1st Source Corporation (SRCE) To Go Ex-Dividend on November 3rd

1st Source Corporation (NASDAQ:SRCE) declared a quarterly dividend on Thursday, October 22nd. Investors of record on Tuesday, November 3rd will be given a dividend of $0.45 per share by the financial services provider on Friday, November 13th. This represents a $1.80 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Tuesday, November 3rd.

1st Source has increased its dividend by an average of 0.1% annually over the last three years and has increased its dividend annually for the last 38 consecutive years. 1st Source has a payout ratio of 30.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect 1st Source to earn $7.47 per share next year, which means the company should continue to be able to cover its $1.80 annual dividend with an expected future payout ratio of 24.1%.

1st Source Stock Performance

Shares of NASDAQ SRCE opened at $87.29 on Friday. The company’s fifty day moving average price is $85.94 and its 200 day moving average price is $81.21. 1st Source has a 1 year low of $58.49 and a 1 year high of $91.46. The company has a market capitalization of $2.10 billion, a PE ratio of 12.54 and a beta of 0.57. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.97 and a current ratio of 0.97.

1st Source (NASDAQ:SRCE) last released its quarterly earnings data on Thursday, October 22nd. The financial services provider reported $2.03 earnings per share for the quarter, beating analysts’ consensus estimates of $1.83 by $0.20. The company had revenue of $118.83 million during the quarter, compared to analysts’ expectations of $118.11 million. 1st Source had a net margin of 28.85% and a return on equity of 13.62%. On average, research analysts predict that 1st Source will post 7.26 earnings per share for the current year.

Insiders Place Their Bets

In other 1st Source news, CFO Brett Bauer sold 500 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $87.89, for a total transaction of $43,945.00. Following the transaction, the chief financial officer owned 30,706 shares in the company, valued at approximately $2,698,750.34. The trade was a 1.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 20.17% of the company’s stock.

Hedge Funds Weigh In On 1st Source

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. 1ST Source Bank purchased a new stake in shares of 1st Source during the 2nd quarter worth approximately $416,946,000. BlackRock Inc. purchased a new stake in shares of 1st Source during the second quarter worth about $166,355,000. Jupiter Topco LLC acquired a new position in shares of 1st Source in the second quarter valued at approximately $39,286,000. Janus Henderson Group PLC raised its position in shares of 1st Source by 37.4% in the first quarter. Janus Henderson Group PLC now owns 460,422 shares of the financial services provider’s stock valued at $31,889,000 after buying an additional 125,248 shares during the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of 1st Source during the second quarter valued at approximately $19,319,000. 74.45% of the stock is owned by institutional investors and hedge funds.

1st Source Company Profile

1st Source Corporation (NASDAQ:SRCE) is a bank holding company headquartered in South Bend, Indiana. Its principal subsidiary, 1st Source Bank, provides banking and financial services to individuals, businesses, and institutions.

The bank offers deposit accounts, consumer and commercial lending, mortgages, cash-management services, treasury services, and online and mobile banking. It also provides trust, investment management, and wealth advisory services, along with insurance-related products through affiliated operations.

1st Source has specialized lending businesses serving industries such as aviation, construction equipment, transportation, and recreational vehicles.