1st Source Corporation (NASDAQ:SRCE) Shareholders to Receive $0.45 Quarterly Dividend

Key Points

• 1st Source declared a quarterly dividend of $0.45 per share, payable November 13 to shareholders of record on November 3. The dividend represents $1.80 annually and a 2.1% yield, with the company maintaining a 38-year streak of annual increases.
• The bank reported quarterly earnings of $2.03 per share, beating analyst expectations of $1.83, while revenue of $118.83 million slightly exceeded estimates.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $89.67; shares opened at $87.12, up 1.5%.

1st Source Corporation (NASDAQ:SRCE - Get Free Report) announced a quarterly dividend on Thursday, October 22nd. Stockholders of record on Tuesday, November 3rd will be given a dividend of $0.45 per share by the financial services provider on Friday, November 13th. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Tuesday, November 3rd.

1st Source has increased its dividend by an average of 0.1% annually over the last three years and has raised its dividend every year for the last 38 years. 1st Source has a dividend payout ratio of 30.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect 1st Source to earn $7.47 per share next year, which means the company should continue to be able to cover its $1.80 annual dividend with an expected future payout ratio of 24.1%.

1st Source Trading Up 1.5%

Shares of SRCE opened at $87.12 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market cap of $2.10 billion, a price-to-earnings ratio of 13.36 and a beta of 0.57. The stock has a fifty day moving average price of $85.97 and a two-hundred day moving average price of $81.17. 1st Source has a 52-week low of $58.49 and a 52-week high of $91.46.

1st Source (NASDAQ:SRCE - Get Free Report) last posted its quarterly earnings data on Thursday, October 22nd. The financial services provider reported $2.03 earnings per share for the quarter, topping the consensus estimate of $1.83 by $0.20. The firm had revenue of $118.83 million during the quarter, compared to analysts' expectations of $118.11 million. 1st Source had a net margin of 28.09% and a return on equity of 12.94%. Analysts predict that 1st Source will post 7.26 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SRCE. Zacks Research lowered 1st Source from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 28th. Piper Sandler upped their price target on 1st Source from $88.00 to $100.00 and gave the company an "overweight" rating in a research note on Tuesday, July 28th. Keefe, Bruyette & Woods increased their price target on shares of 1st Source from $79.00 to $82.00 and gave the company a "market perform" rating in a research report on Monday, July 27th. Weiss Ratings raised shares of 1st Source from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Thursday, October 8th. Finally, DA Davidson boosted their price objective on shares of 1st Source from $77.00 to $87.00 and gave the company a "neutral" rating in a report on Monday, July 27th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, 1st Source presently has a consensus rating of "Moderate Buy" and an average target price of $89.67.

1st Source Company Profile

1st Source Corporation NASDAQ: SRCE is a bank holding company headquartered in South Bend, Indiana. Its principal subsidiary, 1st Source Bank, provides banking and financial services to individuals, businesses, and institutions.

The bank offers deposit accounts, consumer and commercial lending, mortgages, cash-management services, treasury services, and online and mobile banking. It also provides trust, investment management, and wealth advisory services, along with insurance-related products through affiliated operations.

1st Source has specialized lending businesses serving industries such as aviation, construction equipment, transportation, and recreational vehicles.

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