1st Source Co. (NASDAQ:SRCE – Get Free Report) declared a quarterly dividend on Thursday, April 25th, Zacks reports. Shareholders 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 annualized dividend and a yield of 2.76%. The ex-dividend date is Friday, May 3rd.
1st Source has raised its dividend by an average of 4.8% annually over the last three years and has increased 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 Price Performance
SRCE stock 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. 1st Source has a 12 month low of $38.77 and a 12 month high of $56.59. The firm has a market cap of $1.21 billion, a P/E ratio of 9.92 and a beta of 0.79. The company’s 50-day moving average price is $50.17 and its two-hundred day moving average price is $50.01.
Wall Street Analyst Weigh In
Separately, Keefe, Bruyette & Woods lifted their price target on shares of 1st Source from $52.00 to $53.00 and gave the company a “market perform” rating in a report on Monday, January 22nd.
View Our Latest Research Report on SRCE
Insider Activity at 1st Source
In related news, EVP Jeffrey L. Buhr sold 761 shares of 1st Source 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 sale, the executive vice president now directly owns 70,252 shares of the company’s stock, valued at approximately $3,619,383.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 19.30% of the stock is currently owned by insiders.
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.
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