Casey’s General Stores hikes dividend by 6.3%

Casey’s General Stores (CASY) will raise its quarterly dividend by 6.3 percent to 34 cents per share in 2020. This follows a 10.3 percent hike to $0.32 per share announced in 2019 and marks the 20th consecutive year.

The next dividend is payable February 15, 2021 to shareholders of record on February 1, 2021. A new annualized dividend rate of $1.36 per share yields 0.7% at a stock price of $188.

“Casey’s had a remarkable second quarter and is well on our way to executing our long-term strategic plan,” said President and CEO Darren Rebelez. “The Company delivered well-balanced financial results, with contributions from both ongoing strong fuel profitability and inside sales volume and profit improvements. Casey’s also recently announced an agreement for the largest acquisition in the Company’s history, the 94-store Bucky’s chain located primarily in Illinois and Nebraska. Finally, the Board's decision to raise the dividend is a sign of continuing confidence in the Company’s ability to achieve strong financial results and maintain our already excellent financial flexibility in both the short and long term.”

Casey's General Stores, Inc. operates convenience stores in Midwestern states, primarily in Iowa, Missouri, and Illinois. Casey's offers self-service gasoline, grocery items and freshly prepared food items. Among the most popular of Casey's prepared foods are their made-from-scratch pizzas, donuts, subs and sandwiches. Casey's operates from two company distribution centers, enabling delivery of most of in-store products and fuel. The first store opened in 1968 in Boone, Iowa. Casey's began paying cash dividends during fiscal 1991.