Los Angeles Capital Management LLC Reduces Stock Position in Cass Information Systems, Inc. (NASDAQ:CASS)

Los Angeles Capital Management LLC lessened its holdings in shares of Cass Information Systems, Inc. (NASDAQ:CASS) by 57.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,011 shares of the business services provider’s stock after selling 28,380 shares during the period. Los Angeles Capital Management LLC owned about 0.15% of Cass Information Systems worth $872,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of CASS. Speece Thorson Capital Group Inc. increased its stake in shares of Cass Information Systems by 39.8% during the second quarter. Speece Thorson Capital Group Inc. now owns 222,081 shares of the business services provider’s stock valued at $8,899,000 after buying an additional 63,280 shares during the period. Tributary Capital Management LLC increased its position in Cass Information Systems by 5.3% during the 3rd quarter. Tributary Capital Management LLC now owns 318,496 shares of the business services provider’s stock valued at $13,211,000 after purchasing an additional 15,919 shares during the period. Pinnacle Associates Ltd. raised its holdings in Cass Information Systems by 18.1% in the 3rd quarter. Pinnacle Associates Ltd. now owns 65,790 shares of the business services provider’s stock worth $2,964,000 after purchasing an additional 10,077 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its position in shares of Cass Information Systems by 81.7% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 17,903 shares of the business services provider’s stock worth $862,000 after purchasing an additional 8,050 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted 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 in the last quarter. Hedge funds and other institutional investors own 59.08% of the company’s stock.

Cass Information Systems Trading Down 0.2 %

CASS opened at $44.50 on Friday. Cass Information Systems, Inc. has a 12-month low of $37.99 and a 12-month high of $50.25. The company has a market cap of $603.87 million, a price-to-earnings ratio of 26.87 and a beta of 0.70. The stock has a fifty day simple moving average of $42.02 and a two-hundred day simple moving average of $42.03.

Cass Information Systems (NASDAQ:CASS) last issued its quarterly earnings results on Thursday, October 17th. The business services provider reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.29). Cass Information Systems had a return on equity of 9.92% and a net margin of 11.52%. The business had revenue of $50.55 million during the quarter, compared to the consensus estimate of $48.99 million. On average, analysts predict that Cass Information Systems, Inc. will post 1.48 EPS for the current year.

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 issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 2.79%. This is a positive change from Cass Information Systems’s previous quarterly dividend of $0.30. The ex-dividend date is Tuesday, December 3rd. Cass Information Systems’s dividend payout ratio (DPR) is presently 72.29%.

Wall Street Analyst Weigh In

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

Cass Information Systems Profile

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.