DA Davidson Weighs in on 1st Source Co.’s Q3 2024 Earnings (NASDAQ:SRCE)

1st Source Co. (NASDAQ:SRCE) – Research analysts at DA Davidson increased their Q3 2024 EPS estimates for 1st Source in a note issued to investors on Thursday, October 3rd. DA Davidson analyst P. Winter now anticipates that the financial services provider will earn $1.42 per share for the quarter, up from their prior forecast of $1.39. The consensus estimate for 1st Source’s current full-year earnings is $5.36 per share. DA Davidson also issued estimates for 1st Source’s FY2024 earnings at $5.48 EPS and FY2025 earnings at $5.51 EPS.

1st Source (NASDAQ:SRCE) last released its quarterly earnings results on Thursday, July 25th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.25 by $0.24. 1st Source had a net margin of 23.23% and a return on equity of 12.02%. The company had revenue of $144.39 million during the quarter, compared to the consensus estimate of $95.80 million. During the same period in the prior year, the firm earned $1.30 earnings per share.

A number of other research firms also recently issued reports on SRCE. Piper Sandler downgraded shares of 1st Source from an “overweight” rating to a “neutral” rating and increased their price target for the stock from $60.00 to $67.50 in a research note on Monday, July 29th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $62.00 price objective (up previously from $54.00) on shares of 1st Source in a report on Monday, July 29th.

1st Source Price Performance

SRCE stock opened at $58.76 on Friday. 1st Source has a 1 year low of $41.36 and a 1 year high of $65.63. The company has a market cap of $1.44 billion, a P/E ratio of 11.78 and a beta of 0.79. The firm has a 50-day moving average of $59.42 and a 200 day moving average of $54.55. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.94 and a quick ratio of 0.94.

Institutional Investors Weigh In On 1st Source

A number of hedge funds and other institutional investors have recently bought and sold shares of SRCE. Hsbc Holdings PLC grew its holdings in 1st Source by 6.0% in the fourth quarter. Hsbc Holdings PLC now owns 23,767 shares of the financial services provider’s stock worth $1,311,000 after purchasing an additional 1,338 shares during the period. Dean Capital Management grew its holdings in shares of 1st Source by 4.6% during the fourth quarter. Dean Capital Management now owns 25,809 shares of the financial services provider’s stock valued at $1,418,000 after buying an additional 1,126 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of 1st Source by 4.4% during the fourth quarter. Wellington Management Group LLP now owns 945,578 shares of the financial services provider’s stock valued at $51,960,000 after buying an additional 39,514 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of 1st Source by 10.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,356 shares of the financial services provider’s stock valued at $129,000 after buying an additional 218 shares during the last quarter. Finally, Indiana Trust & Investment Management CO grew its holdings in shares of 1st Source by 12.2% during the first quarter. Indiana Trust & Investment Management CO now owns 50,032 shares of the financial services provider’s stock valued at $2,623,000 after buying an additional 5,444 shares during the last quarter. Hedge funds and other institutional investors own 74.45% of the company’s stock.

1st Source Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Monday, August 5th were issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date was Monday, August 5th. This is a boost from 1st Source’s previous quarterly dividend of $0.34. 1st Source’s dividend payout ratio is 28.97%.

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.