Truist Financial Corp Sells 639 Shares of Casey's General Stores, Inc. $CASY

Key Points

• Truist Financial Corp has reduced its stake in Casey's General Stores, Inc. by 7.1%, selling 639 shares and now holding a total of 8,345 shares valued at approximately $4.26 million.
• Despite Truist's reduction, other institutional investors like Wellington Management Group LLP and JPMorgan Chase & Co. have increased their holdings significantly in Casey's, indicating strong institutional interest.
• Casey's General Stores reported a quarterly earnings per share (EPS) of $5.77, surpassing analyst expectations, with total revenue reaching $4.57 billion, marking an 11.5% increase from the previous year.

Truist Financial Corp lowered its position in shares of Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) by 7.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,345 shares of the company's stock after selling 639 shares during the period. Truist Financial Corp's holdings in Casey's General Stores were worth $4,258,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Wellington Management Group LLP grew its position in Casey's General Stores by 190.6% during the first quarter. Wellington Management Group LLP now owns 1,244,311 shares of the company's stock worth $540,081,000 after buying an additional 816,110 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Casey's General Stores by 42.0% in the first quarter. JPMorgan Chase & Co. now owns 1,036,426 shares of the company's stock worth $449,851,000 after purchasing an additional 306,628 shares during the last quarter. Raymond James Financial Inc. increased its position in shares of Casey's General Stores by 8.9% in the first quarter. Raymond James Financial Inc. now owns 649,815 shares of the company's stock worth $282,045,000 after purchasing an additional 52,939 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Casey's General Stores by 51.5% in the first 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 in the last quarter. Finally, Northern Trust Corp lifted its position in Casey's General Stores by 0.6% during the first quarter. Northern Trust Corp now owns 334,445 shares of the company's stock valued at $145,163,000 after purchasing an additional 1,941 shares during the last quarter. Institutional investors own 85.63% of the company's stock.

Casey's General Stores Price Performance

CASY opened at $554.78 on Wednesday. The stock's 50 day moving average price is $527.74 and its 200-day moving average price is $490.89. Casey's General Stores, Inc. has a 52-week low of $372.08 and a 52-week high of $571.57. The stock has a market capitalization of $20.63 billion, a PE ratio of 35.61 and a beta of 0.68. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.61 and a current ratio of 1.03.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last issued its quarterly earnings data on Monday, September 8th. The company reported $5.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.02 by $0.75. Casey's General Stores had a net margin of 3.54% and a return on equity of 16.73%. The business had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.47 billion. During the same period in the previous year, the firm earned $4.83 EPS. The company's quarterly revenue was up 11.5% compared to the same quarter last year. On average, equities research analysts predict that Casey's General Stores, Inc. will post 13.94 EPS for the current year.

Casey's General Stores Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Saturday, November 1st will be issued a dividend of $0.57 per share. The ex-dividend date is Friday, October 31st. This represents a $2.28 dividend on an annualized basis and a dividend yield of 0.4%. Casey's General Stores's dividend payout ratio is 14.63%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on CASY shares. Royal Bank Of Canada boosted their price target on shares of Casey's General Stores from $468.00 to $542.00 and gave the stock a "sector perform" rating in a research note on Wednesday, July 9th. Jefferies Financial Group upped their target price on shares of Casey's General Stores from $575.00 to $600.00 and gave the stock a "buy" rating in a research report on Tuesday, September 9th. Wells Fargo & Company raised their price target on Casey's General Stores from $540.00 to $580.00 and gave the company an "overweight" rating in a research report on Monday, September 8th. BMO Capital Markets upped their price objective on Casey's General Stores from $515.00 to $540.00 and gave the stock a "market perform" rating in a report on Wednesday, September 10th. Finally, The Goldman Sachs Group raised their price objective on Casey's General Stores from $450.00 to $490.00 and gave the company a "neutral" rating in a report on Wednesday, September 10th. Eight equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $529.10.

Insider Activity

In other news, insider Chad Michael Frazell sold 3,487 shares of the firm's stock in a transaction that occurred on Monday, September 29th. The stock was sold at an average price of $555.40, for a total value of $1,936,679.80. Following the completion of the transaction, the insider owned 7,993 shares in the company, valued at $4,439,312.20. This trade represents a 30.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.54% of the company's stock.

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.

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