Bank of America Corp DE Invests $281.87 Million in Casey's General Stores, Inc. $CASY

Key Points

• Bank of America acquired 354,650 Casey’s shares in the second quarter, valued at approximately $281.9 million and representing 0.96% of the company. Institutional investors collectively owned 85.63% of the stock.
• Casey’s reported quarterly EPS of $7.37, beating estimates of $6.78, while revenue rose 24.3% year over year to $5.68 billion. The company also declared a quarterly dividend of $0.65 per share, equivalent to a 0.4% annual yield.
• Analysts maintained a generally positive view, with 15 Buy ratings and six Holds producing a “Moderate Buy” consensus and an average target price of $840.69. However, insiders sold more than $24.4 million of stock over the past three months.

Bank of America Corp DE acquired a new stake in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 354,650 shares of the company's stock, valued at approximately $281,872,000. Bank of America Corp DE owned 0.96% of Casey's General Stores at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Daiichi Life Insurance Co. Ltd. acquired a new position in shares of Casey's General Stores in the second quarter worth approximately $1,222,000. Geode Capital Management LLC increased its position in Casey's General Stores by 7.4% during the 4th quarter. Geode Capital Management LLC now owns 760,438 shares of the company's stock valued at $420,416,000 after purchasing an additional 52,250 shares during the period. Burns J W & Co. Inc. NY raised its holdings in Casey's General Stores by 103.5% during the 1st quarter. Burns J W & Co. Inc. NY now owns 2,448 shares of the company's stock worth $1,782,000 after purchasing an additional 1,245 shares during the last quarter. North Dakota State Investment Board bought a new position in Casey's General Stores during the 4th quarter worth approximately $720,000. Finally, Teachers Retirement System of The State of Kentucky raised its holdings in Casey's General Stores by 52.0% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 17,079 shares of the company's stock worth $12,431,000 after purchasing an additional 5,846 shares during the last quarter. Institutional investors own 85.63% of the company's stock.

Casey's General Stores Stock Performance

Shares of CASY stock opened at $589.00 on Thursday. The company has a current ratio of 1.02, a quick ratio of 0.61 and a debt-to-equity ratio of 0.57. The firm has a fifty day simple moving average of $802.16 and a two-hundred day simple moving average of $784.20. Casey's General Stores, Inc. has a 12 month low of $497.38 and a 12 month high of $927.85. The firm has a market capitalization of $21.77 billion, a PE ratio of 28.37, a price-to-earnings-growth ratio of 1.92 and a beta of 0.59.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last released its quarterly earnings data on Tuesday, September 8th. The company reported $7.37 earnings per share for the quarter, beating analysts' consensus estimates of $6.78 by $0.59. Casey's General Stores had a net margin of 4.14% and a return on equity of 19.68%. The firm had revenue of $5.68 billion for the quarter, compared to analyst estimates of $5.56 billion. During the same period last year, the firm earned $5.77 earnings per share. The business's quarterly revenue was up 24.3% compared to the same quarter last year. Analysts forecast that Casey's General Stores, Inc. will post 21.4 EPS for the current fiscal year.

Casey's General Stores Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Sunday, November 1st will be paid a dividend of $0.65 per share. The ex-dividend date is Friday, October 30th. This represents a $2.60 dividend on an annualized basis and a yield of 0.4%. Casey's General Stores's payout ratio is 12.52%.

Analyst Ratings Changes

A number of research firms have recently commented on CASY. BMO Capital Markets set a $810.00 price objective on shares of Casey's General Stores in a research note on Thursday, September 10th. BNP Paribas Exane lowered their target price on shares of Casey's General Stores from $1,032.00 to $995.00 and set an "outperform" rating for the company in a research note on Thursday, June 25th. Raymond James Financial upgraded shares of Casey's General Stores from a "market perform" rating to an "outperform" rating and set a $750.00 target price on the stock in a report on Thursday, September 10th. Weiss Ratings cut shares of Casey's General Stores from a "buy (b+)" rating to a "buy (b)" rating in a research report on Tuesday, July 21st. Finally, Wells Fargo & Company decreased their price target on Casey's General Stores from $960.00 to $750.00 and set an "overweight" rating for the company in a report on Wednesday, September 9th. Fifteen research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $840.69.

Insider Activity

In related news, CEO Darren M. Rebelez sold 19,000 shares of Casey's General Stores stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $801.46, for a total transaction of $15,227,740.00. Following the transaction, the chief executive officer owned 89,174 shares of the company's stock, valued at $71,469,394.04. The trade was a 17.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Allison M. Wing sold 530 shares of Casey's General Stores stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $837.58, for a total value of $443,917.40. Following the transaction, 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 position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 30,243 shares of company stock worth $24,421,877. Company insiders own 0.67% of the company's stock.

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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