Who Owns Casey's General Stores Company?

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Who Owns Casey's General Stores?

The ownership of a company is a key factor in its strategic decisions and market position. Casey's General Stores, founded in 1968, has a history that includes its 1983 IPO, which significantly altered its ownership structure and growth trajectory.

Understanding who holds the reins provides insight into the company's direction and operational philosophy. This analysis will explore the evolution of Casey's ownership, from its early days to the current landscape dominated by institutional and public investors.

As of April 30, 2025, Casey's operates approximately 2,900 stores across 19 states, making it a substantial entity in the convenience retail sector. Its market capitalization hovers around $19 billion USD as of August 2025, reflecting its significant presence. The company's offerings include fuel, groceries, and popular prepared foods, such as their signature pizza, which is a key part of their Casey's General Stores PESTEL Analysis.

Casey's General Stores' story begins with Donald F. Lamberti, the company's founder. His entrepreneurial spirit ignited in 1959 when he took over a country store from his father, Domenic Lamberti, in Des Moines, Iowa. This early venture laid the groundwork for what would become a significant convenience store chain.

Early Business Roots

Donald F. Lamberti's father, an Italian immigrant, operated a coal and ice business that transitioned into a neighborhood grocery store with gasoline pumps.

Taking the Reins

In 1960, Donald Lamberti assumed control of his father's business due to his father's illness, marking his first significant step into business ownership.

Strategic Acquisition

A pivotal moment arrived in 1967 when fuel supplier Kurvin C. Fish advised Lamberti to acquire the Square Deal Oil Co., leading to the establishment of the first convenience store.

The Birth of 'Casey's'

The first store, opened in 1968 in Boone, Iowa, was named 'Casey's' in honor of Kurvin C. Fish, whose initials inspired the name.

Targeting Small Towns

The founding vision focused on serving small towns, typically with populations of 5,000 or less, a niche that allowed the company to flourish.

Initial Capital

Details regarding the precise initial capital or equity split at the company's inception are not publicly disclosed in available records.

The strategic decision to focus on smaller communities, often overlooked by larger competitors, was a cornerstone of the company's early success. This approach allowed Casey's to build a strong presence and customer loyalty in its chosen markets. For a deeper dive into the company's beginnings, you can explore the Brief History of Casey's General Stores.

Founding Principles

Donald F. Lamberti's vision was to create a convenient store that catered to the needs of smaller communities, establishing a unique market position.

• Founder: Donald F. Lamberti
• Inspiration: Father's grocery store
• First store opened: 1968
• Target market: Small towns (under 5,000 population)
• Store name origin: Kurvin C. Fish's initials

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Casey's General Stores became a publicly traded entity in 1983, a significant event that facilitated its growth and expansion. This transition allowed the company to access capital markets, which was crucial for its development across the Midwest. As of August 2025, the company's market capitalization is estimated to be between $19.08 billion and $19.32 billion USD.

The ownership landscape of Casey's General Stores is heavily influenced by institutional investors, who collectively held between 85% and 85.63% of the company's stock in early to mid-2025. This substantial institutional backing means that the strategic direction and operational decisions are often aligned with the interests of these large investment firms. The largest of these institutional shareholders as of February 2025 included The Vanguard Group, Inc., which owned 10% of outstanding shares, followed by BlackRock, Inc. with 9.0%, and T. Rowe Price Group, Inc. with approximately 5.3%. Other significant institutional stakeholders as of June 30, 2025, comprised Morgan Stanley, State Street Corp., Fmr Llc, JPMorgan Chase & Co., and Geode Capital Management, Llc. The general public, comprising retail investors, held a smaller stake of about 14% as of February 2025, while company insiders, such as executives, owned a minimal 0.51% as of August 2025. It is noteworthy that the top 17 shareholders collectively owned 51% of the company in February 2025, indicating a diversified institutional ownership rather than a single dominant entity. This broad institutional ownership typically fosters a commitment to long-term growth and enhancing shareholder value, which is reflected in the company's ongoing strategic expansions and consistent dividend increases, aligning with the Target Market of Casey's General Stores.

