1st Source Co. to Issue Quarterly Dividend of $0.36 (NASDAQ:SRCE)

1st Source Co. (NASDAQ:SRCE) announced a quarterly dividend on Friday, January 24th,Wall Street Journal reports. Stockholders of record on Tuesday, February 4th will be given a dividend of 0.36 per share by the financial services provider on Friday, February 14th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date is Tuesday, February 4th.

1st Source has raised its dividend by an average of 5.0% per year over the last three years. 1st Source has a payout ratio of 26.4% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect 1st Source to earn $5.39 per share next year, which means the company should continue to be able to cover its $1.44 annual dividend with an expected future payout ratio of 26.7%.

1st Source Stock Performance

1st Source stock opened at $57.53 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.94 and a current ratio of 0.94. 1st Source has a one year low of $47.30 and a one year high of $68.13. The stock’s 50 day moving average price is $60.81 and its 200 day moving average price is $60.30. The firm has a market capitalization of $1.41 billion, a PE ratio of 10.96 and a beta of 0.82.

1st Source (NASDAQ:SRCE) last released its quarterly earnings results on Thursday, January 23rd. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.07. 1st Source had a net margin of 23.01% and a return on equity of 11.68%. As a group, sell-side analysts expect that 1st Source will post 5.46 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “buy (b)” rating on shares of 1st Source in a report on Saturday, January 18th.

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.