DA Davidson Brokers Boost Earnings Estimates for 1st Source Co. (NASDAQ:SRCE)
1st Source Co. (NASDAQ:SRCE – Free Report) – Investment analysts at DA Davidson upped their FY2024 earnings estimates for 1st Source in a research note issued to investors on Thursday, April 4th. DA Davidson analyst P. Winter now forecasts that the financial services provider will earn $4.86 per share for the year, up from their previous forecast of $4.45. The consensus estimate for 1st Source’s current full-year earnings is $4.71 per share.
1st Source (NASDAQ:SRCE – Get Free Report) last released its quarterly earnings data on Tuesday, February 20th. The financial services provider reported $1.16 earnings per share (EPS) for the quarter. 1st Source had a net margin of 24.61% and a return on equity of 12.49%. The company had revenue of $91.41 million during the quarter, compared to the consensus estimate of $91.20 million.
Separately, Keefe, Bruyette & Woods increased their target price on shares of 1st Source from $52.00 to $53.00 and gave the stock a “market perform” rating in a research note on Monday, January 22nd.
View Our Latest Stock Analysis on SRCE
1st Source Stock Performance
NASDAQ SRCE opened at $50.33 on Monday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.92 and a quick ratio of 0.92. 1st Source has a 1 year low of $38.77 and a 1 year high of $56.59. The company has a market capitalization of $1.23 billion, a PE ratio of 10.01 and a beta of 0.79. The company has a fifty day moving average of $50.70 and a two-hundred day moving average of $49.33.
Institutional Investors Weigh In On 1st Source
A number of hedge funds have recently added to or reduced their stakes in SRCE. Raymond James & Associates lifted its position in 1st Source by 235.6% in the first quarter. Raymond James & Associates now owns 18,875 shares of the financial services provider’s stock valued at $873,000 after purchasing an additional 13,250 shares during the period. Bank of New York Mellon Corp lifted its position in 1st Source by 0.3% in the first quarter. Bank of New York Mellon Corp now owns 117,675 shares of the financial services provider’s stock valued at $5,443,000 after purchasing an additional 321 shares during the period. American Century Companies Inc. lifted its position in 1st Source by 25.6% in the first quarter. American Century Companies Inc. now owns 35,193 shares of the financial services provider’s stock valued at $1,628,000 after purchasing an additional 7,181 shares during the period. Bank of Montreal Can acquired a new stake in 1st Source in the first quarter valued at about $287,000. Finally, D.A. Davidson & CO. acquired a new stake in 1st Source in the first quarter valued at about $294,000. Institutional investors and hedge funds own 74.45% of the company’s stock.
Insider Transactions at 1st Source
In other news, EVP Jeffrey L. Buhr sold 761 shares of the stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $51.52, for a total transaction of $39,206.72. Following the completion of the sale, the executive vice president now owns 70,252 shares in the company, valued at $3,619,383.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 19.30% of the company’s stock.
1st Source Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Thursday, February 15th. Stockholders of record on Monday, February 5th were paid a dividend of $0.34 per share. The ex-dividend date was Friday, February 2nd. This represents a $1.36 annualized dividend and a dividend yield of 2.70%. 1st Source’s dividend payout ratio (DPR) is 27.04%.
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.
Further Reading
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