Casey’s General Stores, Inc. (NASDAQ:CASY) Announces Quarterly Dividend of $0.50

Casey’s General Stores, Inc. (NASDAQ:CASY) declared a quarterly dividend on Wednesday, September 4th, Zacks reports. Stockholders of record on Friday, November 1st will be given a dividend of 0.50 per share on Friday, November 15th. This represents a $2.00 annualized dividend and a dividend yield of 0.53%. The ex-dividend date of this dividend is Friday, November 1st.

Casey’s General Stores has increased its dividend by an average of 8.2% annually over the last three years and has increased its dividend annually for the last 24 consecutive years. Casey’s General Stores has a dividend payout ratio of 12.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect Casey’s General Stores to earn $15.31 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 13.1%.

Casey’s General Stores Trading Up 7.4 %

Shares of CASY opened at $380.74 on Friday. The firm has a market capitalization of $14.13 billion, a price-to-earnings ratio of 28.35, a P/E/G ratio of 2.52 and a beta of 0.80. The company has a quick ratio of 0.42, a current ratio of 0.87 and a debt-to-equity ratio of 0.52. Casey’s General Stores has a 12-month low of $238.44 and a 12-month high of $401.07. The stock’s 50-day moving average price is $373.73 and its 200 day moving average price is $341.57.

Casey’s General Stores (NASDAQ:CASY) last announced its quarterly earnings results on Wednesday, September 4th. The company reported $4.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.54 by $0.29. The firm had revenue of $4.10 billion for the quarter, compared to analyst estimates of $4.15 billion. Casey’s General Stores had a net margin of 3.38% and a return on equity of 17.25%. The business’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.52 EPS. As a group, research analysts predict that Casey’s General Stores will post 14.06 earnings per share for the current year.

Analysts Set New Price Targets

CASY has been the topic of a number of recent research reports. Wells Fargo & Company lifted their price objective on Casey’s General Stores from $340.00 to $415.00 and gave the company an “overweight” rating in a report on Thursday, June 13th. JPMorgan Chase & Co. lifted their price objective on Casey’s General Stores from $298.00 to $300.00 and gave the company a “neutral” rating in a report on Wednesday. Evercore ISI upped 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 report on Monday, July 29th. Northcoast Research upgraded shares of Casey’s General Stores from a “neutral” rating to a “buy” rating and set a $410.00 price target on the stock in a research report on Thursday, July 11th. Finally, Royal Bank of Canada raised their price objective on shares of Casey’s General Stores from $393.00 to $403.00 and gave the stock a “sector perform” rating in a report on Thursday. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $400.20.

About Casey’s General Stores

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.