Quantbot Technologies LP has significantly increased its investment in Pathward Financial, Inc. (NASDAQ: CASH) by 150.9% during the third quarter of 2023, as indicated in its recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor now holds 23,448 shares of the financial services company, following the acquisition of an additional 14,101 shares during the period. As of the latest filing, Quantbot’s holdings in Pathward Financial are valued at approximately $1.735 million.
A number of other institutional investors have also adjusted their positions in Pathward Financial. Notably, Seros Financial LLC established a new position worth about $481 million in the third quarter. Meanwhile, Revolve Wealth Partners LLC acquired a stake valued at around $267.4 million during the fourth quarter. Vanguard Group Inc., another major player, increased its holdings in Pathward Financial by 0.8%, owning 1,857,345 shares valued at $137.5 million after purchasing 14,130 additional shares.
In addition, American Century Companies Inc. raised its holdings by 5.8% in the second quarter, now owning 726,051 shares worth $57.4 million. Neumeier Poma Investment Counsel LLC increased its stake by an impressive 62.0% in the third quarter, resulting in ownership of 348,590 shares valued at $25.8 million. Overall, institutional investors hold 92.66% of the company’s stock.
Stock Performance and Financial Health
On Thursday, shares of Pathward Financial opened at $91.45. The company maintains a debt-to-equity ratio of 0.04, with a current ratio of 0.81 and a quick ratio of 0.79. The stock has a 50-day simple moving average of $84.13 and a 200-day simple moving average of $77.16. Pathward Financial’s market capitalization stands at $1.99 billion, with a price-to-earnings (PE) ratio of 11.18 and a beta of 0.74. Over the past year, the stock has experienced a low of $64.45 and a high of $96.06.
In a recent announcement, Pathward Financial declared a quarterly dividend of $0.05, set to be paid on April 1, 2024. Stockholders of record as of March 12, 2024 will receive this dividend, translating to an annualized dividend of $0.20 and a yield of 0.2%. The company’s dividend payout ratio (DPR) currently stands at 2.44%.
Analyst Ratings and Insider Activity
Recent analyst reports reflect a mix of ratings for Pathward Financial. Weiss Ratings upgraded the company from a “hold (C+)” to a “buy (B-)” rating on January 26, 2024. Keefe, Bruyette & Woods raised their rating from “market perform” to “outperform,” setting a price target of $100.00 on January 23, 2024. Conversely, Wall Street Zen downgraded the stock from a “buy” rating to a “hold” rating on January 31, 2024. Data from MarketBeat shows that three equity research analysts have rated Pathward Financial as a “buy,” yielding an average rating of “buy” with a price target of approximately $97.00.
In related news, Brett L. Pharr, the company’s CEO, sold 15,641 shares on February 23, 2024, at an average price of $93.88, amounting to a total transaction of approximately $1.47 million. Following this sale, Pharr retains ownership of 78,261 shares, valued at around $7.35 million, which reflects a 16.66% reduction in his position. The transaction has been disclosed in a legal filing with the SEC.
Pathward Financial, based in the United States, operates through its wholly owned subsidiary, Pathward Bank. The company offers a variety of banking and payment solutions tailored for consumers, small businesses, community banks, and fintech partners. Its core services include deposit accounts, lending solutions, debit and prepaid card programs, digital banking platforms, and treasury management services. Pathward Financial is poised to continue its growth trajectory as it adapts to the evolving financial landscape.
