Allspring Global Investments Holdings LLC Trims Stock Position in Cass Information Systems, Inc. (NASDAQ:CASS)

Allspring Global Investments Holdings LLC lowered its position in shares of Cass Information Systems, Inc. (NASDAQ:CASS) by 4.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 70,656 shares of the business services provider’s stock after selling 3,164 shares during the period. Allspring Global Investments Holdings LLC owned 0.52% of Cass Information Systems worth $2,831,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Dumont & Blake Investment Advisors LLC purchased a new position in Cass Information Systems in the 1st quarter worth approximately $207,000. Compass Ion Advisors LLC purchased a new position in Cass Information Systems in the 1st quarter worth approximately $223,000. Janney Montgomery Scott LLC grew its stake in Cass Information Systems by 47.1% in the 1st quarter. Janney Montgomery Scott LLC now owns 6,546 shares of the business services provider’s stock worth $315,000 after buying an additional 2,097 shares in the last quarter. International Assets Investment Management LLC purchased a new position in Cass Information Systems in the 4th quarter worth approximately $4,570,000. Finally, Ellsworth Advisors LLC grew its stake in Cass Information Systems by 9.4% in the 2nd quarter. Ellsworth Advisors LLC now owns 10,809 shares of the business services provider’s stock worth $433,000 after buying an additional 930 shares in the last quarter. Hedge funds and other institutional investors own 59.08% of the company’s stock.

Cass Information Systems Stock Performance

Shares of CASS opened at $43.44 on Tuesday. The firm has a market cap of $592.70 million, a price-to-earnings ratio of 19.84 and a beta of 0.70. Cass Information Systems, Inc. has a fifty-two week low of $35.50 and a fifty-two week high of $50.25. The firm has a 50 day moving average price of $41.24 and a 200-day moving average price of $43.65.

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

Cass Information Systems Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd will be issued a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.76%. Cass Information Systems’s payout ratio is 54.79%.

Analyst Upgrades and Downgrades

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

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.