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Pathward Financial, Inc. - CASH STOCK NEWS

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.

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Pathward Financial (Nasdaq: CASH) reported Q3 2024 net income of $41.8 million ($1.66/share), down from $45.1 million ($1.68/share) YoY. Total revenue rose 7% to $176.7 million, driven by net interest income gains, though offset by reduced noninterest income. Net interest margin improved to 6.56%. Gross loans and leases grew by $539.7 million to $4.61 billion. Noninterest expense rose 8% to $123.7 million, with a 3% decline in noninterest income to $65.9 million. The company repurchased 286,920 shares at an average price of $52.24. Fiscal 2024 nine-month tax services revenue increased 3% to $82.0 million, with net income from these services up 33% to $47.1 million. Pathward's allowance for credit losses stood at $79.8 million and the company remains well-capitalized.

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MoneyLion Inc. (NYSE: ML) has appointed Brad Hanson, former President and CEO of Pathward Financial, Inc., to its Board of Directors and as Chair of the Audit Committee, effective July 15. Hanson replaces Jeff Gary, who is stepping down from the Board. This strategic appointment brings decades of financial services experience to MoneyLion, a digital ecosystem for consumer finance.

Hanson's expertise in fintech and commitment to financial inclusion align with MoneyLion's mission to improve financial literacy and access. The company is building the first digital ecosystem for consumer finance, blending first- and third-party products, personalized financial tools, and advanced data-driven insights. MoneyLion's Board, led by Chair John Chrystal, includes CEO Dee Choubey and other industry leaders, positioning the company for continued growth in its two-sided consumer finance marketplace.

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Clair, a fintech company offering free Earned Wage Advances (EWA), has partnered with Gusto, an integrated payroll and HR platform. This collaboration introduces Clair's new Embedded Offering to Gusto's 300,000 supported businesses, allowing employees to access On-Demand Pay via Gusto Wallet.

Key points:

  • Gusto is the first partner to leverage Clair's new Embedded product
  • The partnership addresses the growing demand for financial wellness benefits
  • Clair's EWA is bank-issued with no interest, powered by Pathward®, N.A.
  • Gusto Wallet Premium members can access a portion of their earnings daily without affecting credit scores
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Pathward Financial has announced it will release its Q3 2024 earnings on July 24, 2024, after market close. The company will also host a conference call at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) on the same day to discuss the results. Interested parties can access the live webcast through Pathward Financial's Investor Relations website. A replay of the webcast will be available on the website for one year. For telephone access, participants should dial 1-833-470-1428 and use access code 059075 about 10 minutes before the call. Additional information about the company is available on its website.

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Fintech company Clair has partnered with payroll infrastructure firm Check to offer seamless on-demand pay solutions for employers.

Clair's proprietary platform embeds flexible pay options into Workforce Management (WFM) systems using low-code technology, allowing businesses to provide compliant wage advances without developing new software. This partnership highlights Check's commitment to offering financial benefits, with the first rollout occurring through Eddy, an HR suite, reaching thousands of employees across hundreds of businesses.

As modern workforce needs evolve, technology integration and modernization are critical, with a significant percentage of employers and employees emphasizing the importance of financial wellness services. Clair's collaboration with Check aims to address these needs, providing financial flexibility and streamlining wage advance processes. Clair is backed by its partnership with FDIC-insured Pathward, ensuring compliance and reliability in its services.

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Birch Creek Energy, a renewable energy company based in St. Louis, has completed financing and operational launch of the 49MW Earp Solar project in Illinois. This marks the first fully financed and operational project in their independent power producer (IPP) division. Earp Solar, located on 229 acres in Warren County, connects to Ameren Illinois and generates enough electricity to power over 7,300 homes. Financing was supported by Foss & Company (tax equity), West Town Bank & Trust (permanent debt), and Pathward® (construction capital). This project is part of Birch Creek's broader strategy, announced in mid-2023, to develop six projects totaling 342MW in the MISO region.

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Pathward’s managing director of business development, Shannon Stetson, has been named to the Secured Finance Network's (SFNet) 2024 40 Under 40 list. This honor recognizes young professionals for their contributions to the secured finance industry and their communities. Shannon has over 13 years of experience and manages a portfolio exceeding $80 million. She has been instrumental in driving revenue and building client relationships. The award will be presented at the 40U40 Awards Gala on June 13 in New York City. Stetson is also active in her local Texas community through various volunteer efforts.

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Pathward, a national bank, released a survey revealing that 82% of U.S. executives plan to implement embedded finance solutions within the next two years. The study, conducted in February 2024, included 500 senior executives and highlighted the rapid adoption and benefits of embedded finance, such as improved customer experience and increased revenue. However, it also pointed out significant challenges, including security, fraud, and compliance concerns. Notably, 81% of executives underestimated the complexity of implementing these solutions, indicating a need for thorough preparation.

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Pathward, a leading financial empowerment company, announces the expansion of its product suite for financial institutions, enhancing its offerings beyond prepaid cards. The new suite, Solutions for Financial Institutions, includes commercial finance solutions and merchant services, providing community banks and credit unions with turnkey solutions to streamline operations without the need for multiple third parties. This move aims to help these institutions enhance customer relationships and meet unique client needs. Pathward's offerings include asset-based lending, Small Business Administration lending, and merchant processing services, bolstering support for banks and credit unions in a competitive financial landscape.

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Pathward Financial, Inc. (Nasdaq: CASH) declared a cash dividend of $0.05 per share for the third fiscal quarter of 2024. The dividend is payable on July 1, 2024, to shareholders of record as of June 11, 2024. The Company had total assets of $7.44 billion and shareholders' equity of $739.5 million as of March 31, 2024.

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FAQ

What is Pathward Financial, Inc.?

Pathward Financial, Inc. is a unitary savings and loan holding company and a full-service banking subsidiary of Meta Financial. It operates under the brand name Pathward®.

What services does Pathward Financial, Inc. provide?

Pathward Financial offers a variety of financial services through its Consumer, Commercial, and Corporate Services/Other segments. These include traditional banking services and nationwide payment solutions.

What is the primary revenue segment for Pathward Financial?

The majority of Pathward Financial's revenue is generated from its Consumer segment.

How does Pathward Financial promote financial inclusion?

Pathward Financial promotes financial inclusion by providing increased financial availability, choice, and opportunities through its Banking as a Service and Commercial Finance lines.

What notable partnerships has Pathward Financial entered?

Pathward has partnered with Finix to support the launch of Finix Payouts, a product aimed at streamlining business-to-business payments using technologies like Mastercard Send™ and Visa Direct.

What is Finix Payouts?

Finix Payouts is a standalone product launched by Finix, supported by Pathward Financial, to help businesses efficiently send money at scale through a single developer-friendly API.

What benefits does Finix Payouts offer?

Finix Payouts offers benefits such as 24/7 card payout availability, real-time bank account validation, flexible payment maximums, embedded compliance, and reliable reporting.

What strategic focus does Pathward Financial have?

Pathward Financial focuses on expanding community-oriented services while leveraging technology to meet customer needs, thus promoting financial inclusivity and empowerment.

What is the role of Pathward® N.A.?

Pathward® N.A., a national bank and subsidiary of Pathward Financial, is focused on enhancing financial inclusion in the U.S. by supporting individuals and businesses through various financial services.

Where can I learn more about Pathward Financial's services?

You can learn more about Pathward Financial's services by visiting their official website at www.pathward.com.

Pathward Financial, Inc.

Nasdaq:CASH

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CASH Stock Data

1.64B
25.27M
1.53%
92.08%
5.84%
Banks - Regional
Financial Services
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United States of America
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