Bank of America Corp DE Acquires 164,474 Shares of Casey's General Stores, Inc. $CASY

Key Points

• Bank of America nearly doubled its Casey’s General Stores stake in the first quarter, purchasing 164,474 additional shares to own 339,842 shares worth approximately $247.4 million. Institutional investors collectively hold 85.63% of the company.
• Casey’s reported strong quarterly results, with EPS of $4.37 versus the $3.31 consensus and revenue of $4.57 billion, up 14.5% year over year. The company also raised its quarterly dividend to $0.65 per share from $0.57.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $944.20, although company insiders sold 30,243 shares valued at $24.4 million over the past 90 days.

Bank of America Corp DE raised its holdings in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 93.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 339,842 shares of the company's stock after purchasing an additional 164,474 shares during the period. Bank of America Corp DE owned 0.92% of Casey's General Stores worth $247,358,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of CASY. NewEdge Advisors LLC grew its holdings in shares of Casey's General Stores by 6.4% during the 1st quarter. NewEdge Advisors LLC now owns 1,871 shares of the company's stock worth $812,000 after acquiring an additional 113 shares during the period. Geneos Wealth Management Inc. raised its position in shares of Casey's General Stores by 129.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 186 shares of the company's stock worth $81,000 after purchasing an additional 105 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Casey's General Stores by 431.7% in the second quarter. EverSource Wealth Advisors LLC now owns 218 shares of the company's stock worth $111,000 after buying an additional 177 shares in the last quarter. Amundi bought a new position in Casey's General Stores in the 2nd quarter valued at approximately $338,000. Finally, Jump Financial LLC lifted its holdings in shares of Casey's General Stores by 42.6% during the second quarter. Jump Financial LLC now owns 968 shares of the company's stock valued at $494,000 after purchasing an additional 289 shares in the last quarter. Institutional investors own 85.63% of the company's stock.

Insider Buying and Selling

In other news, Director Allison M. Wing sold 530 shares of Casey's General Stores stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $837.58, for a total transaction of $443,917.40. Following the completion of the sale, the director directly owned 3,042 shares in the company, valued at approximately $2,547,918.36. The trade was a 14.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Darren M. Rebelez sold 19,000 shares of the stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $801.46, for a total value of $15,227,740.00. Following the completion of the transaction, the chief executive officer directly owned 89,174 shares in the company, valued at $71,469,394.04. This represents a 17.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 30,243 shares of company stock valued at $24,421,877 in the last 90 days. 0.67% of the stock is owned by insiders.

Casey's General Stores Stock Performance

CASY stock opened at $860.37 on Tuesday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.01 and a quick ratio of 0.60. The company has a market capitalization of $31.84 billion, a P/E ratio of 44.90, a PEG ratio of 2.61 and a beta of 0.61. The business has a 50-day moving average price of $824.49 and a 200 day moving average price of $755.22. Casey's General Stores, Inc. has a 1-year low of $490.00 and a 1-year high of $927.85.

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, beating analysts' consensus estimates of $3.31 by $1.06. The business had revenue of $4.57 billion for 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%.The business's revenue was up 14.5% compared to the same quarter last year. During the same period last year, the business posted $2.63 EPS. As a group, equities research analysts forecast that Casey's General Stores, Inc. will post 21.14 EPS for the current fiscal year.

Casey's General Stores Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Saturday, August 1st will be given a dividend of $0.65 per share. The ex-dividend date of this dividend is Friday, July 31st. This is a boost from Casey's General Stores's previous quarterly dividend of $0.57. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.3%. Casey's General Stores's payout ratio is currently 13.57%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Casey's General Stores from a "hold" rating to a "buy" rating in a report on Saturday, June 13th. Stephens set a $975.00 target price on shares of Casey's General Stores and gave the stock an "overweight" rating in a research note on Friday, June 12th. Morgan Stanley raised Casey's General Stores to a "buy" rating in a research note on Wednesday, June 10th. BNP Paribas Exane reduced their price target on shares of Casey's General Stores from $1,032.00 to $995.00 and set an "outperform" rating on the stock in a report on Thursday, June 25th. Finally, Weiss Ratings cut Casey's General Stores from a "buy (b+)" rating to a "buy (b)" rating in a report on Tuesday, July 21st. Fourteen research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $944.20.

Casey's General Stores Profile

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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