Cass Information Systems, Inc. (NASDAQ:CASS) Shares Acquired by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. lifted its holdings in shares of Cass Information Systems, Inc. (NASDAQ:CASS) by 1.1% during the 3rd quarter, Holdings Channel reports. The firm owned 103,609 shares of the business services provider’s stock after buying an additional 1,148 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Cass Information Systems were worth $4,298,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Speece Thorson Capital Group Inc. raised its holdings in Cass Information Systems by 37.6% in the third quarter. Speece Thorson Capital Group Inc. now owns 305,495 shares of the business services provider’s stock valued at $12,672,000 after acquiring an additional 83,414 shares in the last quarter. Tributary Capital Management LLC grew its position in shares of Cass Information Systems by 5.3% during the third quarter. Tributary Capital Management LLC now owns 318,496 shares of the business services provider’s stock worth $13,211,000 after acquiring an additional 15,919 shares during the last quarter. Foundry Partners LLC increased its holdings in shares of Cass Information Systems by 12.1% in the 3rd quarter. Foundry Partners LLC now owns 122,405 shares of the business services provider’s stock valued at $5,077,000 after acquiring an additional 13,180 shares during the period. Pinnacle Associates Ltd. increased its holdings in shares of Cass Information Systems by 18.1% in the 3rd quarter. Pinnacle Associates Ltd. now owns 65,790 shares of the business services provider’s stock valued at $2,964,000 after acquiring an additional 10,077 shares during the period. Finally, Quest Partners LLC increased its holdings in shares of Cass Information Systems by 3,445.5% in the 3rd quarter. Quest Partners LLC now owns 6,701 shares of the business services provider’s stock valued at $278,000 after acquiring an additional 6,512 shares during the period. Institutional investors and hedge funds own 59.08% of the company’s stock.

Cass Information Systems Stock Performance

Shares of CASS opened at $43.84 on Friday. The stock has a market capitalization of $594.91 million, a P/E ratio of 26.30 and a beta of 0.72. The company’s fifty day moving average is $43.32 and its two-hundred day moving average is $42.03. Cass Information Systems, Inc. has a 1 year low of $37.99 and a 1 year high of $50.25.

Cass Information Systems (NASDAQ:CASS) last posted its quarterly earnings results on Thursday, October 17th. The business services provider reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.29). Cass Information Systems had a return on equity of 9.92% and a net margin of 11.52%. The company had revenue of $50.55 million for the quarter, compared to analyst estimates of $48.99 million. Sell-side analysts predict that Cass Information Systems, Inc. will post 1.48 EPS for the current year.

Cass Information Systems Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Tuesday, December 3rd were given a $0.31 dividend. The ex-dividend date was Tuesday, December 3rd. This is a positive change from Cass Information Systems’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a dividend yield of 2.83%. Cass Information Systems’s payout ratio is currently 74.70%.

Analysts Set New Price Targets

Separately, Piper Sandler lifted their target price on shares of Cass Information Systems from $44.00 to $45.00 and gave the company an “overweight” rating in a report on Friday, October 18th.

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.