1st Source Co. to Issue Quarterly Dividend of $0.34 (NASDAQ:SRCE)

1st Source Co. (NASDAQ:SRCE) announced a quarterly dividend on Thursday, April 25th, Zacks reports. Stockholders of record on Monday, May 6th will be given a dividend of 0.34 per share by the financial services provider on Wednesday, May 15th. This represents a $1.36 annualized dividend and a dividend yield of 2.69%. The ex-dividend date of this dividend is Friday, May 3rd.

1st Source has increased its dividend by an average of 4.8% per year over the last three years and has raised its dividend annually for the last 36 consecutive years. 1st Source has a dividend payout ratio of 29.1% meaning its dividend is sufficiently covered by earnings. Equities analysts expect 1st Source to earn $4.70 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 28.9%.

1st Source Stock Performance

Shares of SRCE stock opened at $50.60 on Thursday. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.92 and a quick ratio of 0.92. The business has a fifty day moving average of $50.15 and a 200 day moving average of $50.22. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of 10.18 and a beta of 0.80. 1st Source has a 1 year low of $38.77 and a 1 year high of $56.59.

1st Source (NASDAQ:SRCE) last released its earnings results on Thursday, April 25th. The financial services provider reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.02. The firm had revenue of $138.62 million during the quarter, compared to the consensus estimate of $93.30 million. 1st Source had a return on equity of 11.99% and a net margin of 23.33%. During the same quarter in the previous year, the company posted $1.25 earnings per share. As a group, research analysts expect that 1st Source will post 4.84 earnings per share for the current year.

Analyst Upgrades and Downgrades

SRCE has been the topic of several recent research reports. Piper Sandler upped their price objective on shares of 1st Source from $59.00 to $60.00 and gave the company an “overweight” rating in a report on Monday. Keefe, Bruyette & Woods upped their target price on 1st Source from $52.00 to $53.00 and gave the stock a “market perform” rating in a research note on Monday, January 22nd.

Insider Buying and Selling

In other news, EVP Jeffrey L. Buhr sold 761 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $51.52, for a total transaction of $39,206.72. Following the sale, the executive vice president now directly owns 70,252 shares in the company, valued at approximately $3,619,383.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 19.30% of the stock is currently owned by insiders.

About 1st Source

1st Source Corporation operates as the bank holding company for 1st Source Bank that provides commercial and consumer banking services, trust and wealth advisory services, and insurance products 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 mortgage loans, and home equity lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.