1st Source Corporation (SRCE) To Go Ex-Dividend on August 4th

1st Source Corporation (NASDAQ:SRCE) declared a quarterly dividend on Thursday, July 23rd. Investors of record on Tuesday, August 4th will be given a dividend of 0.45 per share by the financial services provider on Friday, August 14th. This represents a c) dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Tuesday, August 4th. This is a 4.7% increase from 1st Source’s previous quarterly dividend of $0.43.

1st Source has increased its dividend payment by an average of 0.1%annually over the last three years and has raised its dividend annually for the last 38 consecutive years. 1st Source has a dividend payout ratio of 29.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect 1st Source to earn $7.04 per share next year, which means the company should continue to be able to cover its $1.72 annual dividend with an expected future payout ratio of 24.4%.

1st Source Stock Up 3.2%

Shares of NASDAQ SRCE opened at $85.84 on Friday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.07. The firm has a market cap of $2.07 billion, a PE ratio of 13.17 and a beta of 0.58. The company’s fifty day simple moving average is $78.56 and its 200 day simple moving average is $72.55. 1st Source has a 12-month low of $56.89 and a 12-month high of $86.80.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.71 by $0.24. 1st Source had a net margin of 28.09% and a return on equity of 13.05%. The firm had revenue of $118.16 million during the quarter, compared to the consensus estimate of $114.13 million. As a group, sell-side analysts forecast that 1st Source will post 6.81 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SRCE has been the topic of a number of research reports. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of 1st Source in a research note on Thursday, July 2nd. Piper Sandler boosted their price objective on 1st Source from $83.00 to $88.00 and gave the company an “overweight” rating in a report on Monday, April 27th. Finally, DA Davidson reaffirmed a “neutral” rating and set a $74.00 target price on shares of 1st Source in a research report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, 1st Source presently has an average rating of “Moderate Buy” and an average target price of $77.00.

About 1st Source

1st Source Corporation is a bank holding company headquartered in South Bend, Indiana, operating through its wholly owned subsidiary, 1st Source Bank. The company offers a full range of commercial and consumer banking products, including checking and savings accounts, business and commercial lending, residential mortgage loans, and cash management services. Its client base spans small and medium-sized businesses, agribusinesses, professional firms, and individual consumers primarily across northern Indiana and southwestern Michigan.

In addition to traditional banking services, 1st Source Corporation provides wealth management and trust services through its 1st Source Wealth Management division.