Casey’s Becomes the Second Iowa Company to Join the S&P 500

Casey's General Stores now sits among some of the largest publicly traded companies in America. The Iowa-based convience store chain is officially a member of the S&P 500 stock index!

Casey's Joins the S&P 500

The Des Moines Register reports that Ankey-based Casey's General Stores was added to the S&P 500 on Thursday, April 9th. Dow Jones added Casey's to replace medical company Hologic, which is transistioning to private ownership. The Register reports that Casey's joins Principal Financial Group in Des Moines as the only other Iowa company traded on the index.

A Big Deal In the Financial World

The S&P 500 includes both the New York Stock Exchange and Nasdaq. The Register reports that Casey's being listed in both is a big deal. Stocks in the S&P 500 make up 80% of the total U.S. equity market. To join, a company must have at least $22.7 billion in unadjusted market capitalization. That is the number of outstanding shares multiplied by the price of shares. The Register reports that Casey's capitalization is currently more than $28 billion.

Casey's Continues Its Winning Streak

The Register points out that to get on the S&P 500, a company also must have been profitable the last four quarters, and the most recent quarter. Casey's stock prices have soared since the first of the year. The Register reports that the stock price is up 35% since January 1st, and up 80% that last 12 months. And joining the S&P could boost it even more!

Casey's stock closed Wednesday up 2.23%, at $758.37 per share.