Ameriprise Financial Inc. Sells 10,941 Shares of Casey's General Stores, Inc. $CASY

Key Points

• Ameriprise Financial Inc. reduced its holdings in Casey's General Stores by 5.4%, selling 10,941 shares to hold 193,436 shares, valued at approximately $83.96 million.
• Recent analyst reports raised Casey's price targets, with Wells Fargo increasing their target from $460 to $540, while Goldman Sachs upped theirs from $385 to $450.
• Casey's General Stores recently declared a dividend increase from $0.50 to $0.57 per share, reflecting a 15.57% payout ratio.

Ameriprise Financial Inc. lowered its holdings in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 5.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 193,436 shares of the company's stock after selling 10,941 shares during the quarter. Ameriprise Financial Inc. owned 0.52% of Casey's General Stores worth $83,961,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Integrated Wealth Concepts LLC lifted its position in shares of Casey's General Stores by 50.2% during the 4th quarter. Integrated Wealth Concepts LLC now owns 2,592 shares of the company's stock worth $1,027,000 after buying an additional 866 shares during the period. Security National Bank lifted its position in shares of Casey's General Stores by 9.7% during the 1st quarter. Security National Bank now owns 5,674 shares of the company's stock worth $2,463,000 after buying an additional 504 shares during the period. Cornerstone Wealth Management LLC bought a new position in shares of Casey's General Stores during the 1st quarter worth approximately $201,000. M&T Bank Corp lifted its position in shares of Casey's General Stores by 39.6% during the 1st quarter. M&T Bank Corp now owns 2,515 shares of the company's stock worth $1,092,000 after buying an additional 713 shares during the period. Finally, Ground Swell Capital LLC bought a new position in shares of Casey's General Stores during the 1st quarter worth approximately $338,000. Institutional investors own 85.63% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently commented on the company. The Goldman Sachs Group raised their target price on Casey's General Stores from $385.00 to $450.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 11th. Wells Fargo & Company lifted their price objective on Casey's General Stores from $460.00 to $540.00 and gave the company an "overweight" rating in a research report on Wednesday, June 11th. Royal Bank Of Canada lifted their price objective on Casey's General Stores from $468.00 to $542.00 and gave the company a "sector perform" rating in a research report on Wednesday, July 9th. Wall Street Zen upgraded Casey's General Stores from a "hold" rating to a "buy" rating in a research report on Saturday, June 14th. Finally, BMO Capital Markets lifted their target price on Casey's General Stores from $450.00 to $515.00 and gave the company a "market perform" rating in a research note on Wednesday, June 11th. Eight equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Casey's General Stores currently has a consensus rating of "Moderate Buy" and an average price target of $467.33.

Insider Activity at Casey's General Stores

In other news, insider Katrina S. Lindsey sold 2,000 shares of the firm's stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $506.07, for a total transaction of $1,012,140.00. Following the sale, the insider owned 4,636 shares of the company's stock, valued at $2,346,140.52. This trade represents a 30.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Darren M. Rebelez sold 20,000 shares of the firm's stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $507.83, for a total value of $10,156,600.00. Following the sale, the chief executive officer directly owned 89,840 shares in the company, valued at approximately $45,623,447.20. This represents a 18.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,646 shares of company stock valued at $22,136,614 over the last 90 days. Insiders own 0.54% of the company's stock.

Casey's General Stores Trading Down 0.3%

Shares of Casey's General Stores stock traded down $1.48 during trading on Friday, reaching $494.52. 242,875 shares of the company were exchanged, compared to its average volume of 222,953. Casey's General Stores, Inc. has a twelve month low of $350.52 and a twelve month high of $531.24. The company has a quick ratio of 0.48, a current ratio of 0.92 and a debt-to-equity ratio of 0.69. The firm has a market capitalization of $18.39 billion, a price-to-earnings ratio of 33.78 and a beta of 0.69. The business has a 50-day moving average price of $514.19 and a 200-day moving average price of $465.72.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last released its quarterly earnings results on Monday, June 9th. The company reported $2.63 EPS for the quarter, topping analysts' consensus estimates of $1.94 by $0.69. The company had revenue of $3.99 billion for the quarter, compared to analyst estimates of $3.95 billion. Casey's General Stores had a return on equity of 16.28% and a net margin of 3.43%.Casey's General Stores's revenue was up 10.9% compared to the same quarter last year. During the same quarter last year, the firm posted $2.34 earnings per share. Sell-side analysts anticipate that Casey's General Stores, Inc. will post 13.94 EPS for the current fiscal year.

Casey's General Stores Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Friday, August 1st were given a dividend of $0.57 per share. This is an increase from Casey's General Stores's previous quarterly dividend of $0.50. This represents a $2.28 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend was Friday, August 1st. Casey's General Stores's payout ratio is 15.57%.

Casey's General Stores Company Profile

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.