I am confused too - I thought that the checkcashing machines were marketed by Innovisions - the joint company with Wells Fargo. Aparently Mr. Payroll is also selling them - could someone from PWN explain?
David L. Babson Co. Inc. has increased PWN share holdings from 7.49 % reported on 1/12/98 to 9.09% or 2,280,790 shares according to a recent SC 13G/A ownership filing with the SEC. The stock upgrade by BancBoston Robertson Stephens should put more long term institutional $$$ into the stock. H.E.B. is another quality customer! Mr. payroll machines have cashed over $140 million in checks, and the numbers are growing at a astounding rate. It appears grocery stores and banks are looking at getting away from high cost manual check cashing. The trend is toward revenue generation!
Eagle Asset mgmt. has nearly doubled ownership of PWN shares since 5/22/97 when SEC filings indicated a 5.58% ownership or 1,354,485 shares. A recent 01/29/99 SC 13G/A filing shows Eagle Asset mgmt. now owning 2,607,755 shares or 10.40%. Cash America International's lending is the most secure and profitable area of speciality finance. The new business plan for Mr. Payroll is very positive, customers include: First Union, Race Trac, Bank Atlantic, ARCO, Rite Aid, International Bank, Wells Fargo, Circle K, Kmart, Bank of America, Cheveron, Super Speedway, Diamond Shamrock, Texaco, Kroger, Exxon. Long term institutional investors are increasing their ownership. TARGET PRICE $28
I put myself through college working as an assistant mgr at a grocery store. When I think back to that job, one of the first things I recall is all of the CHECK CASHING! It sure would have been nice to just point the patrons toward a machine. Generating revenue would have just been icing on the cake because I would NOT have had to work as a slave at that window for so many hours a month. GO PWN!