DA Davidson Issues Positive Estimate for 1st Source Earnings

1st Source Co. (NASDAQ:SRCE - Free Report) - Equities research analysts at DA Davidson lifted their FY2024 earnings per share estimates for 1st Source in a research report issued on Monday, October 28th. DA Davidson analyst P. Winter now expects that the financial services provider will post earnings per share of $5.51 for the year, up from their prior estimate of $5.48. The consensus estimate for 1st Source's current full-year earnings is $5.37 per share. DA Davidson also issued estimates for 1st Source's Q4 2024 earnings at $1.41 EPS.

Several other brokerages have also weighed in on SRCE. Piper Sandler lowered 1st Source from an "overweight" rating to a "neutral" rating and increased their price objective for the company from $60.00 to $67.50 in a report on Monday, July 29th. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $62.00 price objective (up from $54.00) on shares of 1st Source in a report on Monday, July 29th.

1st Source Stock Performance

NASDAQ SRCE traded up $0.38 on Wednesday, hitting $60.94. 49,544 shares of the stock traded hands, compared to its average volume of 72,001. The business's fifty day moving average is $59.58 and its two-hundred day moving average is $55.82. 1st Source has a 12 month low of $44.61 and a 12 month high of $65.63. The firm has a market capitalization of $1.49 billion, a price-to-earnings ratio of 12.19 and a beta of 0.78. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94.

1st Source (NASDAQ:SRCE - Get Free Report) last announced its quarterly earnings data 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. 1st Source had a return on equity of 11.68% and a net margin of 23.01%. The business had revenue of $97.93 million during the quarter, compared to analyst estimates of $97.30 million. During the same period in the prior year, the company earned $1.32 earnings per share.

1st Source Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Tuesday, November 5th will be issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date is Tuesday, November 5th. 1st Source's payout ratio is currently 28.97%.

Hedge Funds Weigh In On 1st Source

A number of large investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its holdings in shares of 1st Source by 0.7% in the second quarter. Dimensional Fund Advisors LP now owns 1,588,461 shares of the financial services provider's stock worth $85,171,000 after acquiring an additional 11,465 shares during the period. Reinhart Partners LLC. raised its position in shares of 1st Source by 0.3% in the second quarter. Reinhart Partners LLC. now owns 238,254 shares of the financial services provider's stock worth $12,775,000 after buying an additional 818 shares in the last quarter. American Century Companies Inc. raised its position in shares of 1st Source by 11.5% in the second quarter. American Century Companies Inc. now owns 174,688 shares of the financial services provider's stock worth $9,367,000 after buying an additional 18,049 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of 1st Source by 9.6% in 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 in the last quarter. Finally, Denali Advisors LLC raised its position in shares of 1st Source by 47.0% in the second quarter. Denali Advisors LLC now owns 105,100 shares of the financial services provider's stock worth $5,635,000 after buying an additional 33,600 shares in the last quarter. 74.45% of the stock is owned by institutional investors.

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.