Published On: Thu, Sep 22nd, 2016

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

1st Source Corp. (NASDAQ:SRCE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday.
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 initiated coverage on shares of 1st Source Corp. in a research report on Thursday, July 21st. They set a “neutral” rating and a $36.00 price objective for the company.

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Shares of 1st Source Corp. (NASDAQ:SRCE) opened at 35.21 on Thursday. The stock’s 50 day moving average price is $34.71 and its 200-day moving average price is $33.38. 1st Source Corp. has a 52-week low of $27.01 and a 52-week high of $35.60. The firm has a market capitalization of $910.74 million, a PE ratio of 16.38 and a beta of 1.00.
1st Source Corp. (NASDAQ:SRCE) last released its quarterly earnings data on Thursday, July 21st. The financial services provider reported $0.56 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.01. 1st Source Corp. had a net margin of 20.56% and a return on equity of 8.73%. Equities research analysts anticipate that 1st Source Corp. will post $2.24 EPS for the current fiscal year.
In related news, insider Steven J. Wessell sold 10,000 shares of the business’s stock in a transaction on Monday, July 25th. The shares were sold at an average price of $33.06, for a total value of $330,600.00. Following the completion of the sale, the insider now directly owns 51,547 shares of the company’s stock, valued at $1,704,143.82. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 20.52% of the company’s stock.
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.

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