1st Source Corporation (SRCE) To Go Ex-Dividend on November 3rd

1st Source Corporation (NASDAQ:SRCE) announced a quarterly dividend on Friday, October 20th, Wall Street Journal reports. Stockholders of record on Monday, November 6th will be given a dividend of 0.20 per share by the financial services provider on Wednesday, November 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date of this dividend is Friday, November 3rd. This is an increase from 1st Source Corporation’s previous quarterly dividend of $0.19.

1st Source Corporation has increased its dividend by an average of 1.9% per year over the last three years and has raised its dividend annually for the last 31 consecutive years. 1st Source Corporation has a dividend payout ratio of 30.8% meaning its dividend is sufficiently covered by earnings. Analysts expect 1st Source Corporation to earn $2.88 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 27.8%.

1st Source Corporation (NASDAQ:SRCE) last posted its quarterly earnings results on Thursday, October 19th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.66. The firm had revenue of $72.82 million during the quarter, compared to analysts’ expectations of $70.20 million. 1st Source Corporation had a net margin of 21.74% and a return on equity of 9.43%.

SRCE has been the subject of several analyst reports. Zacks Investment Research raised shares of 1st Source Corporation from a “hold” rating to a “buy” rating and set a $53.00 price target for the company in a report on Tuesday, August 29th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $47.00 price target on shares of 1st Source Corporation in a report on Tuesday, October 3rd. ValuEngine cut shares of 1st Source Corporation from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Piper Jaffray Companies set a $55.00 price target on shares of 1st Source Corporation and gave the stock a “buy” rating in a report on Friday, October 6th. Finally, BidaskClub cut shares of 1st Source Corporation from a “hold” rating to a “sell” rating in a report on Friday, August 18th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $53.25.

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About 1st Source Corporation

1st Source Corporation is a bank holding company. The Company, through its subsidiaries, provides a range of financial products and services. It is engaged in commercial banking. 1st Source Bank (Bank), its banking subsidiary, offers commercial and consumer banking services, trust and wealth advisory services, and insurance to individual and business clients.

Dividend History for 1st Source Corporation (NASDAQ:SRCE)

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