PATHWARD FINANCIAL, INC.
In the published model solve dated 2026-Q2, anchored at $81.50, PATHWARD FINANCIAL, INC. (CASH) is priced for 16.6% return on equity. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 25, 2026 from SEC EDGAR filings.
• Pathward funds itself unlike an ordinary bank, gathering deposits through third-party card and payments partners rather than branches, and the FY2025 10-K discloses that roughly 64% of that deposit portfolio in the fiscal fourth quarter carried variable, rate-related processing expenses. • The sharpest risk is concentration, since the 10-K states the bank derives a significant share of its deposits, total assets and income through program manager relationships of which only a limited number ar
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264 institutional managers reported holding CASH in 13F filings for the quarter ended 2026-03-31. Together they hold about 94% of the company; the top 10 hold 55%. 42 opened new positions that quarter. Held by BlackRock, FMR (Fidelity), Vanguard Group, among others. On the short side, 2.2M shares were sold short as of the 2026-06-15 count, about 10% of shares outstanding (9.7 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
CASH has cut its share count 31% over the past five years. It pays a dividend, and has paid one every year in our records (16 and counting); the current rate is $0.20 a share annually. Cash returned over the past three years: $13.27M in dividends.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
No open-market insider buys on file at CASH over the trailing three years. Absence is a fact about the company, not a signal. 15 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
CASH's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-09 | -5.8% | -4.1% |
| 2023-11-22 | -0.2% | +4.5% |
| 2024-02-09 | +1.1% | -5.9% |
| 2024-05-08 | +4.3% | +7.7% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
CASH's latest 8-K filings: 2026-08-20 (items 8.01, 9.01); 2026-07-22 (items 2.02, 7.01, 9.01); 2026-05-21 (items 8.01, 9.01); 2026-04-22 (items 2.02, 7.01, 9.01); 2026-02-26 (items 8.01, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 25, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.