1st Source Co. (SRCE) Increases Dividend to $0.22 Per Share

1st Source Co. (NASDAQ:SRCE) declared a quarterly dividend on Friday, January 19th, Wall Street Journal reports. Investors of record on Monday, February 5th will be paid a dividend of 0.22 per share by the financial services provider on Thursday, February 15th. This represents a $0.88 annualized dividend and a dividend yield of 1.66%. The ex-dividend date of this dividend is Friday, February 2nd. This is an increase from 1st Source’s previous quarterly dividend of $0.20.

1st Source has increased its dividend payment by an average of 2.3% per year over the last three years and has increased its dividend every year for the last 32 years. 1st Source has a dividend payout ratio of 30.9% indicating that its dividend is sufficiently covered by earnings. Research analysts expect 1st Source to earn $2.88 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 27.8%.

Shares of 1st Source (SRCE) traded up $1.14 during trading hours on Friday, reaching $53.14. 107,404 shares of the company traded hands, compared to its average volume of 46,785. 1st Source has a one year low of $42.15 and a one year high of $53.73. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.18. The firm has a market cap of $1,380.00, a P/E ratio of 21.26, a PEG ratio of 1.81 and a beta of 1.06.

1st Source (NASDAQ:SRCE) last issued its quarterly earnings data on Thursday, October 19th. The financial services provider reported $0.66 EPS for the quarter, hitting analysts’ consensus estimates of $0.66. The business had revenue of $72.82 million for the quarter, compared to analysts’ expectations of $70.20 million. 1st Source had a net margin of 21.74% and a return on equity of 9.43%. research analysts anticipate that 1st Source will post 2.59 EPS for the current year.

A number of equities research analysts recently issued reports on the stock. DA Davidson restated a “hold” rating and issued a $53.00 price objective on shares of 1st Source in a report on Monday, October 23rd. They noted that the move was a valuation call. Piper Jaffray Companies set a $55.00 price objective on 1st Source and gave the company a “buy” rating in a report on Friday, October 6th. ValuEngine upgraded 1st Source from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Keefe, Bruyette & Woods restated a “hold” rating and issued a $53.00 price objective on shares of 1st Source in a report on Friday, December 22nd. Finally, Zacks Investment Research upgraded 1st Source from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a report on Wednesday, October 25th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. 1st Source currently has an average rating of “Hold” and an average price target of $55.75.

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1st Source Company Profile

1st Source Corporation is a bank holding company. The Company, through its subsidiaries, provides a range of financial products and services. It is engaged in commercial banking. 1st Source Bank (Bank), its banking subsidiary, offers commercial and consumer banking services, trust and wealth advisory services, and insurance to individual and business clients.

Dividend History for 1st Source (NASDAQ:SRCE)

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