1st Source Co. (SRCE) To Go Ex-Dividend on May 3rd

1st Source Co. (NASDAQ:SRCE) announced a quarterly dividend on Thursday, April 25th, Zacks reports. Investors of record on Monday, May 6th will be given a dividend of 0.34 per share by the financial services provider on Wednesday, May 15th. This represents a $1.36 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date of this dividend is Friday, May 3rd.

1st Source has increased its dividend payment by an average of 4.8% annually over the last three years and has raised its dividend annually for the last 36 consecutive years. 1st Source has a payout ratio of 30.2% meaning its dividend is sufficiently covered by earnings. Analysts expect 1st Source to earn $4.60 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 29.6%.

1st Source Stock Performance

NASDAQ SRCE opened at $49.32 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. The stock has a market cap of $1.21 billion, a P/E ratio of 9.92 and a beta of 0.79. 1st Source has a twelve month low of $38.77 and a twelve month high of $56.59. The company’s 50-day simple moving average is $50.17 and its 200 day simple moving average is $50.01.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings data on Tuesday, February 20th. The financial services provider reported $1.16 earnings per share for the quarter. The firm had revenue of $91.41 million for the quarter, compared to analysts’ expectations of $91.20 million. 1st Source had a net margin of 23.33% and a return on equity of 12.20%. As a group, research analysts forecast that 1st Source will post 4.71 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods upped their price objective on shares of 1st Source from $52.00 to $53.00 and gave the stock a “market perform” rating in a research note on Monday, January 22nd.

Insider Transactions at 1st Source

In other news, EVP Jeffrey L. Buhr sold 761 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $51.52, for a total transaction of $39,206.72. Following the transaction, the executive vice president now directly owns 70,252 shares in the company, valued at $3,619,383.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 19.30% of the stock is owned by company insiders.

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.