Zacks Investment Research Downgrades Meta Financial Group (CASH) to Strong Sell
Meta Financial Group (NASDAQ:CASH) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Monday.
According to Zacks, “Meta Financial Group, Inc. is the holding company for federally chartered savings bank MetaBank, Member FDIC. Headquartered in Sioux Falls, S.D., MetaBank operates in both the Banking and Payments industries: MetaBank, its retail banking division; Meta Payment Systems, its electronic payments division; AFS/IBEX, its insurance premium finance division; and Refund Advantage, its tax refund-transfer software division. The synergies among the four provide a unique business model for the company. “
Separately, BidaskClub downgraded shares of Meta Financial Group from a “sell” rating to a “strong sell” rating in a research note on Tuesday, March 12th. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $35.67.
Meta Financial Group (NASDAQ:CASH) last posted its quarterly earnings results on Monday, January 28th. The savings and loans company reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.04). Meta Financial Group had a net margin of 15.76% and a return on equity of 11.61%. The company had revenue of $98.02 million during the quarter, compared to analyst estimates of $98.55 million. On average, analysts expect that Meta Financial Group will post 2.33 earnings per share for the current year.
In other news, EVP Sheree Thornsberry sold 10,863 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $19.43, for a total value of $211,068.09. Following the sale, the executive vice president now directly owns 20,090 shares in the company, valued at approximately $390,348.70. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director William David Tull sold 24,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $21.60, for a total transaction of $518,400.00. Following the completion of the sale, the director now owns 71,025 shares in the company, valued at $1,534,140. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 112,741 shares of company stock worth $2,381,260. 7.69% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the company. Baird Financial Group Inc. boosted its position in Meta Financial Group by 3.2% during the 3rd quarter. Baird Financial Group Inc. now owns 90,604 shares of the savings and loans company’s stock worth $7,379,000 after buying an additional 2,773 shares during the period. MetLife Investment Advisors LLC boosted its position in Meta Financial Group by 56.5% during the 3rd quarter. MetLife Investment Advisors LLC now owns 6,601 shares of the savings and loans company’s stock worth $546,000 after buying an additional 2,383 shares during the period. Assenagon Asset Management S.A. acquired a new stake in Meta Financial Group during the 4th quarter worth approximately $1,254,000. Emerald Mutual Fund Advisers Trust acquired a new stake in Meta Financial Group during the 4th quarter worth approximately $8,836,000. Finally, Northpointe Capital LLC boosted its position in Meta Financial Group by 353.7% during the 4th quarter. Northpointe Capital LLC now owns 206,625 shares of the savings and loans company’s stock worth $4,006,000 after buying an additional 161,085 shares during the period. Institutional investors own 64.83% of the company’s stock.
About Meta Financial Group
Meta Financial Group, Inc operates as the holding company for MetaBank that offers various banking products and services in the United States. The company accepts various deposit products, including statement savings accounts, money market savings accounts, negotiable order of withdrawal accounts, and checking accounts; and deposits related to prepaid cards, which primarily comprise checking accounts and certificate accounts.
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