Casey’s CFO Trims Stake; 26.8 K Shares Remain After $4 M Sale

Rhea-AI Filing Summary

Casey’s General Stores, Inc. (CASY) – Form 4 filed 18 Jun 2025

Chief Financial Officer Stephen P. Bramlage Jr. reported open-market sales of the company’s common stock on 17 Jun 2025. Two separate transactions were executed:

• 7,835 shares sold at a $509.12 weighted-average price (multiple trades between $508.86–$509.83).
• 643 shares sold at a $510.25 weighted-average price (multiple trades between $510.22–$510.39).

The combined disposition totals 8,478 shares, representing proceeds of roughly $4.3 million. Following the sales, Bramlage’s direct ownership decreased from 35,232 to 26,754 shares. He also retains 369 shares held indirectly via the 401(k) plan.

Unvested equity: The filing lists 3,126 restricted stock units (RSUs) granted under the 2018 Stock Incentive Plan—676 vesting in 2026, 974 in 2026-2027, and 1,476 in 2026-2028. Additional performance-based RSUs are outstanding but will only be reported once earned.

No exercises, option grants, or new derivative transactions were disclosed. The form was signed by attorney-in-fact Scott Faber on 18 Jun 2025.

Investor takeaway: While insider sales can raise caution, the CFO still holds a meaningful equity position and substantial unvested RSUs, suggesting continued long-term alignment. The sale may reflect personal diversification rather than a change in company outlook, but the magnitude (~24 % of prior direct holdings) is noteworthy for monitoring future insider trading patterns.

Positive

• CFO retains 26,754 direct shares plus 3,126 unvested RSUs, indicating ongoing equity alignment with shareholders.

Negative

• Disposition of 8,478 shares (~$4.3 m) by the CFO may be interpreted as reduced confidence or profit-taking, a potential negative sentiment driver.

Insights

Securities Analyst

TL;DR: CFO sold $4.3 m of CASY shares, trimming direct stake by ~24 %; retains 26.8 k shares and 3.1 k RSUs.

The disposition of 8,478 shares at ~$509–510 is the first sizable sale reported by Bramlage this calendar year and equals about one quarter of his prior directly-held shares. While the dollar amount is modest versus Casey’s ~$19 bn market cap, insider selling by a senior financial executive can influence sentiment, especially given CASY’s premium valuation (shares trade near all-time highs). Offsetting this, the CFO’s remaining equity stake—>26 k shares plus unvested RSUs—keeps him economically aligned. No red flags such as option exercises, margin calls or Rule 10b5-1 plan references appear. I view the filing as mildly negative for near-term momentum but not thesis-changing.

Corporate Governance Expert

TL;DR: Routine Form 4; sale within open-window, retains significant holdings—governance risk low.

From a governance standpoint, this Form 4 shows proper, timely disclosure. The transaction code “S” confirms an open-market sale; no 10b5-1 safe-harbor box was checked, implying discretionary timing. Nevertheless, the executive’s remaining stake exceeds typical guideline thresholds for alignment. The ongoing vesting of RSUs through 2028 further ties compensation to performance. I classify the event as low impact and primarily personal liquidity management rather than a signal of deteriorating corporate prospects.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Bramlage Stephen P JR

(Last) (First) (Middle)

ONE SE CONVENIENCE BLVD.

(Street)

ANKENY IA 50021

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CASEYS GENERAL STORES INC [ CASY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
06/17/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/17/2025		S		7,835	D	$509.12(1)	27,397	D
Common Stock	06/17/2025		S		643	D	$510.25(2)	26,754	D
Common Stock								369(3)	I	Voting and tender rights under 401k plan

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted stock units	(4)							(5)	(5)	Common Stock	676		676	D
Restricted stock units	(4)							(6)	(6)	Common Stock	974		974	D
Restricted stock units	(4)							(7)	(7)	Common Stock	1,476		1,476	D

Explanation of Responses:

1. This transaction was executed in multiple trades at prices ranging from $ 508.86 to $509.83. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

2. This transaction was executed in multiple trades at prices ranging from $ 510.22 to $510.39. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

3. Allocated to 401k plan account as of April 30, 2025. Does not include any shares allocated by the plan trustee after that date.

4. Each restricted stock unit represents the right to receive, following vesting, one share of Common Stock.

5. Pursuant to terms and conditions of 2018 Stock Incentive Plan. The remainder of this award will vest on June 15, 2026. Not included in the reported award amount is a target amount of performance-based restricted stock units that will vest on June 15, 2026, but which are subject to the satisfaction of certain performance criteria other than solely the price of Casey's Common Stock; the final amount of shares earned, if any, will be reported upon vest and satisfaction of those performance measures.

6. Pursuant to the terms and conditions of the 2018 Stock Incentive Plan, the remainder of this award will vest in equal installments June 15, 2026, and June 15, 2027. Not included in the reported award amount is a target amount of performance-based restricted stock units that will vest on June 15, 2027, but which are subject to the satisfaction of certain performance criteria other than solely the price of Casey's Common Stock; the final amount of shares earned, if any, will be reported upon vest and satisfaction of those performance measures.

7. Pursuant to the terms and conditions of the 2018 Stock Incentive Plan, this award will vest in equal installments on June 15, 2026, June 15, 2027, and June 15, 2028. Not included in the reported award amount is a target amount of performance-based restricted stock units that will vest on June 15, 2028, but which are subject to the satisfaction of certain performance criteria other than solely the price of Casey's Common Stock; the final amount of shares earned, if any, will be reported upon vest and satisfaction of those performance measures.

Remarks:

	Scott Faber, under Power of Attorney dated June 1, 2020	06/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

How many Casey's (CASY) shares did the CFO sell on 17 Jun 2025?

The CFO sold a total of 8,478 shares of CASY common stock.

At what prices were the CASY shares sold?

Shares were sold at weighted-average prices of $509.12 (range $508.86–$509.83) and $510.25 (range $510.22–$510.39).

How many CASY shares does the CFO still own after the transaction?

After the sale, the CFO directly owns 26,754 shares and indirectly holds 369 shares via the 401(k) plan.

What unvested equity awards does the CFO hold?

He has 3,126 RSUs scheduled to vest between 2026 and 2028 under the 2018 Stock Incentive Plan, plus additional performance-based RSUs not yet reportable.

Did the Form 4 mention a Rule 10b5-1 trading plan?

The filing does not indicate that the transactions were made under a Rule 10b5-1(c) plan.