1st Source Co. (NASDAQ:SRCE) Declares Dividend of $0.36

1st Source Co. (NASDAQ:SRCE) announced a dividend on Thursday, July 25th, NASDAQ reports. Stockholders of record on Monday, August 5th will be given a dividend of 0.36 per share by the financial services provider on Thursday, August 15th. The ex-dividend date is Monday, August 5th.

1st Source has increased its dividend payment by an average of 4.8% annually over the last three years and has increased its dividend annually for the last 36 consecutive years. 1st Source has a dividend payout ratio of 29.2% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect 1st Source to earn $4.70 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 28.9%.

1st Source Price Performance

Shares of SRCE stock traded up $3.08 during midday trading on Friday, reaching $65.47. 195,934 shares of the company traded hands, compared to its average volume of 69,570. The firm’s 50 day simple moving average is $53.24 and its two-hundred day simple moving average is $51.72. 1st Source has a 1-year low of $40.96 and a 1-year high of $65.63. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.92 and a quick ratio of 0.92. The firm has a market cap of $1.60 billion, a PE ratio of 13.17 and a beta of 0.80.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.24. 1st Source had a net margin of 23.33% and a return on equity of 11.99%. The company had revenue of $144.39 million during the quarter, compared to the consensus estimate of $95.80 million. During the same period last year, the firm earned $1.30 EPS. On average, equities research analysts expect that 1st Source will post 4.84 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Piper Sandler lifted their target price on shares of 1st Source from $59.00 to $60.00 and gave the stock an “overweight” rating in a research note on Monday, April 29th.

Insiders Place Their Bets

In other 1st Source news, EVP Jeffrey L. Buhr sold 1,925 shares of 1st Source stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $50.84, for a total value of $97,867.00. Following the completion of the sale, the executive vice president now directly owns 68,327 shares of the company’s stock, valued at approximately $3,473,744.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Jeffrey L. Buhr sold 1,925 shares of the business’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $50.84, for a total transaction of $97,867.00. Following the completion of the sale, the executive vice president now directly owns 68,327 shares of the company’s stock, valued at approximately $3,473,744.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Daniel B. Fitzpatrick acquired 1,000 shares of the stock in a transaction dated Wednesday, May 29th. The shares were bought at an average cost of $49.65 per share, with a total value of $49,650.00. Following the completion of the purchase, the director now directly owns 48,542 shares in the company, valued at $2,410,110.30. The disclosure for this purchase can be found here. 19.30% of the stock is owned by corporate insiders.

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.