PNC Financial Services Group Inc. Cuts Stake in Cass Information Systems, Inc. (NASDAQ:CASS)

PNC Financial Services Group Inc. cut its holdings in Cass Information Systems, Inc. (NASDAQ:CASS) by 10.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,019 shares of the business services provider’s stock after selling 706 shares during the period. PNC Financial Services Group Inc.’s holdings in Cass Information Systems were worth $271,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Cass Information Systems by 1.2% in the third quarter. Vanguard Group Inc. now owns 801,636 shares of the business services provider’s stock worth $29,861,000 after purchasing an additional 9,463 shares during the last quarter. Heartland Advisors Inc. increased its stake in Cass Information Systems by 5.1% in the 4th quarter. Heartland Advisors Inc. now owns 353,662 shares of the business services provider’s stock worth $15,932,000 after acquiring an additional 17,135 shares during the last quarter. Commerce Bank raised its holdings in shares of Cass Information Systems by 60.5% during the 4th quarter. Commerce Bank now owns 77,634 shares of the business services provider’s stock worth $3,497,000 after acquiring an additional 29,252 shares in the last quarter. Speece Thorson Capital Group Inc. purchased a new stake in shares of Cass Information Systems during the 4th quarter worth approximately $2,432,000. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Cass Information Systems by 12.2% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 52,788 shares of the business services provider’s stock valued at $2,378,000 after acquiring an additional 5,725 shares during the last quarter. 59.08% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded shares of Cass Information Systems from a “buy” rating to a “hold” rating in a research note on Saturday, April 27th.

Cass Information Systems Price Performance

Shares of NASDAQ CASS opened at $40.57 on Tuesday. Cass Information Systems, Inc. has a 1-year low of $35.50 and a 1-year high of $50.25. The business’s 50 day moving average is $42.73 and its two-hundred day moving average is $44.48. The stock has a market capitalization of $553.37 million, a P/E ratio of 18.53 and a beta of 0.70.

Cass Information Systems (NASDAQ:CASS) last released its quarterly earnings results on Thursday, April 18th. The business services provider reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.59 by ($0.07). The company had revenue of $49.68 million for the quarter, compared to analysts’ expectations of $50.68 million. Cass Information Systems had a net margin of 15.21% and a return on equity of 13.67%. As a group, equities research analysts anticipate that Cass Information Systems, Inc. will post 2.21 earnings per share for the current fiscal year.

Cass Information Systems Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Tuesday, June 4th were issued a $0.30 dividend. The ex-dividend date was Tuesday, June 4th. This represents a $1.20 annualized dividend and a dividend yield of 2.96%. Cass Information Systems’s dividend payout ratio (DPR) is presently 54.79%.

Cass Information Systems Company 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.