DA Davidson Weighs in on 1st Source Co.’s Q1 2023 Earnings (NASDAQ:SRCE)

1st Source Co. (NASDAQ:SRCEGet Rating) – Equities research analysts at DA Davidson issued their Q1 2023 EPS estimates for shares of 1st Source in a research report issued to clients and investors on Tuesday, January 24th. DA Davidson analyst M. Navas expects that the financial services provider will post earnings of $1.33 per share for the quarter. DA Davidson has a “Neutral” rating and a $51.00 price target on the stock. The consensus estimate for 1st Source’s current full-year earnings is $4.75 per share. DA Davidson also issued estimates for 1st Source’s FY2023 earnings at $4.45 EPS and FY2024 earnings at $4.30 EPS.

A number of other brokerages have also recently weighed in on SRCE. Piper Sandler reduced their price target on shares of 1st Source from $64.00 to $58.00 and set an “overweight” rating on the stock in a research report on Tuesday. StockNews.com began coverage on shares of 1st Source in a report on Wednesday, October 12th. They set a “hold” rating on the stock.

1st Source Stock Up 0.3 %

SRCE opened at $48.41 on Wednesday. The business has a 50-day moving average of $53.96 and a two-hundred day moving average of $51.30. The stock has a market capitalization of $1.19 billion, a price-to-earnings ratio of 9.98 and a beta of 0.98. 1st Source has a 12 month low of $42.29 and a 12 month high of $59.94. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.86 and a quick ratio of 0.86.

1st Source Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 16th. Shareholders of record on Monday, February 6th will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.64%. The ex-dividend date of this dividend is Friday, February 3rd. 1st Source’s dividend payout ratio (DPR) is 26.39%.

Institutional Investors Weigh In On 1st Source

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. 1ST Source Bank increased its position in shares of 1st Source by 1.4% during the third quarter. 1ST Source Bank now owns 7,572,464 shares of the financial services provider’s stock worth $350,605,000 after acquiring an additional 105,228 shares during the last quarter. State Street Corp boosted its stake in shares of 1st Source by 12.2% during the 1st quarter. State Street Corp now owns 531,972 shares of the financial services provider’s stock valued at $24,604,000 after buying an additional 57,730 shares during the last quarter. Hsbc Holdings PLC acquired a new stake in shares of 1st Source during the third quarter worth approximately $2,100,000. BlackRock Inc. raised its holdings in 1st Source by 2.9% in the third quarter. BlackRock Inc. now owns 1,413,016 shares of the financial services provider’s stock valued at $65,422,000 after acquiring an additional 39,193 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of 1st Source by 10.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 326,861 shares of the financial services provider’s stock worth $15,118,000 after purchasing an additional 31,727 shares during the last quarter. Hedge funds and other institutional investors own 73.23% of the company’s stock.

About 1st Source

(Get Rating)

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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