Zacks: Brokerages Expect 1st Source Co. (NASDAQ:SRCE) Will Announce Earnings of $0.89 Per Share

Equities analysts expect that 1st Source Co. (NASDAQ:SRCE) will announce earnings per share of $0.89 for the current quarter, Zacks reports. Two analysts have issued estimates for 1st Source’s earnings. The highest EPS estimate is $0.90 and the lowest is $0.87. 1st Source reported earnings of $0.76 per share in the same quarter last year, which would indicate a positive year over year growth rate of 17.1%. The firm is expected to announce its next earnings report on Thursday, October 17th.

On average, analysts expect that 1st Source will report full year earnings of $3.54 per share for the current year, with EPS estimates ranging from $3.51 to $3.57. For the next year, analysts forecast that the business will report earnings of $3.70 per share, with EPS estimates ranging from $3.61 to $3.79. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side research analysts that that provide coverage for 1st Source.

1st Source (NASDAQ:SRCE) last announced its quarterly earnings results on Thursday, July 18th. The financial services provider reported $0.91 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.89 by $0.02. The business had revenue of $82.09 million for the quarter, compared to analyst estimates of $80.85 million. 1st Source had a return on equity of 11.22% and a net margin of 23.31%.

SRCE has been the topic of several research analyst reports. ValuEngine raised 1st Source from a “sell” rating to a “hold” rating in a research note on Saturday, July 27th. Zacks Investment Research lowered 1st Source from a “hold” rating to a “sell” rating in a research note on Wednesday, July 24th. Finally, BidaskClub raised 1st Source from a “sell” rating to a “hold” rating in a research note on Saturday, July 27th.

A number of hedge funds have recently bought and sold shares of SRCE. Renaissance Technologies LLC lifted its position in shares of 1st Source by 11.7% during the second quarter. Renaissance Technologies LLC now owns 319,214 shares of the financial services provider’s stock worth $14,812,000 after purchasing an additional 33,500 shares during the last quarter. Norges Bank bought a new position in shares of 1st Source during the fourth quarter worth about $12,670,000. JPMorgan Chase & Co. lifted its position in shares of 1st Source by 3.0% during the second quarter. JPMorgan Chase & Co. now owns 266,952 shares of the financial services provider’s stock worth $12,115,000 after purchasing an additional 7,709 shares during the last quarter. BTIM Corp. lifted its position in shares of 1st Source by 2.5% during the first quarter. BTIM Corp. now owns 246,064 shares of the financial services provider’s stock worth $11,051,000 after purchasing an additional 6,055 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of 1st Source by 15.3% during the fourth quarter. Geode Capital Management LLC now owns 222,774 shares of the financial services provider’s stock worth $8,986,000 after purchasing an additional 29,625 shares during the last quarter. 70.86% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ:SRCE opened at $44.95 on Friday. The stock’s 50 day moving average price is $45.48. The stock has a market cap of $1.15 billion, a price-to-earnings ratio of 14.22, a price-to-earnings-growth ratio of 1.27 and a beta of 1.07. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.93 and a quick ratio of 0.93. 1st Source has a 12 month low of $38.44 and a 12 month high of $57.96.

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, August 5th will be paid a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date of this dividend is Friday, August 2nd. 1st Source’s payout ratio is currently 34.18%.

About 1st Source

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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