1st Source Co. to Post Q3 2024 Earnings of $1.42 Per Share, DA Davidson Forecasts (NASDAQ:SRCE)

1st Source Co. (NASDAQ:SRCE - Free Report) - Analysts at DA Davidson increased their Q3 2024 earnings estimates for 1st Source in a report issued on Thursday, October 3rd. DA Davidson analyst P. Winter now expects that the financial services provider will post earnings of $1.42 per share for the quarter, up from their previous forecast of $1.39. The consensus estimate for 1st Source's current full-year earnings is $5.36 per share. DA Davidson also issued estimates for 1st Source's FY2024 earnings at $5.48 EPS and FY2025 earnings at $5.51 EPS.

1st Source (NASDAQ:SRCE - Get Free Report) last issued its quarterly earnings data on Thursday, July 25th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.25 by $0.24. 1st Source had a net margin of 23.23% and a return on equity of 12.02%. The business had revenue of $144.39 million during the quarter, compared to the consensus estimate of $95.80 million. During the same period in the prior year, the firm posted $1.30 EPS.

Other analysts have also recently issued reports about the stock. Keefe, Bruyette & Woods restated a "market perform" rating and set a $62.00 price target (up from $54.00) on shares of 1st Source in a research note on Monday, July 29th. Piper Sandler cut shares of 1st Source from an "overweight" rating to a "neutral" rating and increased their target price for the stock from $60.00 to $67.50 in a research note on Monday, July 29th.

1st Source Stock Up 1.6 %

SRCE stock traded up $0.94 during trading on Friday, reaching $58.80. The stock had a trading volume of 26,137 shares, compared to its average volume of 71,061. 1st Source has a one year low of $41.36 and a one year high of $65.63. The company's 50 day moving average is $59.42 and its two-hundred day moving average is $54.55. The company has a market capitalization of $1.44 billion, a price-to-earnings ratio of 11.78 and a beta of 0.79. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.09.

1st Source Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 5th were issued a $0.36 dividend. This is a positive change from 1st Source's previous quarterly dividend of $0.34. The ex-dividend date of this dividend was Monday, August 5th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.45%. 1st Source's dividend payout ratio is presently 28.97%.

Hedge Funds Weigh In On 1st Source

A number of institutional investors have recently made changes to their positions in SRCE. Isthmus Partners LLC grew its holdings in shares of 1st Source by 3.0% during the 2nd quarter. Isthmus Partners LLC now owns 66,920 shares of the financial services provider's stock valued at $36,000 after purchasing an additional 1,943 shares during the last quarter. LRI Investments LLC bought a new stake in 1st Source in the 1st quarter worth $48,000. CWM LLC grew its holdings in 1st Source by 726.1% in the 2nd quarter. CWM LLC now owns 1,363 shares of the financial services provider's stock worth $73,000 after acquiring an additional 1,198 shares during the last quarter. New York State Teachers Retirement System bought a new stake in 1st Source in the 1st quarter worth $78,000. Finally, PNC Financial Services Group Inc. grew its holdings in 1st Source by 10.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,356 shares of the financial services provider's stock worth $129,000 after acquiring an additional 218 shares during the last quarter. Institutional investors own 74.45% of the company's stock.

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.