1st Source Corporation (NASDAQ:SRCE) to Issue Dividend Increase – $0.43 Per Share

1st Source Corporation (NASDAQ:SRCE) declared a quarterly dividend on Thursday, April 23rd. Investors of record on Tuesday, May 5th will be paid a dividend of 0.43 per share by the financial services provider on Friday, May 15th. This represents a c) dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Tuesday, May 5th. This is a 7.5% increase from 1st Source’s previous quarterly dividend of $0.40.

1st Source has increased its dividend payment by an average of 0.1%annually over the last three years and has increased its dividend every year for the last 38 years. 1st Source has a dividend payout ratio of 26.9% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect 1st Source to earn $6.89 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 23.2%.

1st Source Stock Up 1.0%

Shares of NASDAQ SRCE opened at $73.90 on Friday. The stock has a market cap of $1.80 billion, a P/E ratio of 11.53 and a beta of 0.58. The firm has a 50 day moving average price of $69.93 and a 200 day moving average price of $65.65. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.96 and a current ratio of 0.96. 1st Source has a 52-week low of $56.49 and a 52-week high of $75.64.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings data on Thursday, April 23rd. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.64 by ($0.01). The firm had revenue of $113.14 million for the quarter, compared to analyst estimates of $111.88 million. 1st Source had a net margin of 26.38% and a return on equity of 12.44%. Analysts expect that 1st Source will post 6.7 EPS for the current year.

1st Source Company Profile

1st Source Corporation is a bank holding company headquartered in South Bend, Indiana, operating through its wholly owned subsidiary, 1st Source Bank. The company offers a full range of commercial and consumer banking products, including checking and savings accounts, business and commercial lending, residential mortgage loans, and cash management services. Its client base spans small and medium-sized businesses, agribusinesses, professional firms, and individual consumers primarily across northern Indiana and southwestern Michigan.

In addition to traditional banking services, 1st Source Corporation provides wealth management and trust services through its 1st Source Wealth Management division.