1st Source Corporation (NASDAQ:SRCE) Plans Quarterly Dividend of $0.45

1st Source Corporation (NASDAQ:SRCE – Get Free Report) declared a quarterly dividend on Thursday, July 23rd. Stockholders of record on Tuesday, August 4th will be given a dividend of 0.45 per share by the financial services provider on Friday, August 14th. This represents a c) annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Tuesday, August 4th. This is a 4.7% increase from 1st Source’s previous quarterly dividend of $0.43.

1st Source has raised its dividend by an average of 0.1%per year over the last three years and has raised its dividend annually for the last 38 consecutive years. 1st Source has a dividend payout ratio of 29.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect 1st Source to earn $7.04 per share next year, which means the company should continue to be able to cover its $1.72 annual dividend with an expected future payout ratio of 24.4%.

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1st Source Trading Up 0.4%

Shares of SRCE stock opened at $83.18 on Friday. 1st Source has a fifty-two week low of $56.89 and a fifty-two week high of $86.64. The company has a 50 day moving average price of $78.27 and a 200 day moving average price of $72.46. The stock has a market capitalization of $2.00 billion, a P/E ratio of 12.76 and a beta of 0.58. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.96 and a current ratio of 0.96.

1st Source (NASDAQ:SRCE – Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.95 EPS for the quarter, beating the consensus estimate of $1.71 by $0.24. 1st Source had a net margin of 26.66% and a return on equity of 12.39%. The company had revenue of $118.16 million during the quarter, compared to analysts’ expectations of $114.13 million. Equities research analysts predict that 1st Source will post 6.81 EPS for the current fiscal year.

1st Source Company Profile

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1st Source Corporation is a bank holding company headquartered in South Bend, Indiana, operating through its wholly owned subsidiary, 1st Source Bank. The company offers a full range of commercial and consumer banking products, including checking and savings accounts, business and commercial lending, residential mortgage loans, and cash management services. Its client base spans small and medium-sized businesses, agribusinesses, professional firms, and individual consumers primarily across northern Indiana and southwestern Michigan.

In addition to traditional banking services, 1st Source Corporation provides wealth management and trust services through its 1st Source Wealth Management division.

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