Casey's General Stores, Inc. $CASY Shares Sold by Comerica Bank

Key Points

• Comerica Bank reduced its stake in Casey's General Stores by 7.9% during the first quarter, holding 15,306 shares valued at approximately $6.64 million by the end of the quarter.
• Insider selling was notable, with CFO Stephen P. Bramlage, Jr. selling 760 shares, and other insiders collectively selling a total of 43,646 shares worth over $22 million in the past 90 days.
• Analysts have raised their price targets for Casey's General Stores, with recent targets ranging from $515 to $575, reflecting a positive outlook and a consensus rating of "Moderate Buy."

Comerica Bank lowered its stake in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 7.9% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 15,306 shares of the company's stock after selling 1,310 shares during the quarter. Comerica Bank's holdings in Casey's General Stores were worth $6,643,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in CASY. Versant Capital Management Inc purchased a new stake in shares of Casey's General Stores in the first quarter worth about $25,000. Global Financial Private Client LLC increased its position in shares of Casey's General Stores by 325.0% in the first quarter. Global Financial Private Client LLC now owns 68 shares of the company's stock worth $30,000 after purchasing an additional 52 shares during the last quarter. Summit Securities Group LLC bought a new position in shares of Casey's General Stores in the first quarter worth approximately $32,000. Iron Horse Wealth Management LLC increased its position in shares of Casey's General Stores by 40.0% in the first quarter. Iron Horse Wealth Management LLC now owns 91 shares of the company's stock worth $40,000 after purchasing an additional 26 shares during the last quarter. Finally, Whipplewood Advisors LLC increased its position in shares of Casey's General Stores by 160.0% in the first quarter. Whipplewood Advisors LLC now owns 117 shares of the company's stock worth $51,000 after purchasing an additional 72 shares during the last quarter. Institutional investors own 85.63% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on CASY shares. KeyCorp raised their target price on shares of Casey's General Stores from $550.00 to $575.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. BMO Capital Markets raised their price target on Casey's General Stores from $450.00 to $515.00 and gave the stock a "market perform" rating in a research note on Wednesday, June 11th. Wells Fargo & Company raised their price objective on Casey's General Stores from $460.00 to $540.00 and gave the company an "overweight" rating in a research report on Wednesday, June 11th. Stephens reissued an "overweight" rating and set a $490.00 price objective on shares of Casey's General Stores in a research report on Tuesday, June 10th. Finally, Royal Bank Of Canada lifted their price objective on Casey's General Stores from $468.00 to $542.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 9th. Eight equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $467.33.

Casey's General Stores Stock Down 0.3%

Shares of CASY traded down $1.48 during midday trading on Friday, reaching $494.52. 242,875 shares of the stock were exchanged, compared to its average volume of 225,096. Casey's General Stores, Inc. has a 52 week low of $350.52 and a 52 week high of $531.24. The company has a current ratio of 0.92, a quick ratio of 0.48 and a debt-to-equity ratio of 0.69. The company's 50 day moving average is $514.19 and its two-hundred day moving average is $465.88. The company has a market capitalization of $18.39 billion, a P/E ratio of 33.78 and a beta of 0.66.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last issued its quarterly earnings data on Monday, June 9th. The company reported $2.63 earnings per share for the quarter, beating analysts' consensus estimates of $1.94 by $0.69. The company had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $3.95 billion. Casey's General Stores had a return on equity of 16.28% and a net margin of 3.43%.The firm's revenue for the quarter was up 10.9% compared to the same quarter last year. During the same quarter last year, the company earned $2.34 earnings per share. On average, sell-side analysts anticipate that Casey's General Stores, Inc. will post 13.94 earnings per share for the current year.

Casey's General Stores Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Friday, August 1st were paid a $0.57 dividend. This is a boost from Casey's General Stores's previous quarterly dividend of $0.50. This represents a $2.28 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend was Friday, August 1st. Casey's General Stores's dividend payout ratio is presently 15.57%.

Insider Transactions at Casey's General Stores

In other news, Director Mike Spanos purchased 200 shares of the stock in a transaction dated Monday, June 30th. The shares were purchased at an average cost of $503.18 per share, with a total value of $100,636.00. Following the completion of the purchase, the director directly owned 3,560 shares of the company's stock, valued at approximately $1,791,320.80. The trade was a 5.95% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Katrina S. Lindsey sold 2,000 shares of the business's stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $506.07, for a total value of $1,012,140.00. Following the transaction, the insider directly owned 4,636 shares in the company, valued at $2,346,140.52. This trade represents a 30.14% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 43,646 shares of company stock valued at $22,136,614. Insiders own 0.54% of the company's stock.

Casey's General Stores Profile

Casey's General Stores, Inc engages in the provision of management and operation of convenience stores and gasoline stations. It provides self-service gasoline, a wide selection of grocery items, and an array of freshly prepared food items. The firm offers food, beverages, tobacco products, health and beauty aids, automotive products, and other non-food items.