Meritage Portfolio Management Boosts Stake in Pathward Financial, Inc. $CASH

Meritage Portfolio Management increased its stake in shares of Pathward Financial, Inc. (NASDAQ:CASH) by 6.3% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 6,032 shares of the savings and loans company’s stock after purchasing an additional 355 shares during the period. Meritage Portfolio Management’s holdings in Pathward Financial were worth $477,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in CASH. Concurrent Investment Advisors LLC purchased a new position in Pathward Financial in the 1st quarter valued at approximately $235,000. Allspring Global Investments Holdings LLC boosted its position in Pathward Financial by 1,023.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 78,437 shares of the savings and loans company’s stock valued at $5,799,000 after buying an additional 71,458 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in Pathward Financial by 2.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 235,005 shares of the savings and loans company’s stock valued at $17,144,000 after buying an additional 6,305 shares during the period. SG Americas Securities LLC purchased a new position in Pathward Financial in the 1st quarter valued at approximately $572,000. Finally, Comerica Bank boosted its position in Pathward Financial by 89.8% in the 1st quarter. Comerica Bank now owns 26,696 shares of the savings and loans company’s stock valued at $1,948,000 after buying an additional 12,632 shares during the period. Hedge funds and other institutional investors own 92.66% of the company’s stock.

Pathward Financial Price Performance

Shares of NASDAQ:CASH opened at $72.23 on Monday. The company’s fifty day moving average price is $75.89 and its 200 day moving average price is $76.83. Pathward Financial, Inc. has a 12 month low of $64.45 and a 12 month high of $86.00. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.78 and a quick ratio of 0.77. The firm has a market capitalization of $1.64 billion, a P/E ratio of 9.55 and a beta of 0.62.

Pathward Financial (NASDAQ:CASH) last announced its quarterly earnings results on Monday, July 28th. The savings and loans company reported $1.81 EPS for the quarter, topping the consensus estimate of $1.57 by $0.24. Pathward Financial had a net margin of 22.23% and a return on equity of 22.53%. The firm had revenue of $195.80 million for the quarter, compared to analyst estimates of $184.80 million. During the same period last year, the business earned $1.66 EPS. Pathward Financial’s revenue for the quarter was up 10.8% compared to the same quarter last year. As a group, sell-side analysts predict that Pathward Financial, Inc. will post 7.26 earnings per share for the current fiscal year.

Pathward Financial Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Wednesday, September 10th were paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.3%. The ex-dividend date was Wednesday, September 10th. Pathward Financial’s dividend payout ratio (DPR) is currently 2.65%.

Analysts Set New Price Targets

Several equities analysts have commented on CASH shares. Weiss Ratings reissued a “buy (b)” rating on shares of Pathward Financial in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods lifted their price objective on shares of Pathward Financial from $86.00 to $88.00 and gave the stock a “market perform” rating in a research report on Friday, July 11th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Pathward Financial has a consensus rating of “Moderate Buy” and an average target price of $91.00.

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.