FY2024 EPS Estimates for 1st Source Lifted by DA Davidson

1st Source Co. (NASDAQ:SRCE) – Research analysts at DA Davidson increased their FY2024 earnings estimates for shares of 1st Source in a report released on Monday, October 28th. DA Davidson analyst P. Winter now anticipates that the financial services provider will post earnings per share of $5.51 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.

Several other research firms have also commented on SRCE. Piper Sandler lowered shares of 1st Source from an “overweight” rating to a “neutral” rating and raised their target price for the company from $60.00 to $67.50 in a report on Monday, July 29th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $62.00 target price (up from $54.00) on shares of 1st Source in a report on Monday, July 29th.

1st Source Price Performance

SRCE stock opened at $59.23 on Wednesday. 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 12 month low of $44.61 and a 12 month high of $65.63. The firm has a market cap of $1.45 billion, a P/E ratio of 11.92 and a beta of 0.78. The company’s 50-day moving average price is $59.66 and its two-hundred day moving average price is $55.88.

1st Source (NASDAQ:SRCE) last released its earnings results on Thursday, October 24th. The financial services provider reported $1.41 EPS for the quarter, beating the consensus estimate of $1.36 by $0.05. 1st Source had a net margin of 23.01% and a return on equity of 11.68%. The firm had revenue of $97.93 million for the quarter, compared to analyst estimates of $97.30 million. During the same period last year, the firm earned $1.32 EPS.

1st Source Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Tuesday, November 5th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 2.43%. The ex-dividend date is Tuesday, November 5th. 1st Source’s dividend payout ratio (DPR) is presently 28.97%.

Institutional Investors Weigh In On 1st Source

Hedge funds and other institutional investors have recently made changes to their positions in the stock. LRI Investments LLC bought a new stake in shares of 1st Source during the 1st quarter valued at approximately $48,000. nVerses Capital LLC grew its holdings in shares of 1st Source by 150.0% during the 3rd quarter. nVerses Capital LLC now owns 1,000 shares of the financial services provider’s stock valued at $60,000 after purchasing an additional 600 shares during the last quarter. CWM LLC grew its holdings in 1st Source by 726.1% during the 2nd quarter. CWM LLC now owns 1,363 shares of the financial services provider’s stock worth $73,000 after acquiring an additional 1,198 shares during the last quarter. New York State Teachers Retirement System grew its holdings in 1st Source by 12.2% during the 3rd quarter. New York State Teachers Retirement System now owns 1,675 shares of the financial services provider’s stock worth $100,000 after acquiring an additional 182 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in 1st Source by 10.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,356 shares of the financial services provider’s stock worth $129,000 after acquiring an additional 218 shares during the last quarter. 74.45% of the stock is owned by institutional investors.

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.