Ames National Corp Invests $954,000 in Casey's General Stores, Inc. $CASY

Key Points

• Ames National Corp acquired 1,200 shares of Casey’s General Stores worth approximately $954,000, making CASY about 0.5% of its portfolio. Institutional investors collectively own 85.63% of the company.
• Casey’s exceeded quarterly expectations, reporting $4.37 in EPS versus the $3.31 consensus and $4.57 billion in revenue, up 14.5% year over year.
• The company increased its quarterly dividend to $0.65 per share, while analysts maintain a “Moderate Buy” consensus with an average price target of $944.20; insiders, however, have sold more than $24 million in stock over the past 90 days.

Ames National Corp bought a new stake in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 1,200 shares of the company's stock, valued at approximately $954,000. Casey's General Stores makes up approximately 0.5% of Ames National Corp's investment portfolio, making the stock its 29th largest position.

Several other large investors have also modified their holdings of CASY. Whipplewood Advisors LLC acquired a new position in shares of Casey's General Stores in the 1st quarter valued at about $33,000. Bell Investment Advisors Inc bought a new stake in Casey's General Stores in the second quarter valued at about $33,000. Larson Financial Group LLC raised its stake in Casey's General Stores by 252.4% during the fourth quarter. Larson Financial Group LLC now owns 74 shares of the company's stock worth $41,000 after acquiring an additional 53 shares in the last quarter. RMG Wealth Management LLC grew its stake in Casey's General Stores by 250.0% during the first quarter. RMG Wealth Management LLC now owns 56 shares of the company's stock worth $41,000 after buying an additional 40 shares during the last quarter. Finally, Elyxium Wealth LLC bought a new position in shares of Casey's General Stores in the fourth quarter valued at about $43,000. Institutional investors own 85.63% of the company's stock.

Casey's General Stores Price Performance

Shares of NASDAQ CASY opened at $854.21 on Tuesday. The stock has a market cap of $31.61 billion, a price-to-earnings ratio of 44.58, a PEG ratio of 2.86 and a beta of 0.61. Casey's General Stores, Inc. has a fifty-two week low of $490.00 and a fifty-two week high of $927.85. The firm's 50-day simple moving average is $836.91 and its 200 day simple moving average is $778.44. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.60 and a current ratio of 1.01.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last announced its quarterly earnings results on Tuesday, June 9th. The company reported $4.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.31 by $1.06. The business had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.33 billion. Casey's General Stores had a return on equity of 18.73% and a net margin of 4.07%.Casey's General Stores's revenue was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.63 earnings per share. As a group, research analysts anticipate that Casey's General Stores, Inc. will post 21.11 earnings per share for the current fiscal year.

Casey's General Stores Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Saturday, August 1st were issued a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend was Friday, July 31st. This is a boost from Casey's General Stores's previous quarterly dividend of $0.57. Casey's General Stores's payout ratio is presently 13.57%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. William Blair started coverage on shares of Casey's General Stores in a research note on Wednesday, May 20th. They issued an "outperform" rating on the stock. Wall Street Zen raised Casey's General Stores from a "hold" rating to a "buy" rating in a research report on Saturday, June 13th. JPMorgan Chase & Co. boosted their target price on Casey's General Stores from $719.00 to $975.00 and gave the stock a "neutral" rating in a report on Friday, June 12th. Evercore reissued an "outperform" rating and issued a $990.00 target price on shares of Casey's General Stores in a research report on Friday, June 12th. Finally, BMO Capital Markets raised shares of Casey's General Stores from a "market perform" rating to an "outperform" rating and set a $950.00 target price on the stock in a report on Monday, June 29th. Fourteen research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $944.20.

Insider Buying and Selling at Casey's General Stores

In related news, CFO Stephen P. Bramlage, Jr. sold 5,700 shares of Casey's General Stores stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $838.16, for a total transaction of $4,777,512.00. Following the completion of the sale, the chief financial officer owned 29,677 shares of the company's stock, valued at approximately $24,874,074.32. This trade represents a 16.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Allison M. Wing sold 530 shares of the company's stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $837.58, for a total transaction of $443,917.40. Following the completion of the transaction, the director owned 3,042 shares in the company, valued at approximately $2,547,918.36. This trade represents a 14.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 30,243 shares of company stock worth $24,421,877. 0.67% of the stock is owned by corporate insiders.

About Casey's General Stores

Casey's General Stores, Inc NASDAQ: CASY is a U.S.-based convenience store chain that operates retail fuel stations and food-focused convenience outlets. Founded in 1959 in Boone, Iowa, the company has grown from a single neighborhood store into a regional operator known for combining traditional convenience retailing—fuel, packaged goods and tobacco—with a larger emphasis on fresh and prepared foods.

The company's stores typically offer gasoline and diesel alongside a range of grocery essentials, grab-and-go items and made-to-order foodservice.

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