1st Source Co. (NASDAQ:SRCE) to Issue Quarterly Dividend of $0.28

1st Source Co. (NASDAQ:SRCE) announced a quarterly dividend on Thursday, July 23rd, Zacks reports. Shareholders of record on Tuesday, August 4th will be given a dividend of 0.28 per share by the financial services provider on Friday, August 14th. This represents a $1.12 annualized dividend and a yield of 3.38%. The ex-dividend date is Monday, August 3rd.

1st Source has increased its dividend by an average of 52.8% annually over the last three years and has increased its dividend annually for the last 34 consecutive years. 1st Source has a dividend payout ratio of 47.1% indicating that its dividend is sufficiently covered by earnings. Research analysts expect 1st Source to earn $2.32 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 48.3%.

NASDAQ SRCE opened at $33.12 on Friday. The stock has a fifty day simple moving average of $34.10 and a 200-day simple moving average of $37.09. The company has a current ratio of 0.96, a quick ratio of 0.95 and a debt-to-equity ratio of 0.16. The stock has a market cap of $846.22 million, a PE ratio of 10.45 and a beta of 1.14. 1st Source has a twelve month low of $26.07 and a twelve month high of $53.42.

1st Source (NASDAQ:SRCE) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $0.72 EPS for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.15. 1st Source had a net margin of 21.68% and a return on equity of 9.40%. The company had revenue of $79.24 million for the quarter, compared to analysts’ expectations of $77.65 million. Research analysts predict that 1st Source will post 2.91 EPS for the current year.

SRCE has been the subject of a number of research analyst reports. BidaskClub cut shares of 1st Source from a “sell” rating to a “strong sell” rating in a research report on Friday, May 8th. Piper Sandler lifted their price objective on 1st Source from $42.00 to $43.00 and gave the company an “overweight” rating in a research note on Monday, July 27th. Zacks Investment Research upgraded 1st Source from a “sell” rating to a “hold” rating in a report on Wednesday, July 1st. Finally, ValuEngine upgraded 1st Source from a “sell” rating to a “hold” rating in a report on Thursday, April 30th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $51.00.

About 1st Source

1st Source Corporation operates as the holding company for 1st Source Bank that provides commercial and consumer banking services, trust and investment management services, and insurance 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 loans, and lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.

Featured Article: Beta

Dividend History for 1st Source (NASDAQ:SRCE)

Receive News & Ratings for 1st Source Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 1st Source and related companies with MarketBeat.com's FREE daily email newsletter.