1st Source Co. (NASDAQ:SRCE) to Issue $0.36 Dividend

1st Source Co. (NASDAQ:SRCE) announced a dividend on Thursday, July 25th, NASDAQ reports. Shareholders of record on Monday, August 5th will be paid a dividend of 0.36 per share by the financial services provider on Thursday, August 15th. The ex-dividend date is Monday, August 5th.

1st Source has raised its dividend payment by an average of 4.8% per year over the last three years and has increased its dividend annually for the last 36 consecutive years. 1st Source has a dividend payout ratio of 29.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect 1st Source to earn $4.70 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 28.9%.

1st Source Stock Up 4.9 %

Shares of SRCE traded up $3.08 during midday trading on Friday, hitting $65.47. The company had a trading volume of 195,934 shares, compared to its average volume of 69,570. The company’s 50-day simple moving average is $53.24 and its 200-day simple moving average is $51.72. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.92 and a current ratio of 0.92. 1st Source has a 1 year low of $40.96 and a 1 year high of $65.63. The firm has a market capitalization of $1.60 billion, a P/E ratio of 13.17 and a beta of 0.80.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.24. 1st Source had a net margin of 23.33% and a return on equity of 11.99%. The company had revenue of $144.39 million during the quarter, compared to the consensus estimate of $95.80 million. During the same quarter in the previous year, the firm earned $1.30 earnings per share. As a group, sell-side analysts expect that 1st Source will post 4.84 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Piper Sandler boosted their target price on shares of 1st Source from $59.00 to $60.00 and gave the stock an “overweight” rating in a research note on Monday, April 29th.

Insider Transactions at 1st Source

In other 1st Source news, Director Daniel B. Fitzpatrick purchased 1,000 shares of the stock in a transaction that occurred on Wednesday, May 29th. The stock was purchased at an average cost of $49.65 per share, with a total value of $49,650.00. Following the completion of the acquisition, the director now directly owns 48,542 shares of the company’s stock, valued at approximately $2,410,110.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Daniel B. Fitzpatrick purchased 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The shares were purchased at an average cost of $49.65 per share, for a total transaction of $49,650.00. Following the purchase, the director now directly owns 48,542 shares of the company’s stock, valued at $2,410,110.30. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jeffrey L. Buhr sold 1,925 shares of the company’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $50.84, for a total transaction of $97,867.00. Following the completion of the transaction, the executive vice president now owns 68,327 shares of the company’s stock, valued at approximately $3,473,744.68. The disclosure for this sale can be found here. Corporate insiders own 19.30% of the company’s stock.

1st Source Company Profile

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.