Zacks: Brokerages Anticipate 1st Source Co. (SRCE) to Announce $0.87 Earnings Per Share

Brokerages expect 1st Source Co. (NASDAQ:SRCE) to report earnings of $0.87 per share for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for 1st Source’s earnings. The lowest EPS estimate is $0.85 and the highest is $0.88. 1st Source posted earnings of $0.73 per share in the same quarter last year, which would indicate a positive year over year growth rate of 19.2%. The firm is expected to issue its next quarterly earnings results on Thursday, April 18th.

On average, analysts expect that 1st Source will report full year earnings of $3.53 per share for the current fiscal year, with EPS estimates ranging from $3.43 to $3.63. For the next year, analysts expect that the company will report earnings of $3.78 per share, with EPS estimates ranging from $3.69 to $3.86. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side analysts that cover 1st Source.

1st Source (NASDAQ:SRCE) last posted its quarterly earnings data on Thursday, January 24th. The financial services provider reported $0.82 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.04). The business had revenue of $80.00 million for the quarter, compared to the consensus estimate of $78.90 million. 1st Source had a return on equity of 11.16% and a net margin of 23.26%.

Several research analysts have issued reports on the stock. ValuEngine cut shares of 1st Source from a “hold” rating to a “sell” rating in a report on Tuesday, January 15th. Zacks Investment Research cut shares of 1st Source from a “hold” rating to a “sell” rating in a report on Tuesday, December 11th. Finally, BidaskClub cut shares of 1st Source from a “sell” rating to a “strong sell” rating in a report on Sunday, January 13th.

1st Source stock traded up $1.24 during trading hours on Friday, hitting $47.26. The stock had a trading volume of 34,000 shares, compared to its average volume of 45,671. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.92 and a current ratio of 0.93. The stock has a market capitalization of $1.21 billion, a PE ratio of 14.96, a price-to-earnings-growth ratio of 1.32 and a beta of 1.13. 1st Source has a 12-month low of $38.44 and a 12-month high of $59.33.

The company also recently declared a quarterly dividend, which was paid on Thursday, February 14th. Shareholders of record on Monday, February 4th were given a $0.27 dividend. This is a positive change from 1st Source’s previous quarterly dividend of $0.25. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date of this dividend was Friday, February 1st. 1st Source’s dividend payout ratio is presently 34.18%.

Several institutional investors and hedge funds have recently bought and sold shares of SRCE. BlackRock Inc. boosted its position in shares of 1st Source by 3.0% in the second quarter. BlackRock Inc. now owns 1,149,935 shares of the financial services provider’s stock worth $61,440,000 after purchasing an additional 33,113 shares during the period. California Public Employees Retirement System boosted its position in shares of 1st Source by 13.4% in the second quarter. California Public Employees Retirement System now owns 42,908 shares of the financial services provider’s stock worth $2,293,000 after purchasing an additional 5,080 shares during the period. Northern Trust Corp boosted its position in shares of 1st Source by 1.0% in the second quarter. Northern Trust Corp now owns 262,567 shares of the financial services provider’s stock worth $14,028,000 after purchasing an additional 2,557 shares during the period. Bank of Montreal Can boosted its position in shares of 1st Source by 27.0% in the third quarter. Bank of Montreal Can now owns 45,113 shares of the financial services provider’s stock worth $2,375,000 after purchasing an additional 9,582 shares during the period. Finally, First Trust Advisors LP boosted its position in shares of 1st Source by 6.8% in the third quarter. First Trust Advisors LP now owns 76,144 shares of the financial services provider’s stock worth $4,007,000 after purchasing an additional 4,878 shares during the period. Institutional investors and hedge funds own 71.03% of the company’s stock.

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 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.

Featured Story: Trading Strategy Methods and Types

Get a free copy of the Zacks research report on 1st Source (SRCE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for 1st Source (NASDAQ:SRCE)

Receive News & Ratings for 1st Source Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 1st Source and related companies with MarketBeat.com's FREE daily email newsletter.