Wealth Enhancement Advisory Services LLC Sells 25,636 Shares of Pathward Financial, Inc. $CASH

Key Points

• Wealth Enhancement Advisory Services LLC reduced its stake in Pathward Financial, Inc. by 10.9%, now holding 209,369 shares valued at approximately $17.3 million.
• Analysts have upgraded Pathward Financial's target price from $86.00 to $88.00, with a consensus rating of "Moderate Buy" and a target price of $91.00.
• Pathward Financial recently reported $1.81 earnings per share for the quarter, exceeding estimates and reflecting a year-over-year revenue increase of 10.8%.

Wealth Enhancement Advisory Services LLC cut its holdings in Pathward Financial, Inc. (NASDAQ:CASH - Free Report) by 10.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 209,369 shares of the savings and loans company's stock after selling 25,636 shares during the period. Wealth Enhancement Advisory Services LLC owned 0.88% of Pathward Financial worth $17,321,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Revolve Wealth Partners LLC bought a new position in Pathward Financial during the fourth quarter valued at about $267,437,000. Putney Financial Group LLC bought a new position in Pathward Financial during the fourth quarter valued at about $32,223,000. Nuveen LLC bought a new position in Pathward Financial during the first quarter valued at about $22,795,000. Wellington Management Group LLP bought a new position in Pathward Financial during the first quarter valued at about $12,999,000. Finally, Neumeier Poma Investment Counsel LLC bought a new position in Pathward Financial during the first quarter valued at about $9,679,000. 92.66% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods upped their price objective on Pathward Financial from $86.00 to $88.00 and gave the company a "market perform" rating in a research note on Friday, July 11th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $91.00.

Pathward Financial Trading Down 1.3%

NASDAQ:CASH traded down $1.02 during trading hours on Tuesday, hitting $76.29. 70,895 shares of the stock were exchanged, compared to its average volume of 195,553. The company's 50 day moving average is $77.35 and its two-hundred day moving average is $76.69. Pathward Financial, Inc. has a twelve month low of $62.79 and a twelve month high of $86.00. The company has a quick ratio of 0.77, a current ratio of 0.78 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $1.74 billion, a P/E ratio of 10.13 and a beta of 0.64.

Pathward Financial (NASDAQ:CASH - Get Free Report) last posted its quarterly earnings data on Monday, July 28th. The savings and loans company reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.24. Pathward Financial had a return on equity of 22.53% and a net margin of 22.23%.The firm had revenue of $195.80 million for the quarter, compared to the consensus estimate of $184.80 million. During the same quarter in the prior year, the business earned $1.66 EPS. The business's revenue for the quarter was up 10.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Pathward Financial, Inc. will post 7.26 earnings per share for the current fiscal year.

Pathward Financial Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Wednesday, September 10th will be given a dividend of $0.05 per share. The ex-dividend date is Wednesday, September 10th. This represents a $0.20 annualized dividend and a dividend yield of 0.3%. Pathward Financial's payout ratio is presently 2.65%.

About Pathward Financial

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.