Analysts forecast that 1st Source Co. (NASDAQ:SRCE) will report $80.40 million in sales for the current quarter, according to Zacks. Two analysts have made estimates for 1st Source’s earnings. The highest sales estimate is $84.50 million and the lowest is $76.30 million. 1st Source reported sales of $82.96 million during the same quarter last year, which indicates a negative year over year growth rate of 3.1%. The business is scheduled to issue its next quarterly earnings results on Thursday, October 15th.
On average, analysts expect that 1st Source will report full year sales of $318.15 million for the current year, with estimates ranging from $307.30 million to $329.00 million. For the next year, analysts expect that the business will post sales of $305.70 million, with estimates ranging from $304.50 million to $306.90 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that follow 1st Source.
1st Source (NASDAQ:SRCE) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.72 EPS for the quarter, topping the consensus estimate of $0.57 by $0.15. 1st Source had a net margin of 21.68% and a return on equity of 9.40%. The business had revenue of $79.24 million for the quarter, compared to analyst estimates of $77.65 million.
Several equities research analysts recently commented on the stock. BidaskClub upgraded shares of 1st Source from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. ValuEngine lowered shares of 1st Source from a “hold” rating to a “sell” rating in a report on Monday, August 3rd. Zacks Investment Research upgraded shares of 1st Source from a “sell” rating to a “hold” rating in a report on Wednesday, July 1st. Finally, Piper Sandler upped their target price on shares of 1st Source from $42.00 to $43.00 and gave the company an “overweight” rating in a report on Monday, July 27th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $51.00.
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Hedge funds and other institutional investors have recently bought and sold shares of the company. Nuveen Asset Management LLC increased its stake in shares of 1st Source by 4.7% during the 1st quarter. Nuveen Asset Management LLC now owns 101,014 shares of the financial services provider’s stock valued at $3,276,000 after acquiring an additional 4,554 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of 1st Source by 3.2% during the 1st quarter. Wellington Management Group LLP now owns 982,898 shares of the financial services provider’s stock valued at $31,875,000 after acquiring an additional 30,660 shares during the last quarter. Two Sigma Investments LP acquired a new position in shares of 1st Source during the 1st quarter valued at about $564,000. Geode Capital Management LLC increased its stake in shares of 1st Source by 7.1% during the 1st quarter. Geode Capital Management LLC now owns 257,947 shares of the financial services provider’s stock valued at $8,365,000 after acquiring an additional 17,126 shares during the last quarter. Finally, BNP Paribas Arbitrage SA increased its stake in shares of 1st Source by 26.1% during the 1st quarter. BNP Paribas Arbitrage SA now owns 4,364 shares of the financial services provider’s stock valued at $142,000 after acquiring an additional 902 shares during the last quarter. 71.78% of the stock is owned by institutional investors.
1st Source stock opened at $34.38 on Thursday. 1st Source has a 52 week low of $26.07 and a 52 week high of $53.42. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 0.16. The firm’s 50-day simple moving average is $34.54 and its 200 day simple moving average is $34.90. The firm has a market capitalization of $880.21 million, a PE ratio of 10.85 and a beta of 1.11.
The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Tuesday, August 4th were issued a $0.28 dividend. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $1.12 dividend on an annualized basis and a yield of 3.26%. 1st Source’s dividend payout ratio (DPR) is 31.37%.
1st Source Company Profile
1st Source Corporation operates as the holding company for 1st Source Bank that provides commercial and consumer banking services, trust and investment management services, and insurance 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 loans, and lines of credit; and financial planning, financial literacy, and other consultative services, as well as debit and credit cards.
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