Bank of New York Mellon Corp Acquires 6,071 Shares of Cass Information Systems, Inc. (NASDAQ:CASS)

Bank of New York Mellon Corp grew its holdings in Cass Information Systems, Inc. (NASDAQ:CASS) by 7.2% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 90,157 shares of the business services provider’s stock after buying an additional 6,071 shares during the quarter. Bank of New York Mellon Corp’s holdings in Cass Information Systems were worth $3,613,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of CASS. Commerce Bank grew its stake in Cass Information Systems by 60.5% in the 4th quarter. Commerce Bank now owns 77,634 shares of the business services provider’s stock valued at $3,497,000 after buying an additional 29,252 shares in the last quarter. Speece Thorson Capital Group Inc. bought a new position in shares of Cass Information Systems in the fourth quarter worth $2,432,000. Allspring Global Investments Holdings LLC grew its position in shares of Cass Information Systems by 39.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 73,820 shares of the business services provider’s stock valued at $3,556,000 after purchasing an additional 21,032 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Cass Information Systems by 30.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 29,291 shares of the business services provider’s stock valued at $1,412,000 after purchasing an additional 6,844 shares during the period. Finally, Compass Ion Advisors LLC purchased a new stake in Cass Information Systems during the 1st quarter worth about $223,000. 59.08% of the stock is currently owned by hedge funds and other institutional investors.

Cass Information Systems Stock Up 3.0 %

NASDAQ:CASS opened at $41.99 on Friday. The stock has a market cap of $572.32 million, a P/E ratio of 19.17 and a beta of 0.71. The business’s 50-day moving average price is $41.43 and its two-hundred day moving average price is $43.25. Cass Information Systems, Inc. has a twelve month low of $35.50 and a twelve month high of $50.25.

Cass Information Systems (NASDAQ:CASS) last announced its earnings results on Thursday, July 18th. The business services provider reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.21). The company had revenue of $48.59 million for the quarter, compared to the consensus estimate of $50.00 million. Cass Information Systems had a net margin of 13.84% and a return on equity of 12.26%. On average, equities research analysts expect that Cass Information Systems, Inc. will post 1.86 EPS for the current fiscal year.

Cass Information Systems Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Tuesday, September 3rd were paid a $0.30 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $1.20 dividend on an annualized basis and a yield of 2.86%. Cass Information Systems’s dividend payout ratio is presently 54.79%.

Wall Street Analyst Weigh In

Separately, Piper Sandler reaffirmed an “overweight” rating and set a $44.00 price objective (down previously from $47.00) on shares of Cass Information Systems in a research note on Monday, July 22nd.

About Cass Information Systems

Cass Information Systems, Inc provides payment and information processing services to manufacturing, distribution, and retail enterprises in the United States. The company operates through two segments, Information Services and Banking Services. Its services include freight invoice rating, payment processing, auditing, and the generation of accounting and transportation information.