Cass Information Systems, Inc. (NASDAQ:CASS) Shares Bought by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. increased its holdings in Cass Information Systems, Inc. (NASDAQ:CASS) by 18.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 65,790 shares of the business services provider’s stock after buying an additional 10,077 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Cass Information Systems were worth $2,964,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Copeland Capital Management LLC acquired a new position in Cass Information Systems in the 3rd quarter worth approximately $37,000. SG Americas Securities LLC purchased a new stake in Cass Information Systems in the 3rd quarter worth approximately $200,000. Creative Planning purchased a new stake in Cass Information Systems in the 3rd quarter worth approximately $205,000. Renaissance Technologies LLC purchased a new stake in Cass Information Systems in the 2nd quarter worth approximately $251,000. Finally, Janney Montgomery Scott LLC boosted its position in Cass Information Systems by 47.1% in the 1st quarter. Janney Montgomery Scott LLC now owns 6,546 shares of the business services provider’s stock worth $315,000 after purchasing an additional 2,097 shares in the last quarter. Institutional investors and hedge funds own 59.08% of the company’s stock.

Analysts Set New Price Targets

Separately, Piper Sandler upped their price objective on Cass Information Systems from $44.00 to $45.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th.

Cass Information Systems Trading Down 3.0 %

Cass Information Systems stock opened at $41.36 on Friday. Cass Information Systems, Inc. has a 12 month low of $37.40 and a 12 month high of $50.25. The firm has a market cap of $563.57 million, a PE ratio of 24.92 and a beta of 0.70. The stock’s 50 day simple moving average is $41.61 and its two-hundred day simple moving average is $41.97.

Cass Information Systems Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Tuesday, December 3rd will be given a dividend of $0.31 per share. This is a positive change from Cass Information Systems’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.00%. Cass Information Systems’s dividend payout ratio (DPR) is 74.70%.

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.