Horizon Bancorp Inc. IN Takes Position in Casey's General Stores, Inc. $CASY

Key Points

• Horizon Bancorp Inc. has acquired a new stake in Casey's General Stores, Inc., purchasing 750 shares valued at approximately $383,000 in the second quarter.
• Several hedge funds have significantly increased their holdings in Casey's General Stores, indicating strong institutional interest in the stock.
• Casey's General Stores recently reported a quarterly EPS of $5.77, exceeding analysts' expectations, and announced a quarterly dividend of $0.57 per share.

Horizon Bancorp Inc. IN purchased 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 Form 13F filing with the SEC. The institutional investor purchased 750 shares of the company's stock, valued at approximately $383,000.

Several other hedge funds have also made changes to their positions in CASY. Wellington Management Group LLP boosted its position in shares of Casey's General Stores by 190.6% during the 1st quarter. Wellington Management Group LLP now owns 1,244,311 shares of the company's stock worth $540,081,000 after purchasing an additional 816,110 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Casey's General Stores by 42.0% during the 1st quarter. JPMorgan Chase & Co. now owns 1,036,426 shares of the company's stock worth $449,851,000 after purchasing an additional 306,628 shares during the period. Raymond James Financial Inc. boosted its position in shares of Casey's General Stores by 8.9% during the 1st quarter. Raymond James Financial Inc. now owns 649,815 shares of the company's stock worth $282,045,000 after purchasing an additional 52,939 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Casey's General Stores by 51.5% during the 1st quarter. Bank of New York Mellon Corp now owns 515,603 shares of the company's stock worth $223,792,000 after purchasing an additional 175,372 shares during the period. Finally, Northern Trust Corp boosted its position in shares of Casey's General Stores by 0.6% during the 1st quarter. Northern Trust Corp now owns 334,445 shares of the company's stock worth $145,163,000 after purchasing an additional 1,941 shares during the period. Hedge funds and other institutional investors own 85.63% of the company's stock.

Insider Buying and Selling at Casey's General Stores

In other news, insider Chad Michael Frazell sold 3,487 shares of the firm's stock in a transaction on Monday, September 29th. The shares were sold at an average price of $555.40, for a total value of $1,936,679.80. Following the sale, the insider directly owned 7,993 shares in the company, valued at approximately $4,439,312.20. This trade represents a 30.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.54% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CASY. Royal Bank Of Canada increased their price objective on shares of Casey's General Stores from $468.00 to $542.00 and gave the stock a "sector perform" rating in a research report on Wednesday, July 9th. Wells Fargo & Company increased their price objective on shares of Casey's General Stores from $540.00 to $580.00 and gave the stock an "overweight" rating in a research report on Monday, September 8th. BMO Capital Markets increased their price objective on shares of Casey's General Stores from $515.00 to $540.00 and gave the stock a "market perform" rating in a research report on Wednesday, September 10th. Evercore ISI increased their price objective on shares of Casey's General Stores from $560.00 to $580.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 10th. Finally, Jefferies Financial Group increased their price objective on shares of Casey's General Stores from $575.00 to $600.00 and gave the stock a "buy" rating in a research report on Tuesday, September 9th. Eight analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $533.10.

Casey's General Stores Price Performance

Casey's General Stores stock opened at $552.24 on Friday. The firm has a market cap of $20.53 billion, a PE ratio of 35.45 and a beta of 0.68. Casey's General Stores, Inc. has a 52-week low of $372.08 and a 52-week high of $571.57. 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 company's 50 day moving average is $528.95 and its two-hundred day moving average is $492.28.

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

Casey's General Stores Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Saturday, November 1st will be issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Friday, October 31st. Casey's General Stores's dividend payout ratio (DPR) is presently 14.63%.

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.

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