Cass Information Systems, Inc $CASS Shares Sold by American Century Companies Inc.

Key Points

• American Century Companies Inc. has reduced its holdings in Cass Information Systems by 21.5%, selling 18,828 shares and now owning 68,847 shares valued at approximately $2.98 million.
• Cass Information Systems reported a missed earnings estimate with $0.38 EPS against an expected $0.72, alongside revenue of $44.40 million, below the estimated $48.12 million.
• The company declared a quarterly dividend of $0.31 per share, with a payout ratio of 66.67% and an annualized dividend yield of 2.9% for investors of record.

American Century Companies Inc. cut its stake in shares of Cass Information Systems, Inc (NASDAQ:CASS - Free Report) by 21.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 68,847 shares of the business services provider's stock after selling 18,828 shares during the period. American Century Companies Inc. owned 0.52% of Cass Information Systems worth $2,978,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Janney Montgomery Scott LLC grew its stake in shares of Cass Information Systems by 11.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 6,669 shares of the business services provider's stock valued at $288,000 after buying an additional 660 shares during the period. Teacher Retirement System of Texas grew its stake in shares of Cass Information Systems by 10.9% during the 1st quarter. Teacher Retirement System of Texas now owns 17,883 shares of the business services provider's stock valued at $773,000 after buying an additional 1,764 shares during the period. GAMMA Investing LLC grew its stake in shares of Cass Information Systems by 4,823.3% during the 1st quarter. GAMMA Investing LLC now owns 12,456 shares of the business services provider's stock valued at $539,000 after buying an additional 12,203 shares during the period. CWM LLC grew its stake in shares of Cass Information Systems by 275.9% during the 1st quarter. CWM LLC now owns 1,947 shares of the business services provider's stock valued at $84,000 after buying an additional 1,429 shares during the period. Finally, Deutsche Bank AG grew its stake in shares of Cass Information Systems by 13.9% during the 4th quarter. Deutsche Bank AG now owns 8,266 shares of the business services provider's stock valued at $338,000 after buying an additional 1,007 shares during the period. 59.08% of the stock is owned by hedge funds and other institutional investors.

Cass Information Systems Stock Performance

Cass Information Systems stock traded down $0.70 during trading on Friday, reaching $43.04. 39,797 shares of the company's stock were exchanged, compared to its average volume of 57,592. Cass Information Systems, Inc has a 52-week low of $38.01 and a 52-week high of $47.14. The firm has a market cap of $568.99 million, a price-to-earnings ratio of 23.14 and a beta of 0.45. The company's 50-day moving average is $43.04 and its two-hundred day moving average is $42.48.

Cass Information Systems (NASDAQ:CASS - Get Free Report) last issued its quarterly earnings data on Thursday, July 17th. The business services provider reported $0.38 EPS for the quarter, missing analysts' consensus estimates of $0.72 by ($0.34). Cass Information Systems had a return on equity of 9.02% and a net margin of 13.22%.The firm had revenue of $44.40 million during the quarter, compared to analyst estimates of $48.12 million. Analysts anticipate that Cass Information Systems, Inc will post 2.62 EPS for the current year.

Cass Information Systems Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, September 5th will be issued a $0.31 dividend. The ex-dividend date is Friday, September 5th. This represents a $1.24 dividend on an annualized basis and a yield of 2.9%. Cass Information Systems's payout ratio is currently 66.67%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Raymond James Financial assumed coverage on shares of Cass Information Systems in a research report on Tuesday, July 15th. They set an "outperform" rating and a $50.00 price target for the company. Wall Street Zen raised shares of Cass Information Systems from a "sell" rating to a "hold" rating in a research report on Monday, August 18th. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat.com, Cass Information Systems has an average rating of "Buy" and a consensus price target of $48.00.

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.