Los Angeles Capital Management LLC Sells 28,380 Shares of Cass Information Systems, Inc. (NASDAQ:CASS)

Los Angeles Capital Management LLC lowered its holdings in Cass Information Systems, Inc. (NASDAQ:CASS - Free Report) by 57.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 21,011 shares of the business services provider's stock after selling 28,380 shares during the quarter. Los Angeles Capital Management LLC owned 0.15% of Cass Information Systems worth $872,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Copeland Capital Management LLC acquired a new stake in Cass Information Systems during the 3rd quarter valued at $37,000. SG Americas Securities LLC acquired a new stake in shares of Cass Information Systems in the third quarter valued at approximately $200,000. Creative Planning bought a new position in Cass Information Systems in the 3rd quarter worth approximately $205,000. Renaissance Technologies LLC bought a new position in Cass Information Systems in the 2nd quarter valued at $251,000. Finally, US Bancorp DE increased its stake in shares of Cass Information Systems by 5.4% in the 3rd quarter. US Bancorp DE now owns 7,078 shares of the business services provider's stock valued at $294,000 after buying an additional 360 shares during the period. Institutional investors and hedge funds own 59.08% of the company's stock.

Cass Information Systems Stock Down 0.2 %

NASDAQ CASS traded down $0.07 during trading hours on Friday, hitting $44.50. The company's stock had a trading volume of 44,510 shares, compared to its average volume of 41,694. The stock has a fifty day moving average of $42.10 and a 200 day moving average of $42.04. Cass Information Systems, Inc. has a twelve month low of $37.99 and a twelve month high of $50.25. The firm has a market capitalization of $603.87 million, a P/E ratio of 26.81 and a beta of 0.70.

Cass Information Systems (NASDAQ:CASS - Get Free Report) last released its quarterly earnings data on Thursday, October 17th. The business services provider reported $0.21 EPS for the quarter, missing analysts' consensus estimates of $0.50 by ($0.29). Cass Information Systems had a net margin of 11.52% and a return on equity of 9.92%. The company 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 earnings per share for the current year.

Cass Information Systems Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Tuesday, December 3rd will be issued 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 2.79%. This is a boost from Cass Information Systems's previous quarterly dividend of $0.30. Cass Information Systems's payout ratio is currently 72.29%.

Analyst Upgrades and Downgrades

Separately, Piper Sandler upped their price target on 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 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.