1st Source Corporation (NASDAQ:SRCE) Plans Quarterly Dividend of $0.38

Key Points

• 1st Source Corporation announced a quarterly dividend of $0.38 per share, with an ex-dividend date of August 5th, representing an annual yield of 2.50%.
• The company reported quarterly earnings of $1.51 per share, surpassing analysts' estimates, with a revenue of $108.25 million against a forecast of $104.67 million.
• Institutional investors and hedge funds own approximately 74.45% of 1st Source's stock, with several funds increasing their holdings recently.

1st Source Corporation (NASDAQ:SRCE - Get Free Report) announced a quarterly dividend on Friday, July 25th, Wall Street Journal reports. Shareholders of record on Tuesday, August 5th will be paid a dividend of 0.38 per share by the financial services provider on Friday, August 15th. This represents a $1.52 annualized dividend and a yield of 2.50%. The ex-dividend date of this dividend is Tuesday, August 5th.

1st Source has a dividend payout ratio of 25.6% indicating that its dividend is sufficiently covered by earnings. Equities research 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 Stock Performance

SRCE traded down $1.09 during midday trading on Friday, hitting $60.90. 106,688 shares of the company were exchanged, compared to its average volume of 97,966. The company's 50 day simple moving average is $62.02 and its 200 day simple moving average is $60.96. The firm has a market capitalization of $1.50 billion, a price-to-earnings ratio of 10.70 and a beta of 0.68. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.08. 1st Source has a 1-year low of $52.14 and a 1-year high of $68.13.

1st Source (NASDAQ:SRCE - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.49 by $0.02. The company had revenue of $108.25 million for the quarter, compared to the consensus estimate of $104.67 million. 1st Source had a return on equity of 12.26% and a net margin of 24.17%. As a group, sell-side analysts predict that 1st Source will post 5.82 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on SRCE shares. Weiss Ratings reaffirmed a "buy (b)" rating on shares of 1st Source in a research note on Saturday, July 12th. Piper Sandler raised their price target on shares of 1st Source from $72.50 to $75.00 and gave the company an "overweight" rating in a research note on Monday, April 28th.

Institutional Trading of 1st Source

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Millennium Management LLC increased its holdings in 1st Source by 18.9% in the 1st quarter. Millennium Management LLC now owns 242,466 shares of the financial services provider's stock valued at $14,502,000 after purchasing an additional 38,610 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in 1st Source by 29.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 33,052 shares of the financial services provider's stock valued at $1,977,000 after purchasing an additional 7,456 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in 1st Source by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,911 shares of the financial services provider's stock valued at $653,000 after purchasing an additional 467 shares during the last quarter. Institutional investors and hedge funds own 74.45% 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.