1st Source Corporation (NASDAQ:SRCE) Shares Will Pay Quarterly Dividend of $0.45

by · The Markets Daily

1st Source Corporation (NASDAQ:SRCE – Get Free Report) declared a quarterly dividend on Thursday, October 22nd. Shareholders 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 yield of 2.1%. The ex-dividend date is Tuesday, November 3rd.

1st Source has increased 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 payout ratio of 30.3% meaning 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 Stock Performance

Shares of SRCE opened at $87.12 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.07. 1st Source has a 52-week low of $58.49 and a 52-week high of $91.46. The company has a 50-day simple moving average of $85.97 and a 200-day simple moving average of $81.17. The company has a market capitalization of $2.10 billion, a PE ratio of 13.36 and a beta of 0.57.

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

Insider Buying and Selling

In other news, CFO Brett Bauer sold 500 shares of the stock in a transaction on Monday, August 10th. The shares were sold at an average price of $87.89, for a total value of $43,945.00. Following the completion of the sale, the chief financial officer owned 30,706 shares of the company’s stock, valued at $2,698,750.34. This represents a 1.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 20.17% of the company’s stock.

Institutional Trading of 1st Source

A number of hedge funds and other institutional investors have recently modified their holdings of SRCE. 1ST Source Bank bought a new stake in shares of 1st Source in the 2nd quarter valued at approximately $416,946,000. BlackRock Inc. acquired a new stake in 1st Source in the 2nd quarter valued at approximately $166,355,000. Jupiter Topco LLC bought a new stake in 1st Source during the 2nd quarter valued at $39,286,000. The Manufacturers Life Insurance Company acquired a new position in shares of 1st Source during the second quarter valued at approximately $19,319,000. Finally, Janus Henderson Group PLC lifted its holdings in 1st Source by 37.4% in the 1st quarter. Janus Henderson Group PLC now owns 460,422 shares of the financial services provider’s stock valued at $31,889,000 after acquiring an additional 125,248 shares during the last quarter. 74.45% of the stock is owned by hedge funds and other institutional investors.

1st Source Company Profile

(Get Free Report)

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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