1st Source Corp. (SRCE) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research downgraded shares of 1st Source Corp. (NASDAQ:SRCE) from a buy rating to a hold rating in a research note published on Thursday 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. “

Separately, DA Davidson began coverage on 1st Source Corp. in a research note on Thursday, July 21st. They issued a neutral rating and a $36.00 target price on the stock.

Shares of 1st Source Corp. (NASDAQ:SRCE) opened at 35.57 on Thursday. The company has a market cap of $920.05 million, a P/E ratio of 16.54 and a beta of 1.00. The firm has a 50-day moving average price of $34.86 and a 200-day moving average price of $33.50. 1st Source Corp. has a 1-year low of $27.01 and a 1-year high of $35.84.

1st Source Corp. (NASDAQ:SRCE) last issued its earnings results on Thursday, July 21st. The financial services provider reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.01. 1st Source Corp. had a return on equity of 8.73% and a net margin of 20.56%. On average, equities analysts expect that 1st Source Corp. will post $2.24 EPS for the current year.

In other news, insider Steven J. Wessell sold 10,000 shares of the company’s stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $33.06, for a total value of $330,600.00. Following the sale, the insider now owns 51,547 shares in the company, valued at $1,704,143.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 20.52% of the stock is owned by insiders.

1st Source Corp. Company Profile

1st Source Corporation is a bank holding company. The Company, through its subsidiaries, provides a range of financial products and services. 1st Source Bank (the Bank), its banking subsidiary, offers commercial and consumer banking services, trust and investment management services, and insurance to individual and business clients through its approximately 80 banking center locations in over 20 counties in Indiana and Michigan.

5 Day Chart for NASDAQ:SRCE

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