Fifth Third Bancorp Trims Holdings in Casey's General Stores, Inc. $CASY

Key Points

• Fifth Third Bancorp reduced its holdings in Casey's General Stores by 58.8%, owning 754 shares worth approximately $385,000 at the end of the last quarter.
• Shares of Casey's General Stores opened at $565.32 and reported a quarterly earnings per share of $5.77, exceeding analysts' estimates of $5.02.
• The company declared a quarterly dividend of $0.57 per share, with an annualized yield of 0.4%, scheduled for payment on November 14th.

Fifth Third Bancorp lessened its stake in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 58.8% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 754 shares of the company's stock after selling 1,075 shares during the quarter. Fifth Third Bancorp's holdings in Casey's General Stores were worth $385,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in CASY. Wealth Enhancement Advisory Services LLC lifted its holdings in Casey's General Stores by 5.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 2,875 shares of the company's stock valued at $1,139,000 after purchasing an additional 161 shares in the last quarter. Versant Capital Management Inc bought a new position in Casey's General Stores during the first quarter worth $25,000. Merit Financial Group LLC bought a new stake in Casey's General Stores in the first quarter valued at $336,000. Fulton Bank N.A. bought a new stake in Casey's General Stores in the first quarter valued at $244,000. Finally, McLean Asset Management Corp bought a new stake in Casey's General Stores in the first quarter valued at $203,000. 85.63% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CASY. Wells Fargo & Company lifted their price objective on shares of Casey's General Stores from $540.00 to $580.00 and gave the company an "overweight" rating in a research note on Monday, September 8th. Wall Street Zen upgraded Casey's General Stores from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. BMO Capital Markets upped their price target on Casey's General Stores from $515.00 to $540.00 and gave the stock a "market perform" rating in a report on Wednesday, September 10th. KeyCorp upped their price target on Casey's General Stores from $550.00 to $575.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Finally, Royal Bank Of Canada upped their price target on Casey's General Stores from $468.00 to $542.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 9th. Seven investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $529.10.

Casey's General Stores Trading Up 0.8%

Shares of CASY stock opened at $565.32 on Wednesday. The firm has a market capitalization of $21.02 billion, a P/E ratio of 36.29 and a beta of 0.66. The company has a quick ratio of 0.61, a current ratio of 1.03 and a debt-to-equity ratio of 0.65. The stock's fifty day simple moving average is $524.20 and its 200 day simple moving average is $485.23. Casey's General Stores, Inc. has a twelve month low of $363.00 and a twelve month high of $571.57.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last posted its quarterly earnings results on Monday, September 8th. The company reported $5.77 earnings per share for the quarter, topping analysts' consensus estimates of $5.02 by $0.75. The business had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.47 billion. Casey's General Stores had a return on equity of 16.73% and a net margin of 3.54%.The firm's revenue for the quarter was up 11.5% on a year-over-year basis. During the same period in the prior year, the business earned $4.83 EPS. As a group, sell-side analysts predict that Casey's General Stores, Inc. will post 13.94 EPS for the current fiscal year.

Casey's General Stores Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Saturday, November 1st will be issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Friday, October 31st. Casey's General Stores's payout ratio is currently 14.63%.

Insider Buying and Selling at Casey's General Stores

In other Casey's General Stores news, insider Chad Michael Frazell sold 3,487 shares of the company's stock in a transaction that occurred on Monday, September 29th. The stock was sold at an average price of $555.40, for a total transaction of $1,936,679.80. Following the transaction, the insider owned 7,993 shares in the company, valued at approximately $4,439,312.20. This represents a 30.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.54% of the company's stock.

About Casey's General Stores

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.

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