DA Davidson Brokers Raise Earnings Estimates for 1st Source

1st Source Co. (NASDAQ:SRCE - Free Report) - DA Davidson raised their FY2025 earnings per share estimates for 1st Source in a research report issued on Monday, October 28th. DA Davidson analyst P. Winter now forecasts that the financial services provider will post earnings of $5.59 per share for the year, up from their previous estimate of $5.51. The consensus estimate for 1st Source's current full-year earnings is $5.37 per share.

1st Source (NASDAQ:SRCE - Get Free Report) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.36 by $0.05. The business had revenue of $97.93 million for the quarter, compared to the consensus estimate of $97.30 million. 1st Source had a net margin of 23.01% and a return on equity of 11.68%. During the same quarter in the previous year, the firm earned $1.32 earnings per share.

A number of other research analysts have also recently commented on the company. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $62.00 price target (up from $54.00) on shares of 1st Source in a report on Monday, July 29th. Piper Sandler lowered 1st Source from an "overweight" rating to a "neutral" rating and increased their price target for the company from $60.00 to $67.50 in a research note on Monday, July 29th.

1st Source Price Performance

Shares of SRCE traded up $0.33 during trading hours on Tuesday, reaching $60.56. 58,205 shares of the stock traded hands, compared to its average volume of 72,109. The company has a market cap of $1.48 billion, a P/E ratio of 12.19 and a beta of 0.78. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. The company's 50-day moving average price is $59.58 and its two-hundred day moving average price is $55.82. 1st Source has a 52-week low of $44.22 and a 52-week high of $65.63.

Institutional Trading of 1st Source

Large investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. bought a new stake in 1st Source during the first quarter worth approximately $628,000. Denali Advisors LLC increased its position in shares of 1st Source by 31.0% during the 1st quarter. Denali Advisors LLC now owns 71,500 shares of the financial services provider's stock valued at $3,748,000 after purchasing an additional 16,900 shares during the last quarter. Harbor Capital Advisors Inc. increased its position in shares of 1st Source by 276.5% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 14,357 shares of the financial services provider's stock valued at $770,000 after purchasing an additional 10,544 shares during the last quarter. State Board of Administration of Florida Retirement System raised its holdings in 1st Source by 134.1% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 14,821 shares of the financial services provider's stock valued at $777,000 after buying an additional 8,490 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in 1st Source by 9.6% during the second quarter. Renaissance Technologies LLC now owns 145,714 shares of the financial services provider's stock worth $7,813,000 after buying an additional 12,774 shares during the period. 74.45% of the stock is currently owned by institutional investors.

1st Source Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $1.44 annualized dividend and a yield of 2.38%. 1st Source's dividend payout ratio (DPR) is currently 28.97%.

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.