Q3 2024 Earnings Estimate for 1st Source Co. Issued By DA Davidson (NASDAQ:SRCE)

1st Source Co. (NASDAQ:SRCE) – Equities research analysts at DA Davidson upped their Q3 2024 earnings per share estimates for 1st Source in a report released on Thursday, October 3rd. DA Davidson analyst P. Winter now anticipates that the financial services provider will post earnings per share of $1.42 for the quarter, up from their prior estimate of $1.39. The consensus estimate for 1st Source’s current full-year earnings is $5.36 per share. DA Davidson also issued estimates for 1st Source’s FY2024 earnings at $5.48 EPS and FY2025 earnings at $5.51 EPS.

Several other equities analysts have also issued reports on the company. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $62.00 price target (up previously from $54.00) on shares of 1st Source in a research note on Monday, July 29th. Piper Sandler cut 1st Source from an “overweight” rating to a “neutral” rating and lifted their target price for the company from $60.00 to $67.50 in a research report on Monday, July 29th.

1st Source Stock Performance

Shares of NASDAQ:SRCE opened at $58.76 on Friday. The company’s 50 day simple moving average is $59.28 and its 200 day simple moving average is $54.62. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.94 and a quick ratio of 0.94. 1st Source has a 1 year low of $41.36 and a 1 year high of $65.63. The stock has a market capitalization of $1.44 billion, a price-to-earnings ratio of 11.82 and a beta of 0.78.

1st Source (NASDAQ:SRCE) last released its earnings results on Thursday, July 25th. The financial services provider reported $1.49 EPS for the quarter, beating the consensus estimate of $1.25 by $0.24. The firm had revenue of $144.39 million for the quarter, compared to analyst estimates of $95.80 million. 1st Source had a net margin of 23.23% and a return on equity of 12.02%. During the same period last year, the firm earned $1.30 EPS.

Institutional Trading of 1st Source

A number of hedge funds and other institutional investors have recently modified their holdings of SRCE. Hsbc Holdings PLC boosted its holdings in shares of 1st Source by 6.0% during the 4th quarter. Hsbc Holdings PLC now owns 23,767 shares of the financial services provider’s stock valued at $1,311,000 after acquiring an additional 1,338 shares in the last quarter. Dean Capital Management grew its holdings in shares of 1st Source by 4.6% during the fourth quarter. Dean Capital Management now owns 25,809 shares of the financial services provider’s stock worth $1,418,000 after purchasing an additional 1,126 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of 1st Source by 4.4% in the fourth quarter. Wellington Management Group LLP now owns 945,578 shares of the financial services provider’s stock valued at $51,960,000 after buying an additional 39,514 shares during the period. PNC Financial Services Group Inc. raised its holdings in 1st Source by 10.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,356 shares of the financial services provider’s stock valued at $129,000 after buying an additional 218 shares during the last quarter. Finally, Indiana Trust & Investment Management CO boosted its position in 1st Source by 12.2% during the 1st quarter. Indiana Trust & Investment Management CO now owns 50,032 shares of the financial services provider’s stock worth $2,623,000 after buying an additional 5,444 shares during the period. Institutional investors own 74.45% of the company’s stock.

1st Source Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were given a $0.36 dividend. The ex-dividend date of this dividend was Monday, August 5th. This represents a $1.44 dividend on an annualized basis and a yield of 2.45%. This is a positive change from 1st Source’s previous quarterly dividend of $0.34. 1st Source’s dividend payout ratio (DPR) is currently 28.97%.

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.