1st Source Corporation (SRCE) to Issue Quarterly Dividend of $0.45 on November 13th

1st Source Corporation (NASDAQ:SRCE) announced a quarterly dividend on Thursday, October 22nd. Shareholders of record on Tuesday, November 3rd will be given a dividend of $0.45 per share by the financial services provider on Friday, November 13th. This represents a $1.80 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Tuesday, November 3rd.

1st Source has raised its dividend payment by an average of 0.1% annually over the last three years and has raised its dividend annually for the last 38 consecutive years. 1st Source has a payout ratio of 30.3% meaning its dividend is sufficiently covered by earnings. Equities analysts expect 1st Source to earn $7.68 per share next year, which means the company should continue to be able to cover its $1.80 annual dividend with an expected future payout ratio of 23.4%.

1st Source Stock Performance

Shares of SRCE opened at $87.42 on Friday. The stock has a 50-day simple moving average of $86.03 and a 200-day simple moving average of $77.70. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market capitalization of $2.11 billion, a PE ratio of 11.80 and a beta of 0.57. 1st Source has a 1 year low of $58.49 and a 1 year high of $91.46.

1st Source (NASDAQ:SRCE) last posted its earnings results on Thursday, October 22nd. The financial services provider reported $2.03 EPS for the quarter, beating the consensus estimate of $1.83 by $0.20. 1st Source had a return on equity of 13.57% and a net margin of 28.85%. The firm had revenue of $118.83 million for the quarter, compared to analyst estimates of $118.11 million. On average, analysts predict that 1st Source will post 7.62 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Brett Bauer sold 500 shares of the company’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $87.89, for a total value of $43,945.00. Following the completion of the sale, the chief financial officer directly owned 30,706 shares of the company’s stock, valued at approximately $2,698,750.34. This represents a 1.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 20.17% of the company’s stock.

Hedge Funds Weigh In On 1st Source

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ellsworth Advisors LLC raised its stake in 1st Source by 1.2% during the 3rd quarter. Ellsworth Advisors LLC now owns 11,809 shares of the financial services provider’s stock valued at $998,000 after acquiring an additional 141 shares during the last quarter. Nykredit A S purchased a new position in shares of 1st Source in the 2nd quarter valued at approximately $27,000. Nisa Investment Advisors LLC grew its stake in shares of 1st Source by 66.1% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,181 shares of the financial services provider’s stock valued at $100,000 after purchasing an additional 470 shares during the last quarter. Frazier Financial Advisors LLC purchased a new position in shares of 1st Source in the 2nd quarter valued at approximately $40,000. Finally, Integrated Wealth Concepts LLC acquired a new position in shares of 1st Source in the second quarter valued at approximately $48,000. Hedge funds and other institutional investors own 74.45% of the company’s stock.

1st Source Company Profile

1st Source Corporation (NASDAQ:SRCE) is a bank holding company headquartered in South Bend, Indiana. Its principal subsidiary, 1st Source Bank, provides banking and financial services to individuals, businesses, and institutions.

The bank offers deposit accounts, consumer and commercial lending, mortgages, cash-management services, treasury services, and online and mobile banking. It also provides trust, investment management, and wealth advisory services, along with insurance-related products through affiliated operations.

1st Source has specialized lending businesses serving industries such as aviation, construction equipment, transportation, and recreational vehicles.