1st Source Co. (NASDAQ:SRCE) Declares $0.36 Quarterly Dividend

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 paid 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 of this dividend is Tuesday, February 4th.

1st Source has increased its dividend by an average of 5.0% annually over the last three years. 1st Source has a dividend payout ratio of 26.4% meaning its dividend is sufficiently covered by earnings. 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

Shares of SRCE traded down $0.02 during mid-day trading on Friday, hitting $57.53. 82,529 shares of the company traded hands, compared to its average volume of 61,489. The stock has a market cap of $1.41 billion, a price-to-earnings ratio of 10.96 and a beta of 0.82. The stock has a 50-day moving average price of $60.96 and a two-hundred day moving average price of $60.27. 1st Source has a 1 year low of $47.30 and a 1 year high of $68.13. 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 (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 analysts’ consensus estimates of $1.33 by $0.07. 1st Source had a return on equity of 11.68% and a net margin of 23.01%. Equities analysts anticipate that 1st Source will post 5.46 earnings per share for the current year.

Analysts Set New Price Targets

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

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.