ProShare Advisors LLC Sells 37,784 Shares of Cass Information Systems, Inc. (NASDAQ:CASS)

ProShare Advisors LLC lessened its holdings in Cass Information Systems, Inc. (NASDAQ:CASS) by 11.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 300,474 shares of the business services provider’s stock after selling 37,784 shares during the quarter. ProShare Advisors LLC owned approximately 2.20% of Cass Information Systems worth $12,040,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in CASS. Dumont & Blake Investment Advisors LLC bought a new position in shares of Cass Information Systems during the first quarter valued at $207,000. Compass Ion Advisors LLC acquired a new position in Cass Information Systems during the 1st quarter worth about $223,000. Renaissance Technologies LLC bought a new stake in shares of Cass Information Systems in the 2nd quarter valued at about $251,000. Janney Montgomery Scott LLC increased its stake in shares of Cass Information Systems by 47.1% in the first quarter. Janney Montgomery Scott LLC now owns 6,546 shares of the business services provider’s stock valued at $315,000 after buying an additional 2,097 shares during the period. Finally, Ellsworth Advisors LLC raised its position in shares of Cass Information Systems by 9.4% during the second quarter. Ellsworth Advisors LLC now owns 10,809 shares of the business services provider’s stock worth $433,000 after acquiring an additional 930 shares during the last quarter. 59.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler reissued an “overweight” rating and set a $44.00 target price (down previously from $47.00) on shares of Cass Information Systems in a research report on Monday, July 22nd.

Cass Information Systems Trading Down 0.6 %

Shares of CASS opened at $41.86 on Tuesday. The firm’s fifty day simple moving average is $41.50 and its two-hundred day simple moving average is $42.99. Cass Information Systems, Inc. has a 12 month low of $35.50 and a 12 month high of $50.25. The stock has a market capitalization of $571.14 million, a P/E ratio of 19.11 and a beta of 0.71.

Cass Information Systems (NASDAQ:CASS) last released its earnings results on Thursday, July 18th. The business services provider reported $0.32 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.21). Cass Information Systems had a return on equity of 12.26% and a net margin of 13.84%. The business had revenue of $48.59 million for the quarter, compared to analyst estimates of $50.00 million. As a group, research analysts predict that Cass Information Systems, Inc. will post 1.86 EPS for the current fiscal year.

Cass Information Systems Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd were paid a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $1.20 annualized dividend and a dividend yield of 2.87%. Cass Information Systems’s dividend payout ratio is currently 54.79%.

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.