Casey's General Stores, Inc. (NASDAQ:CASY) Declares Quarterly Dividend of $0.57

Casey's General Stores, Inc. (NASDAQ:CASY - Get Free Report) announced a quarterly dividend on Monday, June 9th, RTT News reports. Investors of record on Friday, August 1st will be paid a dividend of 0.57 per share on Friday, August 15th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 0.52%. This is a 14.0% increase from Casey's General Stores's previous quarterly dividend of $0.50.

Casey's General Stores has a payout ratio of 11.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Casey's General Stores to earn $15.78 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 12.7%.

Casey's General Stores Stock Down 1.1%

Shares of CASY stock traded down $4.75 on Monday, hitting $439.29. 667,600 shares of the stock were exchanged, compared to its average volume of 301,474. Casey's General Stores has a fifty-two week low of $322.78 and a fifty-two week high of $478.96. The business has a 50-day moving average of $447.69 and a 200 day moving average of $424.20. The firm has a market capitalization of $16.31 billion, a P/E ratio of 30.61, a price-to-earnings-growth ratio of 2.40 and a beta of 0.65. The company has a current ratio of 0.88, a quick ratio of 0.49 and a debt-to-equity ratio of 0.74.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last released its quarterly earnings data on Tuesday, March 11th. The company reported $2.33 earnings per share for the quarter, topping the consensus estimate of $1.76 by $0.57. Casey's General Stores had a net margin of 3.57% and a return on equity of 17.17%. The company had revenue of $3.90 billion for the quarter, compared to analyst estimates of $3.74 billion. During the same period in the previous year, the business earned $2.33 EPS. Casey's General Stores's revenue for the quarter was up 17.2% compared to the same quarter last year. Equities analysts anticipate that Casey's General Stores will post 13.94 EPS for the current year.

Insider Buying and Selling at Casey's General Stores

In other news, Director Mike Spanos bought 256 shares of the stock in a transaction on Thursday, March 13th. The shares were bought at an average price of $390.54 per share, with a total value of $99,978.24. Following the completion of the acquisition, the director now owns 3,356 shares in the company, valued at $1,310,652.24. The trade was a 8.26% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Katrina S. Lindsey sold 250 shares of Casey's General Stores stock in a transaction on Friday, April 4th. The stock was sold at an average price of $437.01, for a total transaction of $109,252.50. Following the transaction, the insider now owns 2,443 shares in the company, valued at $1,067,615.43. This represents a 9.28% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company's stock.

Institutional Investors Weigh In On Casey's General Stores

A hedge fund recently raised its stake in Casey's General Stores stock. NewEdge Advisors LLC increased its position in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 6.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,871 shares of the company's stock after buying an additional 113 shares during the period. NewEdge Advisors LLC's holdings in Casey's General Stores were worth $812,000 at the end of the most recent quarter. 85.63% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CASY shares. Royal Bank of Canada set a $438.00 target price on shares of Casey's General Stores and gave the stock a "sector perform" rating in a report on Wednesday, March 12th. KeyCorp began coverage on Casey's General Stores in a report on Friday, April 11th. They issued an "overweight" rating and a $500.00 target price on the stock. Gordon Haskett upgraded shares of Casey's General Stores from a "hold" rating to a "buy" rating in a report on Thursday, February 13th. Wall Street Zen cut shares of Casey's General Stores from a "buy" rating to a "hold" rating in a research note on Friday, May 30th. Finally, Stephens raised shares of Casey's General Stores to a "strong-buy" rating in a report on Monday, April 7th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $430.33.

About Casey's General Stores

Casey's General Stores, Inc engages in the provision of management and operation of convenience stores and gasoline stations. It provides self-service gasoline, a wide selection of grocery items, and an array of freshly prepared food items. The firm offers food, beverages, tobacco products, health and beauty aids, automotive products, and other non-food items.

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