Bank of Nova Scotia Makes New Investment in Casey's General Stores, Inc. $CASY

Key Points

• Bank of Nova Scotia purchased 3,880 Casey’s General Stores shares worth approximately $3.08 million, while institutional investors collectively own 85.63% of the company.
• Analyst sentiment is favorable, with 14 Buy ratings and six Holds producing a “Moderate Buy” consensus and an average price target of $944.20. Casey’s also exceeded quarterly EPS and revenue estimates, with revenue rising 14.5% year over year.
• Casey’s shares opened at $824.92 after a reported 3.4% decline; meanwhile, insiders sold more than $24.4 million in stock over the past 90 days. The company raised its quarterly dividend to $0.65, equivalent to a 0.3% yield.

Bank of Nova Scotia bought a new position in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The firm bought 3,880 shares of the company's stock, valued at approximately $3,084,000.

Other large investors have also recently modified their holdings of the company. Whipplewood Advisors LLC purchased a new stake in Casey's General Stores in the first quarter worth $33,000. Bell Investment Advisors Inc purchased a new position in shares of Casey's General Stores in the 2nd quarter worth about $33,000. Larson Financial Group LLC boosted its stake in Casey's General Stores by 252.4% in the 4th quarter. Larson Financial Group LLC now owns 74 shares of the company's stock worth $41,000 after purchasing an additional 53 shares in the last quarter. RMG Wealth Management LLC grew its position in Casey's General Stores by 250.0% during the 1st quarter. RMG Wealth Management LLC now owns 56 shares of the company's stock valued at $41,000 after purchasing an additional 40 shares during the last quarter. Finally, Elyxium Wealth LLC purchased a new stake in Casey's General Stores during the 4th quarter valued at about $43,000. Institutional investors own 85.63% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. BMO Capital Markets upgraded shares of Casey's General Stores from a "market perform" rating to an "outperform" rating and set a $950.00 price objective for the company in a report on Monday, June 29th. KeyCorp increased their target price on Casey's General Stores from $950.00 to $970.00 and gave the company an "overweight" rating in a research note on Thursday, June 11th. Northcoast Research raised Casey's General Stores from a "neutral" rating to a "buy" rating and set a $950.00 target price for the company in a report on Monday, July 13th. Morgan Stanley upgraded Casey's General Stores to a "buy" rating in a research note on Wednesday, June 10th. Finally, BNP Paribas Exane lowered their price target on 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. Fourteen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $944.20.

Insider Buying and Selling at Casey's General Stores

In other Casey's General Stores news, CFO Stephen P. Bramlage, Jr. sold 5,700 shares of Casey's General Stores stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $838.16, for a total value of $4,777,512.00. Following the sale, the chief financial officer owned 29,677 shares of the company's stock, valued at $24,874,074.32. The trade was a 16.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Allison M. Wing sold 530 shares of Casey's General Stores stock in a transaction 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 directly owned 3,042 shares of the company's stock, valued at $2,547,918.36. The trade was a 14.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 30,243 shares of company stock worth $24,421,877. Insiders own 0.67% of the company's stock.

Casey's General Stores Stock Down 3.4%

Shares of CASY stock opened at $824.92 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 0.60 and a debt-to-equity ratio of 0.59. Casey's General Stores, Inc. has a 12 month low of $490.00 and a 12 month high of $927.85. The stock has a market cap of $30.53 billion, a P/E ratio of 43.05, a P/E/G ratio of 2.92 and a beta of 0.61. The company has a 50 day simple moving average of $836.11 and a two-hundred day simple moving average of $779.69.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last issued its quarterly earnings data 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. Casey's General Stores had a net margin of 4.07% and a return on equity of 18.73%. The firm had revenue of $4.57 billion during the quarter, compared to the consensus estimate of $4.33 billion. During the same quarter in the previous year, the firm posted $2.63 EPS. The company's revenue for the quarter was up 14.5% compared to the same quarter last year. On average, research analysts expect that Casey's General Stores, Inc. will post 21.11 earnings per share for the current year.

Casey's General Stores Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Saturday, August 1st were paid a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 0.3%. The ex-dividend date was Friday, July 31st. This is a positive change from Casey's General Stores's previous quarterly dividend of $0.57. Casey's General Stores's dividend payout ratio is currently 13.57%.

Casey's General Stores Company 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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