1st Source Corporation (NASDAQ:SRCE) Announces Quarterly Dividend of $0.45

1st Source Corporation (NASDAQ:SRCE) declared a quarterly dividend on Thursday, October 22nd. Stockholders of record on Tuesday, November 3rd will be paid 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 dividend yield of 2.1%. The ex-dividend date of this dividend is Tuesday, November 3rd.

1st Source has increased its dividend by an average of 0.1% annually over the last three years and has increased its dividend annually for the last 38 consecutive years. 1st Source has a payout ratio of 30.3% indicating that its dividend is sufficiently covered by earnings. Equities 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 Trading Up 1.5%

NASDAQ:SRCE opened at $87.12 on Friday. The firm has a fifty day simple moving average of $85.97 and a two-hundred day simple moving average of $81.17. 1st Source has a 12 month low of $58.49 and a 12 month high of $91.46. The stock has a market capitalization of $2.10 billion, a price-to-earnings ratio of 13.36 and a beta of 0.57. 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 (NASDAQ:SRCE) last released its quarterly earnings results on Thursday, October 22nd. The financial services provider reported $2.03 EPS for the quarter, beating analysts’ consensus estimates of $1.83 by $0.20. The business had revenue of $118.83 million during the quarter, compared to analyst estimates of $118.11 million. 1st Source had a return on equity of 12.94% and a net margin of 28.09%. Analysts expect that 1st Source will post 7.26 EPS for the current fiscal year.

Analysts Set New Price Targets

SRCE has been the subject of several recent analyst reports. DA Davidson boosted their target price on 1st Source from $77.00 to $87.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Zacks Research cut 1st Source from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 28th. Keefe, Bruyette & Woods raised their target price on 1st Source from $79.00 to $82.00 and gave the stock a “market perform” rating in a research note on Monday, July 27th. Piper Sandler lifted their target price on shares of 1st Source from $88.00 to $100.00 and gave the company an “overweight” rating in a research note on Tuesday, July 28th. Finally, Weiss Ratings upgraded shares of 1st Source from a “buy (b+)” rating to a “buy (a-)” rating in a report on Thursday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $89.67.

About 1st Source

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.