Bank of New York Mellon Corp Cuts Stock Holdings in Pathward Financial, Inc. (NASDAQ:CASH)

Bank of New York Mellon Corp lowered its position in shares of Pathward Financial, Inc. (NASDAQ:CASH - Free Report) by 6.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 190,672 shares of the savings and loans company's stock after selling 12,884 shares during the quarter. Bank of New York Mellon Corp owned about 0.80% of Pathward Financial worth $13,909,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the company. Revolve Wealth Partners LLC bought a new position in Pathward Financial in the 4th quarter valued at about $267,437,000. Raymond James Financial Inc. bought a new position in Pathward Financial in the 4th quarter valued at about $279,000. Natixis Advisors LLC bought a new position in Pathward Financial in the 4th quarter valued at about $1,739,000. Xponance Inc. bought a new position in Pathward Financial in the 4th quarter valued at about $307,000. Finally, Teacher Retirement System of Texas lifted its position in Pathward Financial by 19.3% in the 4th quarter. Teacher Retirement System of Texas now owns 45,470 shares of the savings and loans company's stock valued at $3,346,000 after acquiring an additional 7,364 shares in the last quarter. Institutional investors own 92.66% of the company's stock.

Insider Activity at Pathward Financial

In related news, CEO Brett L. Pharr sold 10,365 shares of the stock in a transaction dated Friday, April 25th. The shares were sold at an average price of $78.07, for a total value of $809,195.55. Following the completion of the transaction, the chief executive officer directly owned 69,750 shares of the company's stock, valued at $5,445,382.50. This represents a 12.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Jennifer W. Warren sold 1,667 shares of the stock in a transaction dated Friday, April 25th. The stock was sold at an average price of $77.97, for a total transaction of $129,975.99. Following the completion of the transaction, the chief accounting officer directly owned 5,019 shares of the company's stock, valued at approximately $391,331.43. The trade was a 24.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,882 shares of company stock valued at $1,403,123 over the last ninety days. 1.23% of the stock is currently owned by insiders.

Pathward Financial Stock Performance

Shares of NASDAQ:CASH traded up $0.22 during midday trading on Wednesday, reaching $80.70. The company had a trading volume of 121,897 shares, compared to its average volume of 195,774. The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 0.04. The stock has a market cap of $1.92 billion, a P/E ratio of 10.89 and a beta of 0.62. The company's 50 day moving average price is $78.93 and its 200 day moving average price is $77.00. Pathward Financial, Inc. has a 52-week low of $60.42 and a 52-week high of $86.00.

Pathward Financial (NASDAQ:CASH - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The savings and loans company reported $3.11 earnings per share for the quarter, beating the consensus estimate of $2.71 by $0.40. The firm had revenue of $262.90 million for the quarter, compared to analysts' expectations of $256.30 million. Pathward Financial had a return on equity of 22.50% and a net margin of 22.69%. During the same period in the prior year, the business posted $2.56 earnings per share. As a group, sell-side analysts anticipate that Pathward Financial, Inc. will post 7.26 EPS for the current fiscal year.

Pathward Financial Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Investors of record on Friday, June 13th were given a $0.05 dividend. The ex-dividend date was Friday, June 13th. This represents a $0.20 annualized dividend and a yield of 0.25%. Pathward Financial's dividend payout ratio (DPR) is presently 2.70%.

Analyst Ratings Changes

Several brokerages recently weighed in on CASH. Piper Sandler raised their price target on shares of Pathward Financial from $91.00 to $94.00 and gave the company an "overweight" rating in a research report on Wednesday, April 23rd. Keefe, Bruyette & Woods lifted their target price on shares of Pathward Financial from $86.00 to $88.00 and gave the stock a "market perform" rating in a research report on Friday, July 11th.

Pathward Financial Company Profile

Pathward Financial, Inc operates as the bank holding company for Pathward, National Association that provides various banking products and services in the United States. The company operates through three segments: Consumer, Commercial, and Corporate Services/Other. It offers demand deposit accounts, savings accounts, and money market savings accounts.