1st Source Corporation (SRCE) Increases Dividend to $0.20 Per Share
1st Source Corporation (NASDAQ:SRCE) announced a quarterly dividend on Friday, October 20th, Wall Street Journal reports. Stockholders of record on Monday, November 6th will be given a dividend of 0.20 per share by the financial services provider on Wednesday, November 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date is Friday, November 3rd. This is a boost from 1st Source Corporation’s previous quarterly dividend of $0.19.
1st Source Corporation has increased its dividend payment by an average of 1.9% annually over the last three years and has raised its dividend annually for the last 31 consecutive years. 1st Source Corporation has a payout ratio of 29.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect 1st Source Corporation to earn $2.93 per share next year, which means the company should continue to be able to cover its $0.76 annual dividend with an expected future payout ratio of 25.9%.
Shares of 1st Source Corporation (NASDAQ SRCE) opened at 52.20 on Friday. 1st Source Corporation has a 1-year low of $33.27 and a 1-year high of $52.99. The stock’s 50 day moving average is $49.45 and its 200-day moving average is $48.02. The stock has a market cap of $1.35 billion, a PE ratio of 21.83 and a beta of 1.07.
1st Source Corporation (NASDAQ:SRCE) last announced its quarterly earnings data on Thursday, October 19th. The financial services provider reported $0.66 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.66. 1st Source Corporation had a net margin of 21.74% and a return on equity of 9.52%. The firm had revenue of $72.82 million during the quarter, compared to analysts’ expectations of $70.20 million. On average, analysts predict that 1st Source Corporation will post $2.59 EPS for the current fiscal year.
SRCE has been the subject of several recent analyst reports. Zacks Investment Research upgraded shares of 1st Source Corporation from a “hold” rating to a “buy” rating and set a $53.00 price objective for the company in a research note on Tuesday, August 29th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $47.00 price objective on shares of 1st Source Corporation in a research note on Tuesday, October 3rd. ValuEngine cut shares of 1st Source Corporation from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Piper Jaffray Companies set a $55.00 price objective on shares of 1st Source Corporation and gave the company a “buy” rating in a research note on Friday, October 6th. Finally, BidaskClub cut shares of 1st Source Corporation from a “hold” rating to a “sell” rating in a research note on Friday, August 18th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $51.67.
1st Source Corporation Company Profile
1st Source Corporation is a bank holding company. The Company, through its subsidiaries, provides a range of financial products and services. It is engaged in commercial banking. 1st Source Bank (Bank), its banking subsidiary, offers commercial and consumer banking services, trust and wealth advisory services, and insurance to individual and business clients.
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