Borrowing money

Pathward Financial, Inc. (NASDAQ:CASH) Brief Interest Update

Pathward Financial, Inc. (NASDAQ: CASH – Get a rating) was the target of strong short-term interest growth during the month of September. As of September 15, there was short interest totaling 1,190,000 shares, up 13.3% from the August 31 total of 1,050,000 shares. Based on an average trading volume of 261,400 shares, the day-to-cover ratio is currently 4.6 days. Approximately 4.2% of the company’s shares are sold short.

Insiders place their bets

In related news, CFO Glen William Herrick bought 3,000 shares of the company in a trade on Tuesday, August 2. The shares were acquired at an average cost of $33.46 per share, with a total value of $100,380.00. Following the purchase, the CFO now directly owns 104,869 shares of the company, valued at $3,508,916.74. The transaction was disclosed in a document filed with the SEC, accessible via this link. In related news, the director Michael Robert Kramer sold 750 shares of the company in a trade dated Wednesday, August 10. The stock was sold at an average price of $35.74, for a total transaction of $26,805.00. Following the completion of the sale, the director now directly owns 10,850 shares of the company, valued at approximately $387,779. The sale was disclosed in a filing with the Securities & Exchange Commission, accessible via the SEC website. Also, CFO Glen William Herrick acquired 3,000 shares of the company in a transaction that took place on Tuesday, August 2. The shares were acquired at an average cost of $33.46 per share, with a total value of $100,380.00. Following completion of the transaction, the CFO now directly owns 104,869 shares of the company, valued at approximately $3,508,916.74. Disclosure of this purchase can be found here. In the past three months, insiders have bought 7,250 shares of the company worth $243,103 and sold 1,750 shares worth $62,245. Company insiders hold 2.00% of the company’s shares.

Institutional investors weigh in on Pathward Financial

Several institutional investors have recently increased or reduced their stake in the company. Brown Advisory Inc. increased its stake in Pathward Financial by 10.7% during the second quarter. Brown Advisory Inc. now owns 4,728 shares of the savings and loan company worth $282,000 after buying 456 additional shares in the last quarter. Summit Global Investments increased its position in Pathward Financial by 100.0% during the second quarter. Summit Global Investments now owns 15,200 shares of the savings and loan company worth $588,000 after purchasing an additional 7,600 shares during the period. Captrust Financial Advisors acquired a new position in Pathward Financial during the second quarter worth approximately $120,000. ExodusPoint Capital Management LP acquired a new position in Pathward Financial during the second quarter worth approximately $334,000. Finally, Algebris UK Ltd acquired a new position in Pathward Financial during the second quarter worth approximately $5,225,000. Hedge funds and other institutional investors own 87.25% of the company’s shares.

Analysts set new price targets

A number of brokerages have recently commented on CASH. Raymond James upgraded Pathward Financial from a “Strong Buy” rating to an “Outperform” rating and lowered its target price for the company from $70.00 to $46.00 in a Thursday, July 7 report. StockNews.com upgraded Pathward Financial from a “sell” to a “hold” rating in a report released Monday, August 1. Keefe, Bruyette & Woods downgraded Pathward Financial from an “outperform” rating to a “market performance” rating and lowered their target price for the company from $67.00 to $45.00 in a report from the Thursday July 28. TheStreet upgraded Pathward Financial from a “b-” to a “c+” rating in a Monday, August 15 report. Finally, B. Riley lowered his target price on Pathward Financial from $55.00 to $48.00 in a Thursday, July 28 report. Two analysts have rated the stock with a hold rating and three have issued a buy rating for the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $50.00.

Pathward Financial Stock up 0.2%

Shares of CASH rose $0.08 in Friday’s midday session, hitting $32.96. The company had a trading volume of 270,370 shares, compared to its average volume of 218,163. The company’s 50-day simple moving average is $34.45 and its 200-day simple moving average is 40, $60. The company has a debt ratio of 0.02, a quick ratio of 0.63 and a current ratio of 0.64. The company has a market capitalization of $957.49 million, a P/E ratio of 6.70 and a beta of 0.85. Pathward Financial has a 1-year minimum of $31.16 and a 1-year maximum of $65.96.

Pathward Financial (NASDAQ:CASH – Get a rating) last reported quarterly earnings data on Wednesday, July 27. The savings and loan company reported earnings per share (EPS) of $0.93 for the quarter, beating the consensus estimate of $0.83 by $0.10. The company posted revenue of $126.15 million in the quarter, compared to $130.08 million expected by analysts. Pathward Financial had a return on equity of 14.73% and a net margin of 24.47%. The company’s quarterly revenue fell 3.7% from the same quarter last year. In the same quarter last year, the company posted EPS of $1.21. As a group, sell-side analysts expect Pathward Financial to post EPS of 4.29 for the current year.

Pathward Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 3. Investors of record on Thursday, September 8 will receive a dividend of $0.05 per share. This represents an annualized dividend of $0.20 and a yield of 0.61%. The ex-dividend date is Wednesday, September 7. Pathward Financial’s payout ratio is 4.07%.

Pathward Financial Company Profile

(Get a rating)

Pathward Financial, Inc operates as a holding company for Pathward, National Association which provides various banking products and services in the United States. It operates through three segments: Consumer, Commercial and Corporate Services/Other. The company offers demand deposit accounts, savings accounts, money market savings accounts and certificate accounts.

Further reading

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