1st Source Corporation (SRCE) to Distribute Quarterly Dividend of $0.45 on August 14th

1st Source Corporation (NASDAQ:SRCE) declared a quarterly dividend on Thursday, July 23rd. Stockholders of record on Tuesday, August 4th will be given a dividend of 0.45 per share by the financial services provider on Friday, August 14th. This represents a c) dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Tuesday, August 4th. This is a 4.7% increase from 1st Source’s previous quarterly dividend of $0.43.

1st Source has increased its dividend payment by an average of 0.1%per year over the last three years and has increased its dividend annually for the last 38 consecutive years. 1st Source has a dividend payout ratio of 30.3% indicating that its dividend is sufficiently covered by earnings. Research analysts expect 1st Source to earn $7.47 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 24.1%.

1st Source Price Performance

SRCE stock opened at $89.74 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.07. 1st Source has a 1 year low of $56.89 and a 1 year high of $91.46. The company has a fifty day simple moving average of $80.19 and a 200 day simple moving average of $73.45. The firm has a market cap of $2.16 billion, a PE ratio of 13.76 and a beta of 0.58.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.71 by $0.24. The firm had revenue of $118.16 million during the quarter, compared to analysts’ expectations of $114.13 million. 1st Source had a net margin of 28.09% and a return on equity of 12.94%. Sell-side analysts anticipate that 1st Source will post 7.26 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Piper Sandler boosted their price target on 1st Source from $88.00 to $100.00 and gave the stock an “overweight” rating in a research report on Tuesday. DA Davidson increased their price objective on 1st Source from $77.00 to $87.00 and gave the company a “neutral” rating in a report on Monday, July 27th. Keefe, Bruyette & Woods raised their price objective on 1st Source from $79.00 to $82.00 and gave the company a “market perform” rating in a research note on Monday, July 27th. Zacks Research upgraded 1st Source from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 28th. Finally, Weiss Ratings cut 1st Source from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $89.67.

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.