1st Source Co. (NASDAQ:SRCE) declared a quarterly dividend on Thursday, July 23rd, Zacks reports. Shareholders of record on Tuesday, August 4th will be paid a dividend of 0.28 per share by the financial services provider on Friday, August 14th. This represents a $1.12 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date is Monday, August 3rd.
1st Source has raised its dividend by an average of 52.8% annually over the last three years and has increased its dividend annually for the last 34 consecutive years. 1st Source has a payout ratio of 47.1% indicating that its dividend is sufficiently covered by earnings. Research analysts expect 1st Source to earn $2.32 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 48.3%.
Shares of SRCE stock opened at $33.12 on Friday. The stock has a market cap of $869.22 million, a price-to-earnings ratio of 10.73 and a beta of 1.14. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. 1st Source has a fifty-two week low of $26.07 and a fifty-two week high of $53.42. The firm’s 50 day moving average price is $34.10 and its two-hundred day moving average price is $37.09.
1st Source (NASDAQ:SRCE) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.15. The firm had revenue of $79.24 million for the quarter, compared to analysts’ expectations of $77.65 million. 1st Source had a net margin of 21.68% and a return on equity of 9.40%. On average, equities analysts forecast that 1st Source will post 2.91 EPS for the current fiscal year.
SRCE has been the topic of a number of recent research reports. Zacks Investment Research raised shares of 1st Source from a “sell” rating to a “hold” rating in a research report on Wednesday, July 1st. Piper Sandler boosted their target price on shares of 1st Source from $42.00 to $43.00 and gave the stock an “overweight” rating in a research report on Monday, July 27th. BidaskClub cut shares of 1st Source from a “sell” rating to a “strong sell” rating in a research report on Friday, May 8th. Finally, ValuEngine raised shares of 1st Source from a “sell” rating to a “hold” rating in a research report on Thursday, April 30th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $51.00.
About 1st Source
1st Source Corporation operates as the holding company for 1st Source Bank that provides commercial and consumer banking services, trust and investment management services, and insurance 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 loans, and lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.
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