PNC Financial Services Group Inc. Boosts Holdings in Casey's General Stores, Inc. $CASY

Key Points

• PNC Financial Services Group increased its stake in Casey's General Stores by 2.6% in the fourth quarter, owning 140,491 shares valued at about $77.7 million.
• Several other institutional investors also boosted holdings, and hedge funds and institutions now own 85.63% of Casey's stock.
• Casey's recent results topped earnings expectations, with EPS of $3.49 beating estimates, while analysts currently rate the stock Moderate Buy with a consensus price target of $737.36.

PNC Financial Services Group Inc. grew its stake in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 2.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 140,491 shares of the company's stock after purchasing an additional 3,553 shares during the period. PNC Financial Services Group Inc. owned approximately 0.38% of Casey's General Stores worth $77,651,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. lifted its holdings in Casey's General Stores by 179,938.2% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,659,164 shares of the company's stock worth $1,469,747,000 after buying an additional 2,657,687 shares during the period. Victory Capital Management Inc. grew its holdings in shares of Casey's General Stores by 35.4% during the 3rd quarter. Victory Capital Management Inc. now owns 791,415 shares of the company's stock worth $447,403,000 after acquiring an additional 206,777 shares during the period. Franklin Resources Inc. raised its position in shares of Casey's General Stores by 7.0% in the 3rd quarter. Franklin Resources Inc. now owns 758,212 shares of the company's stock worth $428,632,000 after acquiring an additional 49,319 shares in the last quarter. Invesco Ltd. raised its position in shares of Casey's General Stores by 5.0% in the 3rd quarter. Invesco Ltd. now owns 507,998 shares of the company's stock worth $287,182,000 after acquiring an additional 24,091 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Casey's General Stores by 2.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 447,265 shares of the company's stock valued at $252,832,000 after purchasing an additional 8,781 shares during the period. Hedge funds and other institutional investors own 85.63% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CASY. JPMorgan Chase & Co. began coverage on Casey's General Stores in a research note on Thursday, March 26th. They issued a "neutral" rating and a $719.00 price target on the stock. Stephens reissued an "overweight" rating and set a $680.00 price objective on shares of Casey's General Stores in a research report on Tuesday, March 10th. UBS Group boosted their target price on shares of Casey's General Stores from $600.00 to $706.00 and gave the company a "neutral" rating in a report on Wednesday, March 11th. BMO Capital Markets reaffirmed a "market perform" rating and issued a $700.00 target price on shares of Casey's General Stores in a research report on Wednesday, March 4th. Finally, Jefferies Financial Group increased their price target on shares of Casey's General Stores from $700.00 to $780.00 and gave the stock a "buy" rating in a research note on Tuesday, March 10th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $737.36.

Insider Buying and Selling

In other Casey's General Stores news, insider Katrina S. Lindsey sold 200 shares of Casey's General Stores stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $683.04, for a total value of $136,608.00. Following the completion of the sale, the insider owned 4,039 shares of the company's stock, valued at approximately $2,758,798.56. The trade was a 4.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Mike Spanos bought 300 shares of the firm's stock in a transaction on Friday, March 13th. The shares were bought at an average price of $665.43 per share, with a total value of $199,629.00. Following the completion of the purchase, the director owned 4,499 shares in the company, valued at approximately $2,993,769.57. The trade was a 7.14% increase in their position. The SEC filing for this purchase provides additional information. 0.54% of the stock is owned by corporate insiders.

Casey's General Stores Trading Up 0.0%

Shares of NASDAQ:CASY opened at $852.51 on Thursday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.04 and a quick ratio of 0.64. Casey's General Stores, Inc. has a 1 year low of $433.16 and a 1 year high of $901.00. The company has a market cap of $31.51 billion, a P/E ratio of 48.94, a PEG ratio of 2.36 and a beta of 0.65. The stock's fifty day moving average price is $763.05 and its 200-day moving average price is $654.79.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last released its quarterly earnings data on Monday, March 9th. The company reported $3.49 EPS for the quarter, topping the consensus estimate of $2.94 by $0.55. The company had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $4.08 billion. Casey's General Stores had a return on equity of 17.56% and a net margin of 3.83%.Casey's General Stores's revenue for the quarter was up .3% on a year-over-year basis. During the same period last year, the company earned $2.33 EPS. Sell-side analysts expect that Casey's General Stores, Inc. will post 18.24 earnings per share for the current year.

Casey's General Stores Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 1st were issued a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend was Friday, May 1st. Casey's General Stores's payout ratio is presently 13.09%.

About Casey's General Stores

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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