UNIVEST FINANCIAL Corp Takes $1.44 Million Position in Casey's General Stores, Inc. (NASDAQ:CASY)

Key Points

• UNIVEST FINANCIAL Corp has purchased a new stake in Casey's General Stores, Inc., acquiring 3,326 shares valued at approximately $1,444,000.
• Casey's General Stores reported $2.63 earnings per share for the recent quarter, surpassing analysts' expectations and achieving a 10.9% revenue increase year-over-year.
• The company recently declared a quarterly dividend increase from $0.50 to $0.57 per share, which will be paid on August 15th to shareholders of record on August 1st.

UNIVEST FINANCIAL Corp purchased a new position in Casey's General Stores, Inc. (NASDAQ:CASY - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 3,326 shares of the company's stock, valued at approximately $1,444,000.

Other large investors have also recently made changes to their positions in the company. Blueshift Asset Management LLC increased its position in shares of Casey's General Stores by 50.4% during the first quarter. Blueshift Asset Management LLC now owns 1,041 shares of the company's stock valued at $452,000 after acquiring an additional 349 shares during the last quarter. Commerce Bank raised its stake in Casey's General Stores by 7.1% during the 1st quarter. Commerce Bank now owns 12,523 shares of the company's stock valued at $5,435,000 after acquiring an additional 833 shares during the last quarter. Moors & Cabot Inc. increased its position in Casey's General Stores by 1.9% during the 1st quarter. Moors & Cabot Inc. now owns 10,589 shares of the company's stock worth $4,596,000 after purchasing an additional 200 shares during the period. MGO One Seven LLC increased its holdings in shares of Casey's General Stores by 22.4% in the 1st quarter. MGO One Seven LLC now owns 5,106 shares of the company's stock valued at $2,216,000 after purchasing an additional 934 shares in the last quarter. Finally, Menard Financial Group LLC grew its stake in Casey's General Stores by 2.1% in the 1st quarter. Menard Financial Group LLC now owns 1,290 shares of the company's stock valued at $603,000 after acquiring an additional 27 shares during the last quarter. 85.63% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Casey's General Stores from a "hold" rating to a "buy" rating in a research report on Saturday, June 14th. The Goldman Sachs Group boosted their price objective on shares of Casey's General Stores from $385.00 to $450.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 11th. Royal Bank Of Canada upped 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. KeyCorp boosted their price objective on shares of Casey's General Stores from $550.00 to $575.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. Finally, Wells Fargo & Company raised their target price on 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. One research analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Casey's General Stores currently has an average rating of "Moderate Buy" and an average target price of $467.33.

Insider Activity at Casey's General Stores

In related news, insider Chad Michael Frazell sold 4,808 shares of the firm's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $503.97, for a total value of $2,423,087.76. Following the sale, the insider directly owned 11,480 shares in the company, valued at $5,785,575.60. This trade represents a 29.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Darren M. Rebelez sold 20,000 shares of the business's stock in a transaction on Tuesday, June 17th. The stock was 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 $45,623,447.20. This trade represents a 18.21% 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. Company insiders own 0.54% of the company's stock.

Casey's General Stores Stock Performance

CASY stock traded up $0.47 during midday trading on Monday, reaching $523.25. The company had a trading volume of 309,783 shares, compared to its average volume of 284,983. The firm has a market capitalization of $19.45 billion, a PE ratio of 35.74 and a beta of 0.69. Casey's General Stores, Inc. has a fifty-two week low of $350.52 and a fifty-two week high of $531.24. The company has a quick ratio of 0.48, a current ratio of 0.92 and a debt-to-equity ratio of 0.69. The stock has a 50 day moving average price of $498.60 and a 200 day moving average price of $453.21.

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

Casey's General Stores Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Friday, August 1st will be issued a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 0.4%. This is a boost from Casey's General Stores's previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Friday, August 1st. Casey's General Stores's dividend payout ratio is presently 15.57%.

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.