FY2024 Earnings Estimate for 1st Source Co. (NASDAQ:SRCE) Issued By DA Davidson

1st Source Co. (NASDAQ:SRCE) – Equities research analysts at DA Davidson increased their FY2024 earnings per share (EPS) estimates for 1st Source in a research report issued to clients and investors on Thursday, April 4th. DA Davidson analyst P. Winter now forecasts that the financial services provider will earn $4.86 per share for the year, up from their prior forecast of $4.45. The consensus estimate for 1st Source’s current full-year earnings is $4.71 per share.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings results on Tuesday, February 20th. The financial services provider reported $1.16 EPS for the quarter. 1st Source had a return on equity of 12.49% and a net margin of 24.61%. The business had revenue of $91.41 million for the quarter, compared to analyst estimates of $91.20 million.

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

1st Source Stock Performance

NASDAQ:SRCE opened at $51.10 on Monday. The company’s 50-day moving average is $50.56 and its two-hundred day moving average is $49.46. 1st Source has a 1-year low of $38.77 and a 1-year high of $56.59. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.92. The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of 10.16 and a beta of 0.79.

Institutional Investors Weigh In On 1st Source

A number of hedge funds have recently added to or reduced their stakes in SRCE. Public Employees Retirement System of Ohio boosted its holdings in 1st Source by 5.8% in the third quarter. Public Employees Retirement System of Ohio now owns 3,726 shares of the financial services provider’s stock valued at $173,000 after purchasing an additional 203 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of 1st Source by 10.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,356 shares of the financial services provider’s stock valued at $129,000 after buying an additional 218 shares during the period. Legal & General Group Plc grew its position in shares of 1st Source by 1.5% during the second quarter. Legal & General Group Plc now owns 15,244 shares of the financial services provider’s stock worth $692,000 after buying an additional 226 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of 1st Source by 1.8% during the third quarter. Price T Rowe Associates Inc. MD now owns 14,570 shares of the financial services provider’s stock worth $675,000 after buying an additional 264 shares during the period. Finally, Lazard Asset Management LLC raised its holdings in 1st Source by 53.7% in the first quarter. Lazard Asset Management LLC now owns 841 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 294 shares in the last quarter. 74.45% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at 1st Source

In other news, EVP Jeffrey L. Buhr sold 761 shares of the firm’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 value of $39,206.72. Following the completion of the transaction, the executive vice president now owns 70,252 shares of the company’s stock, valued at $3,619,383.04. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 19.44% of the stock is currently owned by corporate insiders.

1st Source Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, February 15th. Investors of record on Monday, February 5th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date was Friday, February 2nd. 1st Source’s dividend payout ratio (DPR) is 27.04%.

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.