Casey's General Stores, Inc. (NASDAQ:CASY) Shares Purchased by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group Inc. significantly increased its holdings in Casey's General Stores by 699.6% during the first quarter, owning 126,845 shares worth approximately $55 million.
• Casey's General Stores reported earnings of $2.63 per share, exceeding analyst expectations, and achieved a revenue of $3.99 billion, reflecting a 10.9% year-over-year growth.
• The company announced a quarterly dividend of $0.57, representing a 14% increase from its previous dividend, and the ex-dividend date is set for August 1st.

PNC Financial Services Group Inc. grew its holdings in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 699.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 126,845 shares of the company's stock after acquiring an additional 110,982 shares during the period. PNC Financial Services Group Inc. owned about 0.34% of Casey's General Stores worth $55,056,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Flagship Harbor Advisors LLC raised its holdings in shares of Casey's General Stores by 4.1% during the 1st quarter. Flagship Harbor Advisors LLC now owns 590 shares of the company's stock valued at $256,000 after purchasing an additional 23 shares in the last quarter. Burns J W & Co. Inc. NY lifted its position in Casey's General Stores by 2.1% in the first quarter. Burns J W & Co. Inc. NY now owns 1,204 shares of the company's stock worth $522,000 after purchasing an additional 25 shares during the period. Sunbelt Securities Inc. lifted its position in Casey's General Stores by 1.4% in the first quarter. Sunbelt Securities Inc. now owns 1,870 shares of the company's stock worth $812,000 after purchasing an additional 26 shares during the period. Iron Horse Wealth Management LLC raised its stake in Casey's General Stores by 40.0% during the first quarter. Iron Horse Wealth Management LLC now owns 91 shares of the company's stock worth $40,000 after acquiring an additional 26 shares in the last quarter. Finally, Menard Financial Group LLC raised its stake in Casey's General Stores by 2.1% during the first quarter. Menard Financial Group LLC now owns 1,290 shares of the company's stock worth $603,000 after acquiring an additional 27 shares in the last quarter. 85.63% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CASY has been the topic of a number of research reports. KeyCorp upped 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 research report on Friday, July 25th. BMO Capital Markets increased their price target on Casey's General Stores from $450.00 to $515.00 and gave the stock a "market perform" rating in a report on Wednesday, June 11th. The Goldman Sachs Group boosted their price target on shares of Casey's General Stores from $385.00 to $450.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 11th. Wells Fargo & Company increased their price target on shares of Casey's General Stores from $460.00 to $540.00 and gave the company an "overweight" rating in a research note on Wednesday, June 11th. Finally, Wall Street Zen raised shares of Casey's General Stores from a "hold" rating to a "buy" rating in a research report on Saturday, June 14th. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, Casey's General Stores presently has a consensus rating of "Moderate Buy" and a consensus price target of $467.33.

Insiders Place Their Bets

In other Casey's General Stores news, insider Chad Michael Frazell sold 4,808 shares of the firm's stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $503.97, for a total transaction of $2,423,087.76. Following the sale, the insider owned 11,480 shares of the company's stock, valued at approximately $5,785,575.60. This trade represents a 29.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Katrina S. Lindsey sold 2,000 shares of the company's stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $506.07, for a total transaction of $1,012,140.00. Following the completion of the sale, the insider owned 4,636 shares of the company's stock, valued at approximately $2,346,140.52. This trade represents a 30.14% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 43,646 shares of company stock worth $22,136,614. Corporate insiders own 0.54% of the company's stock.

Casey's General Stores Stock Down 0.6%

Shares of CASY traded down $3.21 during trading hours on Thursday, hitting $518.28. The company had a trading volume of 214,962 shares, compared to its average volume of 358,502. The company has a market capitalization of $19.27 billion, a PE ratio of 35.40 and a beta of 0.69. 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 fifty day moving average price is $502.98 and its two-hundred day moving average price is $455.01. Casey's General Stores, Inc. has a one year low of $350.52 and a one year high of $531.24.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last announced its quarterly earnings results on Monday, June 9th. The company reported $2.63 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.94 by $0.69. The firm had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $3.95 billion. Casey's General Stores had a net margin of 3.43% and a return on equity of 16.28%. The firm's quarterly revenue was up 10.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.34 earnings per share. As a group, equities analysts forecast that Casey's General Stores, Inc. will post 13.94 earnings per share for the current fiscal year.

Casey's General Stores Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Friday, August 1st will be paid a $0.57 dividend. This represents a $2.28 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Friday, August 1st. This is a boost from Casey's General Stores's previous quarterly dividend of $0.50. Casey's General Stores's dividend payout ratio (DPR) is 15.57%.

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.