1st Source Co. (NASDAQ:SRCE) Plans Quarterly Dividend of $0.36

1st Source Co. (NASDAQ:SRCE - Get Free Report) announced a quarterly dividend on Thursday, October 24th, Zacks reports. Investors of record on Tuesday, November 5th will be paid a dividend of 0.36 per share by the financial services provider on Friday, November 15th. This represents a $1.44 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date of this dividend is Tuesday, November 5th.

1st Source has raised its dividend by an average of 4.8% annually over the last three years and has increased its dividend every year for the last 37 years. 1st Source has a dividend payout ratio of 27.9% indicating that its dividend is sufficiently covered by earnings. Research analysts expect 1st Source to earn $5.26 per share next year, which means the company should continue to be able to cover its $1.44 annual dividend with an expected future payout ratio of 27.4%.

1st Source Trading Down 3.4 %

SRCE traded down $2.02 on Friday, reaching $57.47. 88,366 shares of the company traded hands, compared to its average volume of 72,209. 1st Source has a one year low of $43.35 and a one year high of $65.63. The firm has a fifty day simple moving average of $59.50 and a two-hundred day simple moving average of $55.61. The company has a market cap of $1.41 billion, a P/E ratio of 11.56 and a beta of 0.78. 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 (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 analysts' consensus estimates of $1.36 by $0.05. 1st Source had a net margin of 23.23% and a return on equity of 12.02%. The company had revenue of $97.93 million during the quarter, compared to analyst estimates of $97.30 million. During the same quarter last year, the business posted $1.32 EPS. As a group, equities research analysts expect that 1st Source will post 5.37 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on SRCE shares. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $62.00 price objective (up previously from $54.00) on shares of 1st Source in a research note on Monday, July 29th. Piper Sandler lowered shares of 1st Source from an "overweight" rating to a "neutral" rating and boosted their price objective for the stock from $60.00 to $67.50 in a research note on Monday, July 29th.

About 1st Source

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.