Analysts Offer Predictions for 1st Source Co.’s Q2 2024 Earnings (NASDAQ:SRCE)

1st Source Co. (NASDAQ:SRCE) – Stock analysts at DA Davidson issued their Q2 2024 EPS estimates for shares of 1st Source in a research note issued to investors on Tuesday, April 30th. DA Davidson analyst P. Winter forecasts that the financial services provider will post earnings per share of $1.25 for the quarter. The consensus estimate for 1st Source’s current full-year earnings is $4.83 per share. DA Davidson also issued estimates for 1st Source’s FY2024 earnings at $4.87 EPS and FY2025 earnings at $4.75 EPS.

Several other analysts also recently commented on SRCE. Piper Sandler raised their price objective on shares of 1st Source from $59.00 to $60.00 and gave the company an “overweight” rating in a research report on Monday. Keefe, Bruyette & Woods raised their price target on 1st Source from $52.00 to $53.00 and gave the company a “market perform” rating in a report on Monday, January 22nd.

1st Source Trading Up 2.0 %

Shares of SRCE stock opened at $50.60 on Wednesday. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.92 and a quick ratio of 0.92. The firm has a fifty day moving average price of $50.15 and a 200-day moving average price of $50.22. The company has a market cap of $1.24 billion, a price-to-earnings ratio of 10.18 and a beta of 0.79. 1st Source has a 1 year low of $38.77 and a 1 year high of $56.59.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings data on Thursday, April 25th. The financial services provider reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.02. The company had revenue of $138.62 million during the quarter, compared to analysts’ expectations of $93.30 million. 1st Source had a return on equity of 11.99% and a net margin of 23.33%. During the same quarter in the prior year, the business earned $1.25 earnings per share.

1st Source Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, May 6th will be issued a $0.34 dividend. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $1.36 dividend on an annualized basis and a yield of 2.69%. 1st Source’s dividend payout ratio is currently 27.36%.

Insiders Place Their Bets

In other news, EVP Jeffrey L. Buhr sold 761 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $51.52, for a total transaction of $39,206.72. Following the completion of the transaction, the executive vice president now owns 70,252 shares in the company, valued at $3,619,383.04. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 19.44% of the company’s stock.

Institutional Trading of 1st Source

Several hedge funds have recently modified their holdings of SRCE. Frazier Financial Advisors LLC purchased a new stake in 1st Source during the fourth quarter valued at $27,000. New York State Teachers Retirement System purchased a new stake in shares of 1st Source during the 1st quarter valued at about $78,000. PNC Financial Services Group Inc. lifted its holdings in shares of 1st Source by 10.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,356 shares of the financial services provider’s stock valued at $129,000 after acquiring an additional 218 shares during the last quarter. SG Americas Securities LLC purchased a new position in 1st Source in the fourth quarter worth about $188,000. Finally, Pathstone Family Office LLC bought a new stake in 1st Source during the third quarter worth approximately $206,000. 74.45% of the stock is owned by hedge funds and other institutional investors.

About 1st Source

1st Source Corporation operates as the bank holding company for 1st Source Bank that provides commercial and consumer banking services, trust and wealth advisory services, and insurance products 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 mortgage loans, and home equity lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.