1st Source Co. (NASDAQ:SRCE) Plans Quarterly Dividend of $0.34

1st Source Co. (NASDAQ:SRCE - Get Free Report) announced a quarterly dividend on Thursday, April 25th, Zacks reports. Investors of record on Monday, May 6th will be paid a dividend of 0.34 per share by the financial services provider on Wednesday, May 15th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date of this dividend is Friday, May 3rd.

1st Source has increased its dividend 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 payout ratio of 30.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect 1st Source to earn $4.60 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 29.6%.

1st Source Trading Down 3.6 %

SRCE stock traded down $1.82 during midday trading on Friday, hitting $49.32. 87,044 shares of the company's stock were exchanged, compared to its average volume of 64,956. 1st Source has a one year low of $38.77 and a one year high of $56.59. The stock's fifty day moving average price is $50.17 and its 200-day moving average price is $50.01. The company has a market cap of $1.21 billion, a PE ratio of 9.81 and a beta of 0.79. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.92 and a current ratio of 0.92.

1st Source (NASDAQ:SRCE - Get Free Report) last issued its quarterly earnings data on Tuesday, February 20th. The financial services provider reported $1.16 EPS for the quarter. The business had revenue of $91.41 million for the quarter, compared to analyst estimates of $91.20 million. 1st Source had a net margin of 24.61% and a return on equity of 12.49%. Research analysts predict that 1st Source will post 4.71 earnings per share for the current fiscal year.

Insider Activity

In other 1st Source news, EVP Jeffrey L. Buhr sold 761 shares of the business's stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $51.52, for a total transaction of $39,206.72. Following the transaction, the executive vice president now owns 70,252 shares of the company's stock, valued at approximately $3,619,383.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 19.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods raised their price target on shares of 1st Source from $52.00 to $53.00 and gave the stock a "market perform" rating in a research note on Monday, January 22nd.

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.