Brokerages Set 1st Source Co. (SRCE) Price Target at $55.00

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1st Source Co. (NASDAQ:SRCE) has earned an average recommendation of “Hold” from the six analysts that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $55.00.

Several equities analysts have recently weighed in on the company. BidaskClub raised 1st Source from a “hold” rating to a “buy” rating in a research report on Tuesday, July 10th. Zacks Investment Research raised 1st Source from a “sell” rating to a “hold” rating in a research report on Tuesday, September 18th.

In other 1st Source news, EVP Jeffrey L. Buhr sold 1,450 shares of the company’s stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $56.98, for a total value of $82,621.00. Following the transaction, the executive vice president now owns 50,911 shares of the company’s stock, valued at approximately $2,900,908.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jeffrey L. Buhr sold 550 shares of the company’s stock in a transaction on Wednesday, August 1st. The shares were sold at an average price of $56.92, for a total value of $31,306.00. Following the completion of the transaction, the insider now directly owns 52,361 shares in the company, valued at approximately $2,980,388.12. The disclosure for this sale can be found here. Corporate insiders own 19.92% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the business. Schwab Charles Investment Management Inc. grew its position in shares of 1st Source by 1.4% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 148,231 shares of the financial services provider’s stock worth $7,920,000 after buying an additional 1,993 shares in the last quarter. Northern Trust Corp grew its position in shares of 1st Source by 1.4% during the 1st quarter. Northern Trust Corp now owns 260,010 shares of the financial services provider’s stock worth $13,161,000 after buying an additional 3,685 shares in the last quarter. GSA Capital Partners LLP grew its position in shares of 1st Source by 372.1% during the 2nd quarter. GSA Capital Partners LLP now owns 28,965 shares of the financial services provider’s stock worth $1,548,000 after buying an additional 22,829 shares in the last quarter. Reinhart Partners Inc. grew its position in shares of 1st Source by 6.9% during the 2nd quarter. Reinhart Partners Inc. now owns 81,188 shares of the financial services provider’s stock worth $4,338,000 after buying an additional 5,260 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in shares of 1st Source by 0.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 567,157 shares of the financial services provider’s stock worth $28,709,000 after buying an additional 3,795 shares in the last quarter. 70.82% of the stock is currently owned by institutional investors.

Shares of NASDAQ SRCE traded down $1.54 during trading hours on Monday, hitting $49.45. 42,250 shares of the company traded hands, compared to its average volume of 43,534. The company has a market cap of $1.37 billion, a P/E ratio of 19.78, a P/E/G ratio of 1.58 and a beta of 0.97. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.92 and a current ratio of 0.93. 1st Source has a 12 month low of $47.16 and a 12 month high of $59.33.

1st Source (NASDAQ:SRCE) last released its earnings results on Thursday, July 19th. The financial services provider reported $0.84 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.84. The firm had revenue of $78.19 million for the quarter, compared to the consensus estimate of $76.80 million. 1st Source had a return on equity of 10.18% and a net margin of 22.84%. As a group, equities analysts predict that 1st Source will post 3.34 EPS for the current year.

1st Source Company Profile

1st Source Corporation operates as the bank 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.

Further Reading: Market Capitalization in the Stock Market

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