1st Source Corporation (NASDAQ:SRCE) Raises Dividend to $0.45 Per Share

1st Source Corporation (NASDAQ:SRCE) announced a quarterly dividend on Thursday, July 23rd. Investors 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 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 increased its dividend payment by an average of 0.1%annually over the last three years and has increased its dividend every year for the last 38 years. 1st Source has a dividend payout ratio of 29.0% meaning its dividend is sufficiently covered by earnings. Equities research 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%.

1st Source Stock Up 0.4%

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

1st Source (NASDAQ:SRCE) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.71 by $0.24. The company had revenue of $118.16 million for the quarter, compared to the consensus estimate of $114.13 million. 1st Source had a net margin of 26.66% and a return on equity of 12.39%. Sell-side analysts predict that 1st Source will post 6.81 EPS for the current year.

1st Source Company Profile

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.