1st Source Corporation (NASDAQ:SRCE) Increases Dividend to $0.45 Per Share

1st Source Corporation (NASDAQ:SRCE) announced a quarterly dividend on Thursday, July 23rd. Stockholders of record on Tuesday, August 4th will be given a dividend of 0.45 per share by the financial services provider on Friday, August 14th. This represents a c) dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date of this dividend is Tuesday, August 4th. This is a 4.7% increase from 1st Source’s previous quarterly dividend of $0.43.

1st Source has raised its dividend payment by an average of 0.1%annually over the last three years and has raised its dividend annually for the last 38 consecutive years. 1st Source has a dividend payout ratio of 29.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect 1st Source to earn $7.04 per share next year, which means the company should continue to be able to cover its $1.72 annual dividend with an expected future payout ratio of 24.4%.

1st Source Stock Performance

Shares of NASDAQ SRCE opened at $83.18 on Friday. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.07. The stock has a 50 day simple moving average of $78.27 and a 200-day simple moving average of $72.46. The company has a market cap of $2.00 billion, a PE ratio of 12.76 and a beta of 0.58. 1st Source has a 12-month low of $56.89 and a 12-month high of $86.64.

1st Source (NASDAQ:SRCE) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $1.95 EPS for the quarter, beating the consensus estimate of $1.71 by $0.24. The firm had revenue of $118.16 million for the quarter, compared to analysts’ expectations of $114.13 million. 1st Source had a return on equity of 12.39% and a net margin of 26.66%. On average, equities research analysts forecast that 1st Source will post 6.81 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SRCE. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of 1st Source in a report on Thursday, July 2nd. DA Davidson restated a “neutral” rating and set a $74.00 price target on shares of 1st Source in a research report on Monday, April 27th. Finally, Piper Sandler upped their price target on shares of 1st Source from $83.00 to $88.00 and gave the stock an “overweight” rating in a research note on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $77.00.

About 1st Source

1st Source Corporation is a bank holding company headquartered in South Bend, Indiana, operating through its wholly owned subsidiary, 1st Source Bank. The company offers a full range of commercial and consumer banking products, including checking and savings accounts, business and commercial lending, residential mortgage loans, and cash management services. Its client base spans small and medium-sized businesses, agribusinesses, professional firms, and individual consumers primarily across northern Indiana and southwestern Michigan.

In addition to traditional banking services, 1st Source Corporation provides wealth management and trust services through its 1st Source Wealth Management division.