Equities research analysts predict that 1st Source Co. (NASDAQ:SRCE) will report $78.90 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for 1st Source’s earnings, with the highest sales estimate coming in at $79.40 million and the lowest estimate coming in at $78.40 million. 1st Source reported sales of $74.49 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 5.9%. The business is expected to issue its next earnings results on Thursday, January 17th.
According to Zacks, analysts expect that 1st Source will report full year sales of $310.35 million for the current year, with estimates ranging from $309.40 million to $311.30 million. For the next fiscal year, analysts forecast that the business will post sales of $322.70 million, with estimates ranging from $320.20 million to $325.20 million. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for 1st Source.
1st Source (NASDAQ:SRCE) last announced its earnings results on Thursday, October 18th. The financial services provider reported $0.76 EPS for the quarter, missing the consensus estimate of $0.89 by ($0.13). 1st Source had a net margin of 22.98% and a return on equity of 10.41%. The company had revenue of $78.42 million for the quarter, compared to analysts’ expectations of $78.50 million.
Several equities research analysts have recently commented on the company. BidaskClub raised 1st Source from a “strong sell” rating to a “sell” rating in a report on Tuesday, October 30th. ValuEngine raised 1st Source from a “sell” rating to a “hold” rating in a report on Monday, October 29th. Finally, Zacks Investment Research downgraded 1st Source from a “hold” rating to a “sell” rating in a report on Thursday, October 25th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $58.00.
Shares of NASDAQ SRCE opened at $47.52 on Friday. 1st Source has a 12 month low of $39.93 and a 12 month high of $59.33. The firm has a market cap of $1.23 billion, a PE ratio of 19.01, a P/E/G ratio of 1.48 and a beta of 0.96. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.93 and a quick ratio of 0.92.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 15th. Investors of record on Monday, November 5th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.10%. The ex-dividend date is Friday, November 2nd. 1st Source’s dividend payout ratio is currently 40.00%.
A number of institutional investors have recently made changes to their positions in SRCE. Allianz Asset Management GmbH purchased a new stake in 1st Source in the 1st quarter worth about $3,579,000. Janus Henderson Group PLC lifted its stake in 1st Source by 10.1% in the 2nd quarter. Janus Henderson Group PLC now owns 608,424 shares of the financial services provider’s stock worth $32,508,000 after acquiring an additional 55,646 shares in the last quarter. United Services Automobile Association lifted its stake in 1st Source by 28.3% in the 2nd quarter. United Services Automobile Association now owns 196,812 shares of the financial services provider’s stock worth $10,516,000 after acquiring an additional 43,390 shares in the last quarter. Renaissance Technologies LLC lifted its stake in 1st Source by 19.6% in the 2nd quarter. Renaissance Technologies LLC now owns 232,814 shares of the financial services provider’s stock worth $12,439,000 after acquiring an additional 38,100 shares in the last quarter. Finally, BlackRock Inc. lifted its stake in 1st Source by 3.0% in the 2nd quarter. BlackRock Inc. now owns 1,149,935 shares of the financial services provider’s stock worth $61,440,000 after acquiring an additional 33,113 shares in the last quarter. 70.83% of the stock is owned by hedge funds and other institutional investors.
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 investment management services, and insurance 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 loans, and lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.
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