Welcome to our dedicated page for Pathward Financial news (Ticker: CASH), a resource for investors and traders seeking the latest updates and insights on Pathward Financial stock.
Pathward Financial, Inc. (NASDAQ: CASH) is a unitary savings and loan holding company and a full-service banking subsidiary of Meta Financial. Operating under the brand name Pathward®, Pathward Financial is both a community-focused financial institution and a nationwide payments company. It serves its diverse clientele through three main segments: Consumer, Commercial, and Corporate Services/Other, with the majority of its revenue stemming from the Consumer segment.
Pathward® N.A., a national bank and a subsidiary of Pathward Financial, Inc., plays a significant role in enhancing financial inclusion across the United States. The company aims to empower both individuals and businesses by providing increased financial availability, choice, and opportunities via its strategic business lines - Banking as a Service and Commercial Finance.
Recently, Pathward Financial has bolstered its position in the financial technology sector through key partnerships. A notable collaboration includes supporting Finix, a payments technology provider, in the launch of Finix Payouts, a new product designed to streamline business-to-business payments. This partnership aims to simplify and expedite the money transfer process for businesses of all sizes by leveraging Mastercard Send™ and Visa Direct for rapid payouts.
Pathward’s collaboration with Finix showcases its commitment to innovation and financial accessibility. This initiative allows the company to offer enhanced services like real-time bank account validation, flexible payment maximums, and embedded compliance, which are crucial for businesses needing efficient payment solutions. By integrating technologies that facilitate quick, secure, and reliable money movement, Pathward Financial enhances its service offerings and strengthens its market position.
Furthermore, Pathward Financial’s strategic focus includes expanding its community-oriented services while leveraging technological advancements to meet the evolving needs of its customers. By combining traditional banking services with cutting-edge payment solutions, Pathward aims to provide comprehensive support to its customers, including individuals and businesses, thus promoting financial inclusivity and empowerment.
Pathward Financial (CASH) reported Q1 FY2025 net income of $31.4 million ($1.29 per share), up from $27.7 million ($1.06 per share) in Q1 FY2024. Total revenue increased 7% to $173.5 million.
Key developments include the sale of their insurance premium finance business for $603.3 million plus a $31.2 million premium, resulting in a $16.4 million pre-tax gain. This gain was largely offset by a $15.7 million loss from selling $160.6 million in debt securities.
Net interest margin increased to 6.84% from 6.23% year-over-year. Total gross loans and leases reached $4.56 billion, up $136.4 million from December 2023. The Company repurchased 701,860 shares at an average price of $74.05 during Q1 FY2025.
Pathward Financial (Nasdaq: CASH) has announced it will release its first quarter fiscal 2025 financial results on Tuesday, January 21, 2025, after market close. The company will host a conference call and earnings webcast with a presentation at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) on the same day.
Investors can access the live webcast through Pathward Financial's Investor Relations website at www.pathwardfinancial.com. For telephone participants, the conference call can be accessed by dialing 1-833-470-1428 approximately 10 minutes before start time using access code 228214. The webcast replay will be available on the company's website for one year.
Breach Inlet Capital, a top 10 shareholder of Daktronics (DAKT) with nearly 2% ownership, has issued a public letter expressing concerns about the company's board and supporting fellow shareholder Alta Fox. The letter criticizes several issues including: delayed CFO search announcement following a going concern notice, late disclosure of consultant hiring, and vague financial targets. The firm points out that management and board members have sold approximately $19 million in stock (35% of holdings) in the past six months.
Breach Inlet Capital proposes immediate changes including board declassification, appointment of four shareholder-nominated directors, separation of CEO and Chairman roles, and restructuring of executive compensation. The letter also highlights the board's rejection of Glen Herrick, a qualified candidate for both board and CFO positions, suggesting potential entrenchment issues.
Pathward Financial (Nasdaq: CASH) has been ranked #29 on Monitor's Bank 50 list, moving up from #31 in 2023. This marks the third consecutive year the company has been recognized among the top U.S. banks in equipment leasing and finance. The advancement reflects Pathward's Commercial Finance business line's commitment to providing diverse equipment financing products and services. The recognition highlights the company's expertise in delivering flexible, personalized financing solutions to support business growth.
Pathward Financial (Nasdaq: CASH) has announced a quarterly cash dividend of $0.05 per share for the first fiscal quarter of 2025. The dividend will be paid on January 2, 2025, to shareholders of record as of December 10, 2024. The company reported total assets of $7.55 billion and shareholders' equity of $839.6 million as of September 30, 2024.
Pathward has announced an expanded strategic partnership with BridgePeak Energy Capital to implement a digital-first renewables loan platform. The collaboration aims to facilitate clean energy and rural economic development through comprehensive solutions for solar and storage projects. BridgePeak, the nation's leading renewable energy lender service provider with over $3.5 billion in closed loans, has already assisted Pathward in closing and servicing loans for more than 1.39 GW of projects totaling over $2 billion in fundings. The partnership will support flexible capital solutions up to $150 million for middle market renewable projects.
Pathward Financial (Nasdaq: CASH) has completed the sale of its commercial insurance premium finance business to AFS IBEX Financial Services, a subsidiary of Honor Capital Holdings. Honor, one of the nation's largest independent insurance premium finance companies, operates through offices in Massachusetts, New York, Florida, Texas and California. Colonnade Securities acted as the exclusive financial advisor to Pathward in this transaction.
Blackhawk Network (BHN) has launched Visa® eGift and Mastercard® eGift products nationwide, available at over 15,000 locations including Kroger, Wegmans and Weis Markets. The innovative cardless gift system features a tamper-evident carrier with QR code that, once activated, allows consumers to load funds directly to their digital wallet for immediate use in-store or online. The solution is part of BHN's fraud prevention program, BHN Protect™, and addresses growing consumer preference for QR-code and tap-to-pay technology. According to the Consumer Financial Protection Bureau, tap-to-pay digital wallet usage is projected to grow by over 150% by 2028.
Pathward Financial (Nasdaq: CASH) reported Q4 2024 net income of $33.6 million ($1.35 per share), compared to $35.9 million ($1.36 per share) in Q4 2023. For fiscal year 2024, net income reached $168.4 million ($6.62 per share), up from $163.6 million ($5.99 per share) in FY2023. Total revenue for Q4 increased 4% to $167.9 million, driven by higher net interest income. The company's net interest margin expanded to 6.66% from 6.19% year-over-year. Total gross loans and leases decreased to $4.08 billion at September 30, 2024, primarily due to the sale of its commercial insurance premium finance business, which is expected to close by October 31, 2024.
Pathward Financial, Inc. (Nasdaq: CASH) has announced it will release its fourth quarter and fiscal year 2024 financial results on Wednesday, October 23, 2024, after market close. The company will also host a conference call and earnings webcast with a corresponding presentation at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) on the same day to discuss these results.
Interested parties can access the live webcast of the call from Pathward Financial's Investor Relations website at www.pathwardfinancial.com. For telephone participants, the conference call can be accessed by dialing 1-833-470-1428 approximately 10 minutes before the start time and using the access code 291724. The webcast replay will be archived on the company's website for one year.
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