FY2024 EPS Estimates for 1st Source Raised by DA Davidson

1st Source Co. (NASDAQ:SRCE) – Analysts at DA Davidson upped their FY2024 earnings estimates for 1st Source in a report released on Monday, October 28th. DA Davidson analyst P. Winter now expects that the financial services provider will earn $5.51 per share for the year, up from their prior forecast of $5.48. The consensus estimate for 1st Source’s current full-year earnings is $5.37 per share. DA Davidson also issued estimates for 1st Source’s Q4 2024 earnings at $1.41 EPS.

1st Source (NASDAQ:SRCE) last released its earnings results on Thursday, October 24th. The financial services provider reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.05. 1st Source had a net margin of 23.01% and a return on equity of 11.68%. The company had revenue of $97.93 million during the quarter, compared to the consensus estimate of $97.30 million. During the same quarter in the prior year, the firm earned $1.32 EPS.

A number of other equities research analysts also recently weighed in on the company. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $62.00 price target (up from $54.00) on shares of 1st Source in a research note on Monday, July 29th. Piper Sandler lowered shares of 1st Source from an “overweight” rating to a “neutral” rating and raised their price objective for the company from $60.00 to $67.50 in a research report on Monday, July 29th.

1st Source Price Performance

Shares of NASDAQ:SRCE opened at $60.56 on Wednesday. The business has a fifty day simple moving average of $59.58 and a 200 day simple moving average of $55.82. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.08. 1st Source has a 1 year low of $44.22 and a 1 year high of $65.63. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of 12.19 and a beta of 0.78.

Institutional Trading of 1st Source

Several large investors have recently made changes to their positions in SRCE. LRI Investments LLC bought a new stake in 1st Source during the first quarter worth approximately $48,000. nVerses Capital LLC boosted its holdings in shares of 1st Source by 150.0% during the 3rd quarter. nVerses Capital LLC now owns 1,000 shares of the financial services provider’s stock worth $60,000 after buying an additional 600 shares during the period. CWM LLC grew its stake in 1st Source by 726.1% in the 2nd quarter. CWM LLC now owns 1,363 shares of the financial services provider’s stock valued at $73,000 after buying an additional 1,198 shares during the last quarter. New York State Teachers Retirement System raised its holdings in 1st Source by 12.2% in the 3rd quarter. New York State Teachers Retirement System now owns 1,675 shares of the financial services provider’s stock worth $100,000 after acquiring an additional 182 shares during the period. Finally, PNC Financial Services Group Inc. lifted its position in 1st Source by 10.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,356 shares of the financial services provider’s stock worth $129,000 after acquiring an additional 218 shares during the last quarter. Institutional investors own 74.45% of the company’s stock.

1st Source Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th will be issued a dividend of $0.36 per share. The ex-dividend date is Tuesday, November 5th. This represents a $1.44 annualized dividend and a yield of 2.38%. 1st Source’s dividend payout ratio (DPR) is currently 28.97%.

1st Source Company Profile

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.