Equitable Holdings Inc. Invests $1.65 Million in Casey’s General Stores, Inc. $CASY

Equitable Holdings Inc. acquired a new stake in shares of Casey’s General Stores, Inc. (NASDAQ:CASY) during the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 2,073 shares of the company’s stock, valued at approximately $1,648,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in Casey’s General Stores during the 2nd quarter worth approximately $2,759,895,000. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Casey’s General Stores by 179,938.2% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,659,164 shares of the company’s stock worth $1,469,747,000 after buying an additional 2,657,687 shares during the last quarter. Norges Bank purchased a new position in shares of Casey’s General Stores in the fourth quarter worth $265,163,000. Bank of America Corp DE acquired a new stake in shares of Casey’s General Stores during the second quarter worth $281,872,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Casey’s General Stores during the second quarter worth $281,011,000. 85.63% of the stock is owned by hedge funds and other institutional investors.

Casey’s General Stores Stock Down 1.0%

CASY stock opened at $755.47 on Friday. The firm’s fifty day simple moving average is $831.92 and its 200-day simple moving average is $781.32. The company has a market capitalization of $27.96 billion, a P/E ratio of 39.43, a price-to-earnings-growth ratio of 2.61 and a beta of 0.61. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.01 and a quick ratio of 0.60. Casey’s General Stores, Inc. has a 12 month low of $490.00 and a 12 month high of $927.85.

Casey’s General Stores (NASDAQ:CASY) last issued its earnings results on Tuesday, June 9th. The company reported $4.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.31 by $1.06. Casey’s General Stores had a net margin of 4.07% and a return on equity of 18.73%. The firm had revenue of $4.57 billion during the quarter, compared to analysts’ expectations of $4.33 billion. During the same quarter last year, the company posted $2.63 earnings per share. The firm’s revenue was up 14.5% compared to the same quarter last year. As a group, equities research analysts forecast that Casey’s General Stores, Inc. will post 21.11 earnings per share for the current year.

Casey’s General Stores Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Saturday, August 1st were paid a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Friday, July 31st. This is an increase from Casey’s General Stores’s previous quarterly dividend of $0.57. Casey’s General Stores’s dividend payout ratio (DPR) is 13.57%.

Wall Street Analyst Weigh In

CASY has been the topic of a number of research analyst reports. Evercore reissued an “outperform” rating and set a $990.00 price objective on shares of Casey’s General Stores in a report on Friday, June 12th. Weiss Ratings cut Casey’s General Stores from a “buy (b+)” rating to a “buy (b)” rating in a research report on Tuesday, July 21st. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $1,000.00 price target on shares of Casey’s General Stores in a research report on Monday, June 15th. Morgan Stanley raised Casey’s General Stores to a “buy” rating in a report on Wednesday, June 10th. Finally, JPMorgan Chase & Co. increased their price objective on Casey’s General Stores from $719.00 to $975.00 and gave the company a “neutral” rating in a report on Friday, June 12th. Fourteen equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $942.87.

Insider Buying and Selling at Casey’s General Stores

In other news, insider Chad Michael Frazell sold 3,013 shares of the company’s stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $787.49, for a total value of $2,372,707.37. Following the sale, the insider owned 9,823 shares in the company, valued at $7,735,514.27. This represents a 23.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Darren M. Rebelez sold 19,000 shares of the firm’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $801.46, for a total value of $15,227,740.00. Following the sale, the chief executive officer directly owned 89,174 shares in the company, valued at approximately $71,469,394.04. This trade represents a 17.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 30,243 shares of company stock worth $24,421,877. Insiders own 0.67% of the company’s stock.

Casey’s General Stores Company Profile

Casey’s General Stores, Inc (NASDAQ: CASY) is a U.S.-based convenience store chain that operates retail fuel stations and food-focused convenience outlets. Founded in 1959 in Boone, Iowa, the company has grown from a single neighborhood store into a regional operator known for combining traditional convenience retailing—fuel, packaged goods and tobacco—with a larger emphasis on fresh and prepared foods.

The company’s stores typically offer gasoline and diesel alongside a range of grocery essentials, grab-and-go items and made-to-order foodservice.