Royce & Associates LP Decreases Stake in Cass Information Systems, Inc. (NASDAQ:CASS)

Royce & Associates LP lessened its stake in Cass Information Systems, Inc. (NASDAQ:CASS - Free Report) by 5.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 257,339 shares of the business services provider's stock after selling 13,897 shares during the period. Royce & Associates LP owned 1.89% of Cass Information Systems worth $10,674,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Copeland Capital Management LLC purchased a new stake in shares of Cass Information Systems in the 3rd quarter worth $37,000. SG Americas Securities LLC purchased a new stake in Cass Information Systems in the third quarter worth about $200,000. Creative Planning bought a new position in Cass Information Systems during the 3rd quarter worth about $205,000. Renaissance Technologies LLC purchased a new position in Cass Information Systems during the 2nd quarter valued at about $251,000. Finally, US Bancorp DE raised its holdings 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 purchasing an additional 360 shares in the last quarter. Institutional investors own 59.08% of the company's stock.

Analysts Set New Price Targets

Separately, Piper Sandler increased 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 note on Friday, October 18th.

Cass Information Systems Trading Down 0.2 %

Shares of CASS traded down $0.07 during trading hours on Friday, hitting $44.50. The company had a trading volume of 44,510 shares, compared to its average volume of 46,608. The company has a market capitalization of $603.82 million, a PE ratio of 26.81 and a beta of 0.70. Cass Information Systems, Inc. has a one year low of $37.99 and a one year high of $50.25. The company's fifty day moving average price is $42.10 and its two-hundred day moving average price is $42.03.

Cass Information Systems (NASDAQ:CASS - Get Free Report) last announced its earnings results 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). The firm had revenue of $50.55 million during the quarter, compared to the consensus estimate of $48.99 million. Cass Information Systems had a return on equity of 9.92% and a net margin of 11.52%. Analysts forecast that Cass Information Systems, Inc. will post 1.48 earnings per share for the current year.

Cass Information Systems Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Tuesday, December 3rd will be issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 2.79%. The ex-dividend date of this dividend is Tuesday, December 3rd. This is a positive change from Cass Information Systems's previous quarterly dividend of $0.30. Cass Information Systems's dividend payout ratio 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.