1st Source Corporation (NASDAQ:SRCE) Announces Quarterly Dividend of $0.40

Key Points

• 1st Source Corporation announced a quarterly dividend of $0.40 per share, representing a 5.3% increase from the previous dividend of $0.38, with an ex-dividend date of November 4th.
• The company reported $1.71 earnings per share for the last quarter, exceeding analysts' estimates of $1.59, and had a net margin of 24.02%.
• Approximately 74.45% of 1st Source's stock is currently owned by institutional investors, indicating strong institutional interest in the company.

1st Source Corporation (NASDAQ:SRCE - Get Free Report) declared a quarterly dividend on Thursday, October 23rd. Investors of record on Tuesday, November 4th will be given a dividend of 0.40 per share by the financial services provider on Friday, November 14th. This represents a c) dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Tuesday, November 4th. This is a 5.3% increase from 1st Source's previous quarterly dividend of $0.38.

1st Source has a payout ratio of 25.6% indicating that its dividend is sufficiently covered by earnings. Analysts expect 1st Source to earn $6.00 per share next year, which means the company should continue to be able to cover its $1.52 annual dividend with an expected future payout ratio of 25.3%.

1st Source Price Performance

SRCE stock opened at $58.88 on Friday. 1st Source has a 1 year low of $52.14 and a 1 year high of $68.13. The company has a market cap of $1.44 billion, a P/E ratio of 10.31 and a beta of 0.67. The firm has a 50-day moving average of $62.06 and a 200 day moving average of $61.01. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.97 and a quick ratio of 0.96.

1st Source (NASDAQ:SRCE - Get Free Report) last released its quarterly earnings results on Thursday, October 23rd. The financial services provider reported $1.71 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.59 by $0.12. 1st Source had a net margin of 24.02% and a return on equity of 11.94%. The company had revenue of $110.26 million during the quarter, compared to the consensus estimate of $109.46 million. On average, sell-side analysts forecast that 1st Source will post 5.82 EPS for the current year.

Hedge Funds Weigh In On 1st Source

Institutional investors and hedge funds have recently modified their holdings of the company. EverSource Wealth Advisors LLC boosted its stake in shares of 1st Source by 562.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 437 shares of the financial services provider's stock worth $27,000 after buying an additional 371 shares during the last quarter. State of Alaska Department of Revenue purchased a new position in shares of 1st Source in the third quarter worth approximately $60,000. CX Institutional purchased a new position in shares of 1st Source in the second quarter worth approximately $63,000. Tower Research Capital LLC TRC boosted its holdings in shares of 1st Source by 435.7% in the second quarter. Tower Research Capital LLC TRC now owns 1,682 shares of the financial services provider's stock worth $104,000 after buying an additional 1,368 shares during the last quarter. Finally, Curi Capital LLC purchased a new position in shares of 1st Source in the second quarter worth approximately $205,000. 74.45% of the stock is currently 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.

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