 12-month low of $38.44 and a 12-month high of $55.76. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.16. The firm has a market cap of $1.17 billion, a price-to-earnings ratio of 15.15, a price-to-earnings-growth ratio of 1.30 and a beta of 1.07. The stock has a 50 day moving average price of $44.81 and a 200 day moving average price of $45.58.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings data on Thursday, July 18th. The financial services provider reported $0.91 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.89 by $0.02. 1st Source had a return on equity of 11.22% and a net margin of 23.31%. The business had revenue of $82.09 million during the quarter, compared to analysts’ expectations of $80.85 million. Equities research analysts expect that 1st Source will post 3.54 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were paid a $0.27 dividend. The ex-dividend date was Friday, August 2nd. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.25%. 1st Source’s payout ratio is presently 34.18%.

In other news, Director John Afleck-Graves acquired 2,000 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was acquired at an average cost of $44.34 per share, with a total value of $88,680.00. Following the completion of the purchase, the director now owns 2,000 shares of the company’s stock, valued at approximately $88,680. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 20.01% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Denali Advisors LLC grew its stake in shares of 1st Source by 1,066.7% in the second quarter. Denali Advisors LLC now owns 700 shares of the financial services provider’s stock valued at $32,000 after buying an additional 640 shares in the last quarter. Quantamental Technologies LLC acquired a new stake in shares of 1st Source in the first quarter valued at $35,000. KBC Group NV acquired a new stake in shares of 1st Source in the second quarter valued at $94,000. BNP Paribas Arbitrage SA grew its stake in shares of 1st Source by 410.8% in the first quarter. BNP Paribas Arbitrage SA now owns 3,274 shares of the financial services provider’s stock valued at $147,000 after buying an additional 2,633 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new stake in shares of 1st Source in the first quarter valued at $148,000. 70.63% of the stock is owned by institutional investors and hedge funds.

About 1st Source

1st Source Corporation operates as the holding company for 1st Source Bank that provides commercial and consumer banking services, trust and investment management services, and insurance to individual and business clients. Its consumer banking services include checking and savings accounts; certificates of deposit; individual retirement accounts; online and mobile banking products; consumer loans, real estate loans, and lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.

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