1st Source hikes dividend by 3.4%

1st Source (SRCE) will hike its quarterly dividend by another 3.4 percent to 30 cents per share in 2021. This follows a dividend hike of 3.6 percent to 29 cents per share in Q1 of 2021. Last year the dividend was cut by 3.4 percent from 29 cents to 28 cents per share. The company previously raised its quarterly dividend by 7.4 percent to $0.29 per share in Q4 of 2019.

The cash dividend is payable to shareholders of record on May 4, 2021 and will be paid on May 14, 2021. A new annual rate of $1.1620 per share yields 2.5% at a stock price of $47.29.

1st Source Corporation is a bank holding company. The company, through its subsidiaries, provides a range of financial products and services. 1st Source Bank also competes for business nationally by offering specialized financing services for new and used private and cargo aircraft, automobiles for leasing and rental agencies, medium and heavy duty trucks, and construction equipment.