State Street Corp Has $13.24 Million Stake in Cass Information Systems, Inc. (NASDAQ:CASS)

State Street Corp grew its holdings in shares of Cass Information Systems, Inc. (NASDAQ:CASS) by 0.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 319,177 shares of the business services provider’s stock after purchasing an additional 2,466 shares during the period. State Street Corp owned about 2.35% of Cass Information Systems worth $13,239,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Copeland Capital Management LLC acquired a new position in Cass Information Systems in the third quarter valued at about $37,000. SG Americas Securities LLC bought a new position in Cass Information Systems in the 3rd quarter valued at about $200,000. Creative Planning bought a new position in Cass Information Systems in the 3rd quarter valued at about $205,000. Renaissance Technologies LLC acquired a new position in shares of Cass Information Systems in the 2nd quarter valued at approximately $251,000. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Cass Information Systems by 27.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 6,387 shares of the business services provider’s stock worth $265,000 after acquiring an additional 1,394 shares during the period. 59.08% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler lifted 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 Stock Up 0.7 %

Shares of CASS stock opened at $41.73 on Thursday. The business has a fifty day simple moving average of $43.58 and a 200 day simple moving average of $42.05. The company has a market cap of $566.23 million, a P/E ratio of 25.14 and a beta of 0.72. Cass Information Systems, Inc. has a twelve month low of $37.99 and a twelve month high of $50.25.

Cass Information Systems (NASDAQ:CASS) last posted 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 company 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%. As a group, equities research 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 announced a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Tuesday, December 3rd were given a $0.31 dividend. The ex-dividend date was Tuesday, December 3rd. This represents a $1.24 dividend on an annualized basis and a yield of 2.97%. This is a positive change from Cass Information Systems’s previous quarterly dividend of $0.30. Cass Information Systems’s dividend payout ratio (DPR) is currently 74.70%.

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.