1st Source Co. (SRCE) To Go Ex-Dividend on November 5th

1st Source Co. (NASDAQ:SRCE) announced a quarterly dividend on Thursday, October 24th, Zacks reports. Shareholders of record on Tuesday, November 5th will be paid a dividend of 0.36 per share by the financial services provider on Friday, November 15th. This represents a $1.44 annualized dividend and a yield of 2.51%. The ex-dividend date is Tuesday, November 5th.

1st Source has increased its dividend payment by an average of 4.8% per year over the last three years and has increased its dividend every year for the last 37 years. 1st Source has a dividend payout ratio of 27.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect 1st Source to earn $5.26 per share next year, which means the company should continue to be able to cover its $1.44 annual dividend with an expected future payout ratio of 27.4%.

1st Source Trading Down 3.4 %

Shares of NASDAQ:SRCE traded down $2.02 during trading on Friday, reaching $57.47. The company’s stock had a trading volume of 88,366 shares, compared to its average volume of 72,209. The stock has a market capitalization of $1.41 billion, a PE ratio of 11.56 and a beta of 0.78. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.09. The firm’s 50 day simple moving average is $59.50 and its two-hundred day simple moving average is $55.57. 1st Source has a 12 month low of $43.35 and a 12 month high of $65.63.

1st Source (NASDAQ:SRCE) last released its earnings results on Thursday, October 24th. The financial services provider reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.05. 1st Source had a return on equity of 12.02% and a net margin of 23.23%. The business had revenue of $97.93 million during the quarter, compared to the consensus estimate of $97.30 million. During the same period last year, the company earned $1.32 earnings per share. On average, research analysts predict that 1st Source will post 5.37 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on SRCE shares. Keefe, Bruyette & Woods restated a “market perform” rating and set a $62.00 price target (up previously from $54.00) on shares of 1st Source in a research note on Monday, July 29th. Piper Sandler cut 1st Source from an “overweight” rating to a “neutral” rating and upped their price target for the stock from $60.00 to $67.50 in a report on Monday, July 29th.

1st Source Company Profile

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.