Cass Information Systems, Inc. (NASDAQ:CASS) Shares Purchased by Bank of America Corp DE

Bank of America Corp DE grew its position in shares of Cass Information Systems, Inc. (NASDAQ:CASS) by 37.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,907 shares of the business services provider’s stock after buying an additional 4,876 shares during the period. Bank of America Corp DE owned about 0.13% of Cass Information Systems worth $733,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Heartland Advisors Inc. lifted its stake in Cass Information Systems by 11.6% during the fourth quarter. Heartland Advisors Inc. now owns 416,947 shares of the business services provider’s stock worth $17,057,000 after purchasing an additional 43,214 shares during the last quarter. Speece Thorson Capital Group Inc. lifted its holdings in Cass Information Systems by 7.7% in the fourth quarter. Speece Thorson Capital Group Inc. now owns 328,937 shares of the business services provider’s stock worth $13,457,000 after acquiring an additional 23,442 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Cass Information Systems by 91.1% in the fourth quarter. JPMorgan Chase & Co. now owns 44,418 shares of the business services provider’s stock worth $1,817,000 after acquiring an additional 21,177 shares during the last quarter. Towneley Capital Management Inc DE acquired a new position in Cass Information Systems in the fourth quarter valued at approximately $611,000. Finally, Arrowstreet Capital Limited Partnership grew its holdings in shares of Cass Information Systems by 15.0% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 89,599 shares of the business services provider’s stock valued at $3,665,000 after purchasing an additional 11,686 shares during the last quarter. Institutional investors and hedge funds own 59.08% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler cut their price target on Cass Information Systems from $47.00 to $46.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd.

Cass Information Systems Stock Performance

CASS stock opened at $42.44 on Monday. Cass Information Systems, Inc. has a 1 year low of $37.99 and a 1 year high of $47.14. The stock has a market capitalization of $567.00 million, a price-to-earnings ratio of 30.75 and a beta of 0.44. The stock’s fifty day moving average is $41.46 and its two-hundred day moving average is $42.28.

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

Cass Information Systems Announces Dividend

The firm also recently disclosed 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 yield of 2.92%. The ex-dividend date is Tuesday, June 3rd. Cass Information Systems’s dividend payout ratio (DPR) is 81.58%.

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.