1st Source Co. (NASDAQ:SRCE) declared a quarterly dividend on Thursday, July 23rd, Zacks reports. Stockholders of record on Tuesday, August 4th will be given 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 dividend 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 increased its dividend every year for the last 34 years. 1st Source has a dividend payout ratio of 47.1% meaning its dividend is sufficiently covered by earnings. Equities 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%.
SRCE opened at $33.12 on Friday. The stock has a 50-day moving average price of $34.10 and a 200-day moving average price of $37.09. 1st Source has a 12-month low of $26.07 and a 12-month high of $53.42. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $869.22 million, a P/E ratio of 10.73 and a beta of 1.14.
A number of research firms have recently issued reports on SRCE. Zacks Investment Research upgraded 1st Source from a “sell” rating to a “hold” rating in a report on Wednesday, July 1st. BidaskClub cut 1st Source from a “sell” rating to a “strong sell” rating in a report on Friday, May 8th. ValuEngine upgraded 1st Source from a “sell” rating to a “hold” rating in a report on Thursday, April 30th. Finally, Piper Sandler increased their target price on 1st Source from $42.00 to $43.00 and gave the company an “overweight” rating in a report on Monday, July 27th. 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 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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