State Street Corp Has $13.24 Million Stake in Cass Information Systems, Inc. (NASDAQ:CASS)

State Street Corp boosted its stake in shares of Cass Information Systems, Inc. (NASDAQ:CASS) by 0.8% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 319,177 shares of the business services provider’s stock after buying an additional 2,466 shares during the quarter. State Street Corp’s holdings in Cass Information Systems were worth $13,239,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. US Bancorp DE lifted its stake in shares of Cass Information Systems by 5.4% in the third quarter. US Bancorp DE now owns 7,078 shares of the business services provider’s stock worth $294,000 after acquiring an additional 360 shares during the period. Commonwealth Equity Services LLC raised its holdings in Cass Information Systems by 2.6% during the 2nd quarter. Commonwealth Equity Services LLC now owns 32,147 shares of the business services provider’s stock worth $1,288,000 after purchasing an additional 808 shares during the last quarter. Copeland Capital Management LLC acquired a new position in shares of Cass Information Systems in the 3rd quarter worth approximately $37,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Cass Information Systems by 1.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 103,609 shares of the business services provider’s stock valued at $4,298,000 after purchasing an additional 1,148 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its position in shares of Cass Information Systems by 27.9% during the third quarter. BNP Paribas Financial Markets now owns 6,387 shares of the business services provider’s stock worth $265,000 after buying an additional 1,394 shares during the period. Institutional investors own 59.08% of the company’s stock.

Wall Street Analyst Weigh In

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

Cass Information Systems Stock Performance

Shares of CASS stock opened at $41.73 on Thursday. Cass Information Systems, Inc. has a fifty-two week low of $37.99 and a fifty-two week high of $50.25. The stock has a 50 day simple moving average of $43.58 and a two-hundred day simple moving average of $42.05. The company has a market cap of $566.23 million, a P/E ratio of 25.14 and a beta of 0.72.

Cass Information Systems (NASDAQ:CASS) last announced its quarterly earnings data on Thursday, October 17th. The business services provider reported $0.21 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 company had revenue of $50.55 million for the quarter, compared to analyst estimates of $48.99 million. On average, research analysts predict that Cass Information Systems, Inc. will post 1.48 earnings per share for the current year.

Cass Information Systems Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Tuesday, December 3rd were paid a $0.31 dividend. This is an increase from Cass Information Systems’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a yield of 2.97%. The ex-dividend date was Tuesday, December 3rd. Cass Information Systems’s payout ratio is 74.70%.

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.