1ST SOURCE hits new 52-week high after announcing dividend

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1st Source Stock Intrinsic Value – 1st Source ($NASDAQ:SRCE) Corporation is a financial holding company headquartered in South Bend, Indiana. The Company’s stock hit a new 52-week high of $54.00 on Tuesday after it announced a dividend earlier in the day. This move comes as 1st Source Corporation continues to post strong financial results.

1st Source Corporation attributed its strong financial results to continued growth in loans and deposits, as well as higher interest rates. 1st Source Corporation’s strong financial performance and dividend announcement have investors feeling bullish about the company’s prospects. With a strong balance sheet and a growing loan portfolio, 1st Source Corporation looks poised for continued success in the quarters ahead.

Dividends

1ST SOURCE Corporation , the parent company of 1ST SOURCE Bank, today announced that its Board of Directors has declared a quarterly cash dividend of $1.25 per share. This is the fourth consecutive quarter that 1ST SOURCE has increased its cash dividend per share. “We are very pleased to continue our tradition of increasing our cash dividend per share,” said Christopher J. Murphy, III, Chairman and Chief Executive Officer of 1ST SOURCE Corporation.

Price History

On Monday, shares of 1ST SOURCE Corporation hit a new 52-week high of $57.60 after the company announced a dividend. 1ST SOURCE Corporation is a bank holding company headquartered in South Bend, Indiana. However, the company has been repurchasing shares and this dividend announcement indicates that 1ST SOURCE is confident in its future prospects. The company’s shares have outperformed the broader market in recent years, and Monday’s move higher indicates that investors believe 1ST SOURCE will continue to generate strong returns.

VI Analysis – 1st Source Stock Intrinsic Value

1ST SOURCE is a company with strong fundamentals that reflect its long-term potential. The fair value of 1ST SOURCE shares is around $57.8, which is slightly undervalued by the market at the moment.

VI Peers

The company offers a wide range of products and services including banking, lending, investments, and insurance. 1st Source Corp competes with a number of other financial institutions in the United States, including Salisbury Bancorp Inc, Union Bank Of The Philippines Inc, East West Banking Corp.

– Salisbury Bancorp Inc ($NASDAQ:SAL)

Salisbury Bancorp Inc is a bank holding company based in the United States. The company was founded in 1892 and is headquartered in New York, New York. Salisbury Bancorp Inc operates through its subsidiary, Salisbury Bank and Trust Company. The company provides banking services to individuals and businesses in the United States. Salisbury Bank and Trust Company offers a range of deposit and loan products, as well as online and mobile banking services.

– Union Bank Of The Philippines Inc ($PSE:UBP)

Union Bank of the Philippines Inc has a market cap of 167.08B as of 2022. The company is a universal bank that provides a wide range of banking and other financial services to its retail, corporate, and institutional clients. Its products and services include deposit products, loans, credit cards, foreign exchange, treasury, and trust services. The bank has a network of over 900 branches and 2,600 ATMs nationwide.

– East West Banking Corp ($PSE:EW)

East West Banking Corporation is a Philippines-based bank. The Bank offers a range of personal and corporate banking services, which include deposits, loans, foreign exchange, treasury, credit cards, and other services. East West Banking Corporation has a nationwide network of over 500 branches and 1,800 ATMs.

Summary

1ST SOURCE is a regional bank headquartered in South Bend, Indiana. 1ST SOURCE offers a variety of personal and business banking products and services, including checking and savings accounts, loans, and investment management. 1ST SOURCE has a long history of paying dividends to shareholders.

That’s an impressive track record that few companies can match. Investors who are looking for a regional bank with a strong track record of dividend growth may want to consider 1ST SOURCE.