Rafferty Asset Management LLC Trims Stake in Pathward Financial, Inc. $CASH

Key Points

• Rafferty Asset Management LLC reduced its stake in Pathward Financial, Inc. by 14.9%, selling 5,226 shares and owning approximately 0.13% of the company worth $2.185 million.
• Pathward Financial reported strong quarterly earnings of $1.81 per share, exceeding estimates by $0.24, with revenues up 10.8% from the same quarter last year.
• The company declared a quarterly dividend of $0.05 per share, with a dividend yield of 0.3%, set to be paid on October 1st to stockholders of record on September 10th.

Rafferty Asset Management LLC reduced its position in Pathward Financial, Inc. (NASDAQ:CASH - Free Report) by 14.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,955 shares of the savings and loans company's stock after selling 5,226 shares during the quarter. Rafferty Asset Management LLC owned approximately 0.13% of Pathward Financial worth $2,185,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. USAdvisors Wealth Management LLC lifted its stake in shares of Pathward Financial by 37.0% during the 1st quarter. USAdvisors Wealth Management LLC now owns 607 shares of the savings and loans company's stock valued at $44,000 after buying an additional 164 shares in the last quarter. Diversified Trust Co raised its holdings in Pathward Financial by 1.9% during the first quarter. Diversified Trust Co now owns 9,097 shares of the savings and loans company's stock valued at $664,000 after acquiring an additional 166 shares during the period. Cetera Investment Advisers boosted its stake in shares of Pathward Financial by 2.9% in the fourth quarter. Cetera Investment Advisers now owns 6,107 shares of the savings and loans company's stock worth $449,000 after acquiring an additional 171 shares during the period. HighTower Advisors LLC grew its position in shares of Pathward Financial by 3.7% during the first quarter. HighTower Advisors LLC now owns 4,906 shares of the savings and loans company's stock worth $358,000 after purchasing an additional 175 shares in the last quarter. Finally, SummerHaven Investment Management LLC raised its stake in Pathward Financial by 1.4% during the 1st quarter. SummerHaven Investment Management LLC now owns 13,271 shares of the savings and loans company's stock valued at $968,000 after purchasing an additional 181 shares during the period. 92.66% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods upped their price target on Pathward Financial from $86.00 to $88.00 and gave the stock 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 MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $91.00.

Pathward Financial Price Performance

Shares of NASDAQ CASH traded up $0.21 during midday trading on Thursday, reaching $77.90. 45,237 shares of the stock traded hands, compared to its average volume of 194,393. The company's 50 day moving average is $78.86 and its 200 day moving average is $76.75. Pathward Financial, Inc. has a one year low of $62.79 and a one year high of $86.00. The stock has a market capitalization of $1.86 billion, a PE ratio of 10.31 and a beta of 0.64. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.78 and a quick ratio of 0.77.

Pathward Financial (NASDAQ:CASH - Get Free Report) last released its quarterly earnings results on Monday, July 28th. The savings and loans company reported $1.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.57 by $0.24. Pathward Financial had a net margin of 22.23% and a return on equity of 22.16%. The company 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 firm earned $1.66 earnings per share. Pathward Financial's revenue was up 10.8% on a year-over-year basis. On average, equities research analysts anticipate that Pathward Financial, Inc. will post 7.26 earnings per share for the current year.

Pathward Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Wednesday, September 10th will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Wednesday, September 10th. 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.