Geode Capital Management LLC Buys 13,607 Shares of Cass Information Systems, Inc. (NASDAQ:CASS)

Geode Capital Management LLC boosted its holdings in shares of Cass Information Systems, Inc. (NASDAQ:CASS - Free Report) by 4.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 354,155 shares of the business services provider's stock after purchasing an additional 13,607 shares during the quarter. Geode Capital Management LLC owned about 2.61% of Cass Information Systems worth $14,693,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CASS. Copeland Capital Management LLC bought a new stake in shares of Cass Information Systems in the third quarter valued at approximately $37,000. SG Americas Securities LLC acquired a new position in Cass Information Systems during the 3rd quarter valued at $200,000. Creative Planning bought a new stake in Cass Information Systems in the 3rd quarter valued at $205,000. Renaissance Technologies LLC acquired a new stake in Cass Information Systems in the 2nd quarter worth $251,000. Finally, BNP Paribas Financial Markets increased its holdings in shares of Cass Information Systems by 27.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 6,387 shares of the business services provider's stock worth $265,000 after purchasing an additional 1,394 shares during the period. Institutional investors and hedge funds own 59.08% of the company's stock.

Analyst Ratings Changes

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

Cass Information Systems Stock Performance

Shares of NASDAQ:CASS traded up $0.28 during trading on Tuesday, hitting $40.91. 24,164 shares of the stock were exchanged, compared to its average volume of 41,220. The company has a market capitalization of $555.11 million, a price-to-earnings ratio of 24.64 and a beta of 0.72. Cass Information Systems, Inc. has a 1-year low of $37.99 and a 1-year high of $50.25. The company's fifty day simple moving average is $43.56 and its 200-day simple moving average is $42.05.

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

Cass Information Systems Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Tuesday, December 3rd were paid a $0.31 dividend. The ex-dividend date was Tuesday, December 3rd. This represents a $1.24 dividend on an annualized basis and a yield of 3.03%. This is a boost from Cass Information Systems's previous quarterly dividend of $0.30. Cass Information Systems's payout ratio is presently 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.