1st Source Co. (NASDAQ:SRCE) Plans $0.28 Quarterly Dividend

1st Source Co. (NASDAQ:SRCE) declared a quarterly dividend on Thursday, July 23rd, Zacks reports. Investors 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 of this dividend is Monday, August 3rd.

1st Source has increased its dividend by an average of 52.8% per year over the last three years and has raised its dividend every year for the last 34 years. 1st Source has a payout ratio of 47.1% meaning 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. 1st Source has a 12-month low of $26.07 and a 12-month high of $53.42. The firm has a market capitalization of $869.22 million, a price-to-earnings ratio of 10.73 and a beta of 1.14. The business has a 50 day simple moving average of $34.10 and a 200 day simple moving average of $37.09. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.96 and a quick ratio of 0.95.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.15. 1st Source had a return on equity of 9.40% and a net margin of 21.68%. The business had revenue of $79.24 million during the quarter, compared to analyst estimates of $77.65 million. On average, equities analysts anticipate that 1st Source will post 2.91 EPS for the current fiscal year.

A number of equities analysts have issued reports on the company. Zacks Investment Research raised 1st Source from a “sell” rating to a “hold” rating in a research note on Wednesday, July 1st. Piper Sandler increased their price target on 1st Source from $42.00 to $43.00 and gave the company an “overweight” rating in a research note on Monday, July 27th. ValuEngine raised 1st Source from a “sell” rating to a “hold” rating in a research note on Thursday, April 30th. Finally, BidaskClub lowered 1st Source from a “sell” rating to a “strong sell” rating in a research note on Friday, May 8th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $51.00.

1st Source Company Profile

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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Dividend History for 1st Source (NASDAQ:SRCE)

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