1st Source Co. (NASDAQ:SRCE) to Post FY2021 Earnings of $4.78 Per Share, Piper Sandler Forecasts

1st Source Co. (NASDAQ:SRCE) – Piper Sandler raised their FY2021 earnings estimates for shares of 1st Source in a report issued on Monday, October 25th. Piper Sandler analyst N. Race now anticipates that the financial services provider will earn $4.78 per share for the year, up from their prior forecast of $4.69. Piper Sandler also issued estimates for 1st Source’s Q2 2022 earnings at $1.00 EPS, FY2022 earnings at $3.88 EPS and FY2023 earnings at $4.07 EPS.

Separately, Zacks Investment Research raised 1st Source from a “hold” rating to a “buy” rating and set a $54.00 target price on the stock in a report on Wednesday, September 29th.

NASDAQ SRCE opened at $48.96 on Tuesday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.15. The stock’s 50 day moving average is $46.85 and its 200 day moving average is $46.85. 1st Source has a twelve month low of $31.67 and a twelve month high of $51.01. The firm has a market capitalization of $1.22 billion, a PE ratio of 11.94 and a beta of 1.19.

1st Source (NASDAQ:SRCE) last posted its earnings results on Wednesday, October 20th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.09 by $0.20. 1st Source had a return on equity of 11.25% and a net margin of 29.10%. During the same quarter in the previous year, the firm earned $0.78 EPS.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 12th. Investors of record on Tuesday, November 2nd will be given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date is Monday, November 1st. 1st Source’s dividend payout ratio (DPR) is presently 39.12%.

Institutional investors and hedge funds have recently modified their holdings of the business. Lazard Asset Management LLC boosted its stake in shares of 1st Source by 189.0% in the first quarter. Lazard Asset Management LLC now owns 604 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 395 shares during the period. Royal Bank of Canada boosted its stake in 1st Source by 278.3% during the first quarter. Royal Bank of Canada now owns 923 shares of the financial services provider’s stock valued at $43,000 after buying an additional 679 shares during the last quarter. Northwestern Mutual Wealth Management Co. bought a new position in 1st Source during the second quarter valued at approximately $58,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of 1st Source by 66.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,557 shares of the financial services provider’s stock valued at $119,000 after purchasing an additional 1,021 shares during the last quarter. Finally, Marshall Wace LLP bought a new stake in shares of 1st Source in the 1st quarter valued at approximately $168,000. Institutional investors and hedge funds own 73.54% of the company’s stock.

About 1st Source

1st Source Corp. operates as a bank holding company for 1st Source Bank. It provides financial products and services through its subsidiaries. The bank offers commercial & consumer banking services, trust & investment management services and insurance to individuals and businesses. The firm provides commercial, small business, agricultural and real estate loans, including financing for industrial & commercial properties, financing for equipment, inventories & accounts receivables and acquisition financing.

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Earnings History and Estimates for 1st Source (NASDAQ:SRCE)

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