1st Source Co. to Post Q3 2024 Earnings of $1.39 Per Share, DA Davidson Forecasts (NASDAQ:SRCE)

1st Source Co. (NASDAQ:SRCE) – Stock analysts at DA Davidson issued their Q3 2024 earnings estimates for shares of 1st Source in a report issued on Wednesday, July 31st. DA Davidson analyst P. Winter anticipates that the financial services provider will post earnings of $1.39 per share for the quarter. The consensus estimate for 1st Source’s current full-year earnings is $5.36 per share. DA Davidson also issued estimates for 1st Source’s FY2024 earnings at $5.46 EPS and FY2025 earnings at $5.46 EPS.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings data on Thursday, July 25th. The financial services provider reported $1.49 EPS for the quarter, topping the consensus estimate of $1.25 by $0.24. The firm had revenue of $144.39 million during the quarter, compared to the consensus estimate of $95.80 million. 1st Source had a return on equity of 12.02% and a net margin of 23.23%. During the same period in the prior year, the business posted $1.30 earnings per share.

SRCE has been the topic of a number of other research reports. Piper Sandler cut 1st Source from an “overweight” rating to a “neutral” rating and upped their price target for the company from $60.00 to $67.50 in a research report on Monday, July 29th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $62.00 target price (up previously from $54.00) on shares of 1st Source in a research report on Monday, July 29th.

1st Source Trading Down 1.9 %

NASDAQ:SRCE opened at $60.93 on Friday. The firm has a market cap of $1.49 billion, a price-to-earnings ratio of 12.26 and a beta of 0.80. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a 50-day moving average price of $54.67 and a two-hundred day moving average price of $52.20. 1st Source has a 52 week low of $40.96 and a 52 week high of $65.63.

Institutional Investors Weigh In On 1st Source

Institutional investors and hedge funds have recently made changes to their positions in the company. Frazier Financial Advisors LLC bought a new stake in shares of 1st Source in the fourth quarter worth $27,000. LRI Investments LLC purchased a new stake in 1st Source during the first quarter valued at approximately $48,000. CWM LLC boosted its stake in shares of 1st Source by 726.1% during the 2nd quarter. CWM LLC now owns 1,363 shares of the financial services provider’s stock worth $73,000 after acquiring an additional 1,198 shares during the last quarter. New York State Teachers Retirement System purchased a new stake in shares of 1st Source in the 1st quarter worth $78,000. Finally, PNC Financial Services Group Inc. raised its holdings in 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 worth $129,000 after purchasing an additional 218 shares during the period. Institutional investors own 74.45% of the company’s stock.

Insider Activity

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

1st Source Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Monday, August 5th will be issued a $0.36 dividend. The ex-dividend date of this dividend is Monday, August 5th. This represents a $1.44 annualized dividend and a yield of 2.36%. This is a boost from 1st Source’s previous quarterly dividend of $0.34. 1st Source’s dividend payout ratio (DPR) is 27.36%.

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.