Hotchkis & Wiley Capital Management LLC Takes Position in Cass Information Systems, Inc. (NASDAQ:CASS)

Hotchkis & Wiley Capital Management LLC bought a new position in shares of Cass Information Systems, Inc. (NASDAQ:CASS - Free Report) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 73,020 shares of the business services provider's stock, valued at approximately $3,029,000. Hotchkis & Wiley Capital Management LLC owned approximately 0.54% of Cass Information Systems as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the company. Glenmede Trust Co. NA grew its holdings in Cass Information Systems by 37.8% during the 3rd quarter. Glenmede Trust Co. NA now owns 7,453 shares of the business services provider's stock valued at $309,000 after buying an additional 2,044 shares during the last quarter. BNP Paribas Financial Markets boosted its stake 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 valued at $265,000 after acquiring an additional 1,394 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Cass Information Systems by 1.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 103,609 shares of the business services provider's stock worth $4,298,000 after purchasing an additional 1,148 shares in the last quarter. Foundry Partners LLC raised its stake in Cass Information Systems by 12.1% in the 3rd quarter. Foundry Partners LLC now owns 122,405 shares of the business services provider's stock valued at $5,077,000 after purchasing an additional 13,180 shares during the last quarter. Finally, Quest Partners LLC lifted its holdings in Cass Information Systems by 3,445.5% in the 3rd quarter. Quest Partners LLC now owns 6,701 shares of the business services provider's stock valued at $278,000 after purchasing an additional 6,512 shares in the last quarter. Institutional investors and hedge funds own 59.08% of the company's stock.

Wall Street Analysts Forecast Growth

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

Cass Information Systems Stock Up 0.6 %

Shares of CASS stock traded up $0.27 during mid-day trading on Friday, hitting $43.99. 26,494 shares of the company's stock were exchanged, compared to its average volume of 34,737. The stock has a market cap of $596.94 million, a price-to-earnings ratio of 26.50 and a beta of 0.72. The stock has a 50-day simple moving average of $43.02 and a two-hundred day simple moving average of $42.01. Cass Information Systems, Inc. has a fifty-two week low of $37.99 and a fifty-two week high of $50.25.

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 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.29). The business had revenue of $50.55 million during the quarter, compared to analysts' expectations of $48.99 million. Cass Information Systems had a net margin of 11.52% and a return on equity of 9.92%. As a group, analysts anticipate that Cass Information Systems, Inc. will post 1.48 earnings per share for the current fiscal year.

Cass Information Systems Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Tuesday, December 3rd will be paid a dividend of $0.31 per share. The ex-dividend date is Tuesday, December 3rd. This represents a $1.24 dividend on an annualized basis and a yield of 2.82%. This is an increase from Cass Information Systems's previous quarterly dividend of $0.30. Cass Information Systems's dividend payout ratio (DPR) is currently 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.