Casey’s General Stores, Inc. (NASDAQ:CASY) Raises Dividend to $0.65 Per Share

Casey’s General Stores, Inc. (NASDAQ:CASY) announced a quarterly dividend on Tuesday, June 9th. Stockholders of record on Saturday, August 1st will be paid a dividend of 0.65 per share on Friday, August 14th. This represents a c) dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Friday, July 31st. This is a 14.0% increase from Casey’s General Stores’s previous quarterly dividend of $0.57.

Casey’s General Stores has raised its dividend by an average of 0.0%per year over the last three years and has increased its dividend annually for the last 24 consecutive years. Casey’s General Stores has a payout ratio of 12.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Casey’s General Stores to earn $20.37 per share next year, which means the company should continue to be able to cover its $2.28 annual dividend with an expected future payout ratio of 11.2%.

Casey’s General Stores Stock Up 1.3%

Shares of CASY opened at $761.18 on Wednesday. Casey’s General Stores has a 52 week low of $481.30 and a 52 week high of $901.00. The company has a quick ratio of 0.64, a current ratio of 1.04 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $28.13 billion, a price-to-earnings ratio of 43.70, a PEG ratio of 2.09 and a beta of 0.61. The stock’s 50-day moving average price is $790.09 and its 200-day moving average price is $679.24.

Casey’s General Stores (NASDAQ:CASY) last issued its earnings results on Tuesday, June 9th. The company reported $4.37 EPS for the quarter, topping analysts’ consensus estimates of $3.31 by $1.06. Casey’s General Stores had a return on equity of 17.56% and a net margin of 3.83%.The firm had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.33 billion. During the same quarter in the prior year, the business earned $2.63 earnings per share. The company’s revenue was up 14.5% compared to the same quarter last year. On average, sell-side analysts predict that Casey’s General Stores will post 18.16 EPS for the current year.

Insider Activity at Casey’s General Stores

In other news, Director Mike Spanos bought 300 shares of Casey’s General Stores stock in a transaction on Friday, March 13th. The stock was acquired at an average price of $665.43 per share, with a total value of $199,629.00. Following the completion of the acquisition, the director directly owned 4,499 shares of the company’s stock, valued at $2,993,769.57. The trade was a 7.14% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.54% of the stock is owned by insiders.

Institutional Investors Weigh In On Casey’s General Stores

A number of hedge funds have recently modified their holdings of the business. First Nebraska Trust Co acquired a new stake in shares of Casey’s General Stores in the first quarter valued at about $853,000. Glenmede Trust Co. NA raised its holdings in Casey’s General Stores by 6.8% in the 1st quarter. Glenmede Trust Co. NA now owns 707 shares of the company’s stock valued at $515,000 after acquiring an additional 45 shares during the last quarter. Wellington Grp LLC raised its holdings in Casey’s General Stores by 15.7% in the 1st quarter. Wellington Grp LLC now owns 1,847 shares of the company’s stock valued at $1,344,000 after acquiring an additional 250 shares during the last quarter. BankChampaign National Association acquired a new stake in Casey’s General Stores in the 1st quarter valued at about $247,000. Finally, Union Heritage Capital LLC acquired a new stake in Casey’s General Stores in the 1st quarter valued at about $2,860,000. 85.63% of the stock is currently owned by institutional investors and hedge funds.

About Casey’s General Stores

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.