493,406 Shares in Cass Information Systems, Inc $CASS Bought by Heartland Advisors Inc.

Key Points

• Heartland Advisors acquired 493,406 shares of Cass Information Systems, valued at roughly $25.3 million, giving it a 3.85% stake and making CASS its 11th-largest holding.
• Analyst sentiment is moderately positive: the stock has a consensus “Moderate Buy” rating and an average price target of $58.50, with recent target increases from Piper Sandler and Raymond James.
• Cass reported quarterly EPS of $0.71, slightly below the $0.72 estimate, while declaring a quarterly dividend of $0.32, equivalent to a 2.3% yield.

Heartland Advisors Inc. bought a new stake in shares of Cass Information Systems, Inc (NASDAQ:CASS - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 493,406 shares of the business services provider's stock, valued at approximately $25,322,000. Cass Information Systems comprises approximately 1.1% of Heartland Advisors Inc.'s investment portfolio, making the stock its 11th biggest holding. Heartland Advisors Inc. owned 3.85% of Cass Information Systems at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the stock. Triumph Capital Management acquired a new stake in Cass Information Systems in the 3rd quarter worth $25,000. Kingdom Financial Group LLC. bought a new stake in shares of Cass Information Systems in the fourth quarter valued at about $26,000. New York State Teachers Retirement System acquired a new stake in Cass Information Systems during the fourth quarter worth about $46,000. BNP Paribas Financial Markets grew its position in Cass Information Systems by 50.7% during the second quarter. BNP Paribas Financial Markets now owns 1,227 shares of the business services provider's stock worth $53,000 after buying an additional 413 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its stake in Cass Information Systems by 1,206.6% during the third quarter. Russell Investments Group Ltd. now owns 1,594 shares of the business services provider's stock valued at $63,000 after acquiring an additional 1,472 shares during the period. 59.08% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Piper Sandler reissued a "neutral" rating and set a $61.00 price objective (up from $52.00) on shares of Cass Information Systems in a report on Thursday, August 6th. Weiss Ratings restated a "buy (b)" rating on shares of Cass Information Systems in a research note on Tuesday, August 4th. Zacks Research cut Cass Information Systems from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 13th. Finally, Raymond James Financial lifted their price target on shares of Cass Information Systems from $52.00 to $56.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 1st. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $58.50.

Cass Information Systems Stock Down 0.9%

Shares of CASS opened at $56.40 on Friday. The stock has a market cap of $722.48 million, a price-to-earnings ratio of 20.29 and a beta of 0.41. Cass Information Systems, Inc has a 12 month low of $36.07 and a 12 month high of $59.63. The company has a 50-day moving average price of $53.77 and a two-hundred day moving average price of $48.63.

Cass Information Systems (NASDAQ:CASS - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The business services provider reported $0.71 earnings per share for the quarter, missing analysts' consensus estimates of $0.72 by ($0.01). Cass Information Systems had a net margin of 18.45% and a return on equity of 14.89%. The company had revenue of $27.04 million for the quarter, compared to analyst estimates of $51.02 million. Equities research analysts expect that Cass Information Systems, Inc will post 2.99 EPS for the current fiscal year.

Cass Information Systems Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Friday, September 4th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.28 annualized dividend and a yield of 2.3%. Cass Information Systems's payout ratio is currently 46.04%.

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. The company also processes and pays facility-related invoices, such as electricity, gas, waste, and telecommunications expenses; and provides telecom expense management solutions, as well as church management software solution and on-line platform to provide generosity services for faith-based and non-profit organizations.

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