Truist Financial Corp Decreases Stake in Casey’s General Stores, Inc. (NASDAQ:CASY)

Truist Financial Corp cut its stake in shares of Casey’s General Stores, Inc. (NASDAQ:CASY) by 17.9% during the second quarter, HoldingsChannel.com reports. The firm owned 34,248 shares of the company’s stock after selling 7,461 shares during the period. Truist Financial Corp’s holdings in Casey’s General Stores were worth $13,068,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in CASY. Point72 Asset Management L.P. purchased a new stake in Casey’s General Stores during the second quarter worth about $3,654,000. Regal Investment Advisors LLC purchased a new stake in shares of Casey’s General Stores during the 2nd quarter worth approximately $300,000. Quarry LP acquired a new stake in shares of Casey’s General Stores in the 2nd quarter worth approximately $72,000. Wallace Advisory Group LLC purchased a new position in Casey’s General Stores in the 2nd quarter valued at approximately $246,000. Finally, Sunbelt Securities Inc. raised its holdings in Casey’s General Stores by 13.8% during the second quarter. Sunbelt Securities Inc. now owns 1,849 shares of the company’s stock worth $705,000 after purchasing an additional 224 shares during the last quarter. Hedge funds and other institutional investors own 85.63% of the company’s stock.

Casey’s General Stores Stock Performance

NASDAQ:CASY opened at $370.59 on Friday. The company has a market cap of $13.75 billion, a P/E ratio of 27.59 and a beta of 0.80. The firm’s 50 day moving average is $373.51 and its two-hundred day moving average is $351.94. Casey’s General Stores, Inc. has a fifty-two week low of $260.13 and a fifty-two week high of $401.07. The company has a quick ratio of 0.44, a current ratio of 0.84 and a debt-to-equity ratio of 0.44.

Casey’s General Stores (NASDAQ:CASY) last issued its earnings results on Wednesday, September 4th. The company reported $4.83 earnings per share for the quarter, topping the consensus estimate of $4.54 by $0.29. The business had revenue of $4.10 billion for the quarter, compared to analyst estimates of $4.15 billion. Casey’s General Stores had a return on equity of 17.07% and a net margin of 3.40%. The business’s quarterly revenue was up 5.9% on a year-over-year basis. During the same period last year, the company posted $4.52 EPS. Analysts expect that Casey’s General Stores, Inc. will post 14.01 EPS for the current year.

Casey’s General Stores Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, November 1st will be paid a dividend of $0.50 per share. The ex-dividend date of this dividend is Friday, November 1st. This represents a $2.00 annualized dividend and a yield of 0.54%. Casey’s General Stores’s dividend payout ratio is currently 14.89%.

Insider Transactions at Casey’s General Stores

In related news, CEO Darren M. Rebelez sold 13,500 shares of the company’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $374.54, for a total transaction of $5,056,290.00. Following the completion of the sale, the chief executive officer now directly owns 73,838 shares of the company’s stock, valued at approximately $27,655,284.52. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Mike Spanos purchased 267 shares of the stock in a transaction that occurred on Wednesday, September 18th. The stock was acquired at an average cost of $376.18 per share, with a total value of $100,440.06. Following the acquisition, the director now owns 2,594 shares in the company, valued at approximately $975,810.92. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Darren M. Rebelez sold 13,500 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $374.54, for a total transaction of $5,056,290.00. Following the completion of the transaction, the chief executive officer now directly owns 73,838 shares of the company’s stock, valued at approximately $27,655,284.52. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.47% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on CASY. Northcoast Research raised Casey’s General Stores from a “neutral” rating to a “buy” rating and set a $410.00 target price on the stock in a report on Thursday, July 11th. JPMorgan Chase & Co. cut shares of Casey’s General Stores from a “neutral” rating to an “underweight” rating and increased their price objective for the company from $300.00 to $337.00 in a research note on Thursday, September 19th. Evercore ISI lifted their target price on shares of Casey’s General Stores from $410.00 to $435.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Wells Fargo & Company increased their price target on shares of Casey’s General Stores from $415.00 to $425.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Casey’s General Stores from $420.00 to $444.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $407.64.

Casey’s General Stores Profile

Casey's General Stores, Inc, together with its subsidiaries, operates convenience stores under the Casey's and Casey's General Store names. Its stores offer pizza, donuts, breakfast items, and sandwiches; and tobacco and nicotine products. The company's stores provide soft drinks, energy, water, sports drinks, juices, coffee, and tea and dairy products; beer, wine, and spirits; snacks, candy, packaged bakery, and other food items; ice, ice cream, meals, and appetizers; health and beauty aids, automotive products, electronic accessories, housewares, and pet supplies; and ATM, lotto/lottery, and prepaid cards.