1st Source Co. (NASDAQ:SRCE – Get Free Report) declared a quarterly dividend on Thursday, April 25th, Zacks reports. Investors of record on Monday, May 6th will be paid a dividend of 0.34 per share by the financial services provider on Wednesday, May 15th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date of this dividend is Friday, May 3rd.
1st Source has raised its dividend payment by an average of 4.8% per year over the last three years and has increased its dividend every year for the last 36 years. 1st Source has a dividend 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
Shares of SRCE opened at $51.14 on Friday. 1st Source has a 1-year low of $38.77 and a 1-year high of $56.59. The stock has a market cap of $1.25 billion, a PE ratio of 10.17 and a beta of 0.79. 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 fifty day moving average price of $50.20 and a 200 day moving average price of $49.96.
Insider Activity
In other news, EVP Jeffrey L. Buhr sold 761 shares of the 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 sale, the executive vice president now directly owns 70,252 shares in the company, valued at $3,619,383.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 19.30% of the company’s stock.
Wall Street Analysts Forecast Growth
Separately, Keefe, Bruyette & Woods upped their target price on shares of 1st Source from $52.00 to $53.00 and gave the stock a “market perform” rating in a research report on Monday, January 22nd.
Read Our Latest Analysis on SRCE
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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