Casey’s General Stores, Inc. (NASDAQ:CASY) Declares Quarterly Dividend of $0.57

Casey’s General Stores, Inc. (NASDAQ:CASY) declared a quarterly dividend on Monday, June 9th, RTT News reports. Investors of record on Friday, August 1st will be given a dividend of 0.57 per share on Friday, August 15th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 0.52%. This is a 14.0% increase from Casey’s General Stores’s previous quarterly dividend of $0.50.

Casey’s General Stores has a payout ratio of 11.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Casey’s General Stores to earn $15.78 per share next year, which means the company should continue to be able to cover its $2.00 annual dividend with an expected future payout ratio of 12.7%.

Casey’s General Stores Trading Down 1.1%

Shares of NASDAQ:CASY traded down $4.75 on Monday, hitting $439.29. 667,600 shares of the company’s stock were exchanged, compared to its average volume of 301,474. The stock has a market capitalization of $16.31 billion, a price-to-earnings ratio of 30.61, a price-to-earnings-growth ratio of 2.40 and a beta of 0.65. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.88 and a quick ratio of 0.49. Casey’s General Stores has a 12 month low of $322.78 and a 12 month high of $478.96. The business’s 50 day simple moving average is $447.69 and its two-hundred day simple moving average is $424.20.

Casey’s General Stores (NASDAQ:CASY) last released its quarterly earnings data on Tuesday, March 11th. The company reported $2.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.76 by $0.57. The company had revenue of $3.90 billion during the quarter, compared to analyst estimates of $3.74 billion. Casey’s General Stores had a net margin of 3.57% and a return on equity of 17.17%. The firm’s revenue for the quarter was up 17.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.33 earnings per share. Analysts anticipate that Casey’s General Stores will post 13.94 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have commented on the stock. Stephens raised shares of Casey’s General Stores to a “strong-buy” rating in a research report on Monday, April 7th. Evercore ISI upped their price objective on shares of Casey’s General Stores from $450.00 to $460.00 and gave the company an “outperform” rating in a report on Tuesday, April 1st. Wall Street Zen cut shares of Casey’s General Stores from a “buy” rating to a “hold” rating in a research note on Friday, May 30th. KeyCorp began coverage on Casey’s General Stores in a research report on Friday, April 11th. They issued an “overweight” rating and a $500.00 price objective for the company. Finally, Gordon Haskett raised shares of Casey’s General Stores from a “hold” rating to a “buy” rating in a research note on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $430.33.

Insiders Place Their Bets

In other Casey’s General Stores news, Director Mike Spanos purchased 256 shares of Casey’s General Stores stock in a transaction dated Thursday, March 13th. The shares were acquired at an average price of $390.54 per share, with a total value of $99,978.24. Following the completion of the transaction, the director now owns 3,356 shares of the company’s stock, valued at $1,310,652.24. This trade represents a 8.26% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Katrina S. Lindsey sold 250 shares of the business’s stock in a transaction on Friday, April 4th. The stock was sold at an average price of $437.01, for a total transaction of $109,252.50. Following the completion of the transaction, the insider now owns 2,443 shares of the company’s stock, valued at approximately $1,067,615.43. This trade represents a 9.28% decrease in their position. The disclosure for this sale can be found here. 0.56% of the stock is owned by insiders.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Casey’s General Stores stock. NewEdge Advisors LLC grew its position in shares of Casey’s General Stores, Inc. (NASDAQ:CASY) by 6.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,871 shares of the company’s stock after purchasing an additional 113 shares during the quarter. NewEdge Advisors LLC’s holdings in Casey’s General Stores were worth $812,000 as of its most recent filing with the SEC. Hedge funds and other institutional investors own 85.63% 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.