Raymond James Financial Inc. Has $282.05 Million Holdings in Casey's General Stores, Inc. (NASDAQ:CASY)

Key Points

• Raymond James Financial Inc. increased its stake in Casey's General Stores by 8.9% during the first quarter, holding approximately $282.05 million worth of shares.
• Casey's General Stores reported a quarterly earnings per share (EPS) of $2.63, significantly exceeding analyst expectations of $1.94, with a revenue increase of 10.9% year-over-year.
• The company recently declared a dividend increase from $0.50 to $0.57 per share, representing an annualized yield of 0.4%.

Raymond James Financial Inc. raised its stake in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 8.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 649,815 shares of the company's stock after acquiring an additional 52,939 shares during the quarter. Raymond James Financial Inc. owned about 1.75% of Casey's General Stores worth $282,045,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CASY. GAMMA Investing LLC increased its position in Casey's General Stores by 54,448.8% in the 1st quarter. GAMMA Investing LLC now owns 543,852 shares of the company's stock valued at $236,054,000 after acquiring an additional 542,855 shares in the last quarter. JPMorgan Chase & Co. increased its position in Casey's General Stores by 42.0% in the 1st quarter. JPMorgan Chase & Co. now owns 1,036,426 shares of the company's stock valued at $449,851,000 after acquiring an additional 306,628 shares in the last quarter. Nuveen LLC acquired a new stake in Casey's General Stores in the 1st quarter valued at about $76,467,000. Bank of New York Mellon Corp boosted its stake in shares of Casey's General Stores by 51.5% in the 1st quarter. Bank of New York Mellon Corp now owns 515,603 shares of the company's stock valued at $223,792,000 after purchasing an additional 175,372 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Casey's General Stores by 699.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 126,845 shares of the company's stock valued at $55,056,000 after purchasing an additional 110,982 shares during the last quarter. Institutional investors and hedge funds own 85.63% of the company's stock.

Casey's General Stores Stock Down 0.1%

Casey's General Stores stock opened at $507.84 on Friday. The company's 50 day simple moving average is $513.09 and its 200 day simple moving average is $460.50. Casey's General Stores, Inc. has a fifty-two week low of $350.52 and a fifty-two week high of $531.24. The firm has a market capitalization of $18.88 billion, a price-to-earnings ratio of 34.69 and a beta of 0.69. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.92 and a quick ratio of 0.48.

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

Casey's General Stores Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Friday, August 1st were paid a $0.57 dividend. The ex-dividend date of this dividend was Friday, August 1st. This is an increase from Casey's General Stores's previous quarterly dividend of $0.50. This represents a $2.28 dividend on an annualized basis and a yield of 0.4%. Casey's General Stores's payout ratio is presently 15.57%.

Insider Transactions at Casey's General Stores

In other Casey's General Stores news, CEO Darren M. Rebelez sold 20,000 shares of Casey's General Stores stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $507.83, for a total value of $10,156,600.00. Following the transaction, the chief executive officer owned 89,840 shares of the company's stock, valued at approximately $45,623,447.20. The trade was a 18.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Stephen P. Bramlage, Jr. sold 8,478 shares of Casey's General Stores stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $509.21, for a total transaction of $4,317,082.38. Following the completion of the transaction, the chief financial officer directly owned 26,754 shares in the company, valued at approximately $13,623,404.34. The trade was a 24.06% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,646 shares of company stock valued at $22,136,614. 0.54% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

CASY has been the topic of several recent research reports. KeyCorp raised their target price on shares of Casey's General Stores from $550.00 to $575.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. Royal Bank Of Canada raised their target price on shares of Casey's General Stores from $468.00 to $542.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 9th. The Goldman Sachs Group raised their target price on shares of Casey's General Stores from $385.00 to $450.00 and gave the company a "neutral" rating in a research note on Wednesday, June 11th. BMO Capital Markets raised their target price on shares of Casey's General Stores from $450.00 to $515.00 and gave the company a "market perform" rating in a research note on Wednesday, June 11th. Finally, Stephens reaffirmed an "overweight" rating and issued a $490.00 target price on shares of Casey's General Stores in a research note on Tuesday, June 10th. One research analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $467.33.

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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