FY2024 EPS Estimates for 1st Source Lifted by DA Davidson

1st Source Co. (NASDAQ:SRCE) – Equities researchers at DA Davidson increased their FY2024 earnings per share estimates for shares of 1st Source in a note issued to investors on Monday, October 28th. DA Davidson analyst P. Winter now expects that the financial services provider will post earnings of $5.51 per share for the year, up from their previous 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 issued its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.05. The business had revenue of $97.93 million during the quarter, compared to analysts’ expectations of $97.30 million. 1st Source had a return on equity of 11.68% and a net margin of 23.01%. During the same quarter in the previous year, the firm posted $1.32 EPS.

Other equities analysts have also recently issued research reports about the company. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $62.00 price target (up previously from $54.00) on shares of 1st Source in a report on Monday, July 29th. Piper Sandler cut 1st Source from an “overweight” rating to a “neutral” rating and upped their price target for the stock from $60.00 to $67.50 in a report on Monday, July 29th.

1st Source Stock Performance

Shares of SRCE stock opened at $60.94 on Wednesday. The stock has a market cap of $1.49 billion, a PE ratio of 12.26 and a beta of 0.78. The business has a 50-day simple moving average of $59.64 and a 200-day simple moving average of $55.86. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.08. 1st Source has a 52-week low of $44.61 and a 52-week high of $65.63.

1st Source Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Tuesday, November 5th will be paid a dividend of $0.36 per share. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $1.44 annualized dividend and a yield of 2.36%. 1st Source’s dividend payout ratio (DPR) is currently 28.97%.

Institutional Investors Weigh In On 1st Source

Several large investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its stake in 1st Source by 0.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,588,461 shares of the financial services provider’s stock worth $85,171,000 after buying an additional 11,465 shares in the last quarter. Reinhart Partners LLC. increased its holdings in shares of 1st Source by 0.3% in the second quarter. Reinhart Partners LLC. now owns 238,254 shares of the financial services provider’s stock valued at $12,775,000 after purchasing an additional 818 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of 1st Source by 11.5% in the second quarter. American Century Companies Inc. now owns 174,688 shares of the financial services provider’s stock valued at $9,367,000 after purchasing an additional 18,049 shares during the last quarter. Renaissance Technologies LLC increased its holdings in shares of 1st Source by 9.6% in the second quarter. Renaissance Technologies LLC now owns 145,714 shares of the financial services provider’s stock valued at $7,813,000 after purchasing an additional 12,774 shares during the last quarter. Finally, Denali Advisors LLC increased its holdings in shares of 1st Source by 47.0% in the second quarter. Denali Advisors LLC now owns 105,100 shares of the financial services provider’s stock valued at $5,635,000 after purchasing an additional 33,600 shares during the last quarter. 74.45% of the stock is currently owned by hedge funds and other institutional investors.

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.