Geode Capital Management LLC Sells 36,863 Shares of Cass Information Systems, Inc. (NASDAQ:CASS)

Geode Capital Management LLC reduced its position in shares of Cass Information Systems, Inc. (NASDAQ:CASS - Free Report) by 10.4% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 317,292 shares of the business services provider's stock after selling 36,863 shares during the quarter. Geode Capital Management LLC owned about 2.34% of Cass Information Systems worth $12,984,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. State Street Corp raised its holdings in shares of Cass Information Systems by 0.8% in the 3rd quarter. State Street Corp now owns 319,177 shares of the business services provider's stock worth $13,239,000 after purchasing an additional 2,466 shares in the last quarter. Barclays PLC boosted its stake in shares of Cass Information Systems by 364.9% during the 3rd quarter. Barclays PLC now owns 21,938 shares of the business services provider's stock worth $910,000 after acquiring an additional 17,219 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Cass Information Systems by 140.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 23,241 shares of the business services provider's stock worth $964,000 after acquiring an additional 13,593 shares during the last quarter. SG Americas Securities LLC raised its holdings in Cass Information Systems by 30.5% during the 4th quarter. SG Americas Securities LLC now owns 6,295 shares of the business services provider's stock worth $258,000 after buying an additional 1,470 shares during the period. Finally, Towneley Capital Management Inc DE acquired a new stake in shares of Cass Information Systems during the fourth quarter valued at approximately $611,000. 59.08% of the stock is owned by institutional investors.

Cass Information Systems Stock Down 1.1 %

CASS stock traded down $0.45 during mid-day trading on Friday, reaching $40.62. 75,135 shares of the stock traded hands, compared to its average volume of 42,137. The firm has a market capitalization of $546.88 million, a PE ratio of 29.37 and a beta of 0.49. The business has a 50-day moving average of $42.17 and a two-hundred day moving average of $42.44. Cass Information Systems, Inc. has a 52 week low of $37.99 and a 52 week high of $47.14.

Cass Information Systems (NASDAQ:CASS - Get Free Report) last posted its quarterly earnings data on Thursday, April 17th. The business services provider reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.03. The company had revenue of $46.41 million for the quarter, compared to the consensus estimate of $51.49 million. Cass Information Systems had a net margin of 9.62% and a return on equity of 8.25%. On average, equities research analysts anticipate that Cass Information Systems, Inc. will post 2.62 EPS for the current fiscal year.

Cass Information Systems Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Tuesday, June 3rd will be given a $0.31 dividend. The ex-dividend date of this dividend is Tuesday, June 3rd. This represents a $1.24 dividend on an annualized basis and a yield of 3.05%. Cass Information Systems's dividend payout ratio (DPR) is presently 81.58%.

Analysts Set New Price Targets

Separately, Piper Sandler lowered their target price on Cass Information Systems from $47.00 to $46.00 and set an "overweight" rating on the stock in a research note on Wednesday.

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.