Key Ownership Insights

Institutional investors are the primary owners of Casey's General Stores, significantly shaping its corporate strategy.

• Institutional investors own approximately 85% of Casey's stock as of mid-2025.
• The Vanguard Group and BlackRock are among the largest institutional shareholders.
• Retail investors hold about 14% of the company's shares.
• Insider ownership is less than 1%.

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The board of directors at Casey's General Stores is tasked with guiding the company's strategic direction and ensuring sound governance. While a definitive list of 2025 board members is not yet public, the company's bylaws allow for a board comprising seven to twelve individuals, all subject to annual election by shareholders. This structure underscores the significant influence institutional investors, who collectively hold between 85% and 85.63% of the company's stock, exert over the board's decisions and the overall strategic path of Casey's General Stores ownership.

Casey's General Stores operates under a straightforward one-share-one-vote system for its common stock, meaning each share carries equal voting weight on all matters put before shareholders. Cumulative voting for director nominees is not a feature of the company's governance. In situations where director elections are uncontested, a majority voting standard is in place; this requires that a director nominee receive more votes cast in favor of their election than votes cast against it. There is no evidence of any dual-class share structures, golden shares, or founder shares that would grant disproportionate control to specific individuals or entities. This corporate governance framework emphasizes accountability to its widespread shareholder base, which is predominantly composed of institutional investors. Details regarding these voting mechanisms and the processes for board elections are typically outlined in the company's proxy statements, such as the one issued in July 2023.

Understanding Shareholder Influence

Institutional investors hold a substantial majority of Casey's General Stores stock, significantly impacting board composition and company strategy. The one-share-one-vote structure ensures that all shareholders have a voice proportional to their holdings.

• Institutional investors own 85% to 85.63% of the company.
• Each common share has one vote.
• Directors are elected annually.
• Majority voting applies in uncontested director elections.

The significant stake held by institutional investors in Casey's General Stores ownership means they are key stakeholders in decisions affecting the company's future, including strategic initiatives and the Revenue Streams & Business Model of Casey's General Stores. These large investment firms, often managing mutual funds, pension funds, and exchange-traded funds, typically vote their shares in alignment with their fiduciary duties to their own investors. This concentration of ownership among institutional shareholders often leads to a more unified approach to corporate governance and strategic oversight compared to companies with highly dispersed individual ownership. Understanding who owns Casey's is crucial for grasping the dynamics of its corporate governance and the influences that shape its operational and financial decisions.

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In recent years, Casey's General Stores has seen significant expansion and shifts in its ownership landscape. The company has focused on strategic growth, including substantial acquisitions and new store openings, while also actively managing its capital structure and rewarding shareholders.

Casey's General Stores has experienced a period of robust expansion, highlighted by a record 270 store additions in fiscal year 2025. This growth was significantly bolstered by the acquisition of 198 CEFCO convenience stores in November 2024 for $1.14 billion, extending its reach into Texas, Alabama, Florida, and Mississippi. Further expansion occurred in January 2025 with the purchase of seven convenience stores, one travel center, and four liquor stores in Kentucky. As of April 30, 2025, the company operated a total of 2,904 stores, reflecting a strong commitment to increasing its physical footprint.

Capital Management and Shareholder Returns

Casey's has maintained a focus on shareholder value. While no shares were repurchased in Q4 FY25, approximately $295 million remained available under its share repurchase authorization as of June 2025. The company's commitment to consistent returns is further evidenced by a 14% increase in its quarterly dividend to $0.57 per share in June 2025, marking 26 consecutive years of dividend growth.

Ownership Trends and Future Outlook

Institutional investors hold over 85% of Casey's stock, a common trend indicating increased investor confidence and oversight. The company projects continued growth, anticipating a 10% to 12% increase in EBITDA and 2% to 5% growth in inside same-store sales for fiscal year 2026. This outlook supports the Growth Strategy of Casey's General Stores, with plans to add at least 80 new locations in FY26 through various expansion methods.

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