Shares of Pathward Financial, Inc. (NASDAQ:CASH – Get Free Report) gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $51.90, but opened at $49.75. Pathward Financial shares last traded at $51.14, with a volume of 32,941 shares changing hands.
The savings and loans company reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($0.17). The business had revenue of $162.80 million during the quarter, compared to analyst estimates of $166.45 million. Pathward Financial had a return on equity of 24.95% and a net margin of 22.80%. The business’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.81 EPS.
Pathward Financial Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 2nd. Investors of record on Tuesday, December 12th were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.38%. The ex-dividend date was Monday, December 11th. Pathward Financial’s payout ratio is presently 3.33%.
Wall Street Analysts Forecast Growth
Several equities research analysts have issued reports on the stock. Piper Sandler lowered their price target on shares of Pathward Financial from $69.00 to $68.00 and set an “overweight” rating on the stock in a report on Thursday. Keefe, Bruyette & Woods increased their price target on shares of Pathward Financial from $57.00 to $60.00 and gave the company a “market perform” rating in a research report on Thursday. Finally, StockNews.com initiated coverage on shares of Pathward Financial in a report on Thursday, October 5th. They set a “hold” rating on the stock.
Insider Activity at Pathward Financial
In other Pathward Financial news, CFO Glen William Herrick sold 5,970 shares of the company’s stock in a transaction on Friday, November 17th. The stock was sold at an average price of $50.50, for a total value of $301,485.00. Following the completion of the transaction, the chief financial officer now owns 105,175 shares in the company, valued at approximately $5,311,337.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.72% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Pathward Financial
A number of large investors have recently made changes to their positions in the business. Raymond James & Associates raised its stake in Pathward Financial by 7.4% during the second quarter. Raymond James & Associates now owns 13,948 shares of the savings and loans company’s stock valued at $647,000 after buying an additional 956 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Pathward Financial by 1.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,512,426 shares of the savings and loans company’s stock valued at $70,117,000 after buying an additional 18,855 shares during the last quarter. Panagora Asset Management Inc. raised its stake in shares of Pathward Financial by 58.5% in the third quarter. Panagora Asset Management Inc. now owns 162,559 shares of the savings and loans company’s stock worth $7,492,000 after purchasing an additional 60,007 shares during the last quarter. Jackson Creek Investment Advisors LLC purchased a new position in shares of Pathward Financial in the second quarter worth $974,000. Finally, Citigroup Inc. raised its stake in shares of Pathward Financial by 213.5% in the second quarter. Citigroup Inc. now owns 42,376 shares of the savings and loans company’s stock worth $1,965,000 after purchasing an additional 28,858 shares during the last quarter. 92.66% of the stock is currently owned by institutional investors.
Pathward Financial Stock Up 0.7 %
The company has a 50 day moving average price of $51.55 and a two-hundred day moving average price of $49.78. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.70 and a quick ratio of 0.69. The stock has a market cap of $1.36 billion, a PE ratio of 8.64 and a beta of 0.78.
About Pathward Financial
Pathward Financial, Inc operates as the bank holding company for Pathward, National Association that provides various banking products and services in the United States. The company operates through three segments: Consumer, Commercial, and Corporate Services/Other. It offers demand deposit accounts, savings accounts, and money market savings accounts.