LPL Financial LLC Raises Stake in Cass Information Systems, Inc. (NASDAQ:CASS)

LPL Financial LLC lifted its position in Cass Information Systems, Inc. (NASDAQ:CASS) by 7.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 14,901 shares of the business services provider’s stock after purchasing an additional 976 shares during the period. LPL Financial LLC owned about 0.11% of Cass Information Systems worth $610,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the company. KLP Kapitalforvaltning AS purchased a new stake in Cass Information Systems in the 4th quarter worth $114,000. Intech Investment Management LLC purchased a new stake in shares of Cass Information Systems during the fourth quarter worth about $207,000. SG Americas Securities LLC raised its stake in Cass Information Systems by 30.5% during the 4th quarter. SG Americas Securities LLC now owns 6,295 shares of the business services provider’s stock valued at $258,000 after purchasing an additional 1,470 shares during the period. Raymond James Financial Inc. purchased a new position in Cass Information Systems in the 4th quarter worth approximately $276,000. Finally, Towneley Capital Management Inc DE bought a new position in Cass Information Systems in the 4th quarter worth approximately $611,000. 59.08% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Piper Sandler reduced their price objective on shares of Cass Information Systems from $47.00 to $46.00 and set an “overweight” rating on the stock in a research report on Wednesday.

Cass Information Systems Stock Up 0.5 %

CASS opened at $40.65 on Thursday. The company has a market capitalization of $547.35 million, a PE ratio of 29.46 and a beta of 0.49. The firm has a 50-day simple moving average of $42.24 and a two-hundred day simple moving average of $42.44. Cass Information Systems, Inc. has a 52 week low of $37.99 and a 52 week high of $47.14.

Cass Information Systems (NASDAQ:CASS) last announced its quarterly earnings results on Thursday, April 17th. The business services provider reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.03. Cass Information Systems had a return on equity of 8.25% and a net margin of 9.62%. The company had revenue of $46.41 million during the quarter, compared to analyst estimates of $51.49 million. As a group, sell-side analysts expect that Cass Information Systems, Inc. will post 2.62 earnings per share for the current year.

Cass Information Systems Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Tuesday, June 3rd will be issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date is Tuesday, June 3rd. Cass Information Systems’s dividend payout ratio (DPR) is presently 81.58%.

About Cass Information Systems

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.