Bank of New York Mellon Corp Acquires Shares of 68,116 Cass Information Systems, Inc $CASS

Key Points

• Bank of New York Mellon Corp acquired 68,116 shares of Cass Information Systems, worth approximately $3.5 million and representing about 0.53% of the company. Institutional investors collectively own 59.08% of CASS.
• Analyst sentiment is moderately positive: Cass has a consensus “Moderate Buy” rating and an average price target of $58.50, although Zacks downgraded the stock to “Hold.”
• Cass reported quarterly EPS of $0.71, slightly below the $0.72 consensus estimate, while maintaining a quarterly dividend of $0.32, equivalent to a 2.3% yield.

Bank of New York Mellon Corp bought a new position in Cass Information Systems, Inc (NASDAQ:CASS - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 68,116 shares of the business services provider's stock, valued at approximately $3,496,000. Bank of New York Mellon Corp owned about 0.53% of Cass Information Systems as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in CASS. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Cass Information Systems by 4.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,022 shares of the business services provider's stock worth $347,000 after acquiring an additional 312 shares during the last quarter. Natixis Advisors LLC raised its stake in shares of Cass Information Systems by 3.4% in the third quarter. Natixis Advisors LLC now owns 11,048 shares of the business services provider's stock worth $435,000 after purchasing an additional 367 shares during the last quarter. BNP Paribas Financial Markets raised its stake in shares of Cass Information Systems by 50.7% in the second quarter. BNP Paribas Financial Markets now owns 1,227 shares of the business services provider's stock worth $53,000 after purchasing an additional 413 shares during the last quarter. Glenmede Investment Management LP lifted its holdings in shares of Cass Information Systems by 5.1% during the third quarter. Glenmede Investment Management LP now owns 8,765 shares of the business services provider's stock valued at $345,000 after purchasing an additional 422 shares in the last quarter. Finally, Invesco Ltd. boosted its position in shares of Cass Information Systems by 3.1% during the fourth quarter. Invesco Ltd. now owns 18,761 shares of the business services provider's stock valued at $779,000 after buying an additional 563 shares during the last quarter. Hedge funds and other institutional investors own 59.08% of the company's stock.

Wall Street Analyst Weigh In

CASS has been the subject of a number of recent analyst reports. Zacks Research lowered Cass Information Systems from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 13th. 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 report on Tuesday, August 4th. Finally, Raymond James Financial raised their target price on shares of Cass Information Systems from $52.00 to $56.00 and gave the stock an "outperform" rating in a report on Wednesday, July 1st. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $58.50.

Cass Information Systems Stock Performance

NASDAQ CASS opened at $55.81 on Monday. The company has a market capitalization of $714.93 million, a PE ratio of 20.08 and a beta of 0.40. The business's fifty day moving average is $55.12 and its 200 day moving average is $49.39. Cass Information Systems, Inc has a fifty-two week low of $36.07 and a fifty-two week high of $59.63.

Cass Information Systems (NASDAQ:CASS - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The business services provider reported $0.71 EPS for the quarter, missing analysts' consensus estimates of $0.72 by ($0.01). Cass Information Systems had a return on equity of 14.89% and a net margin of 18.45%.The company had revenue of $27.04 million during the quarter, compared to analysts' expectations of $51.02 million. On average, sell-side analysts forecast that Cass Information Systems, Inc will post 2.99 EPS for the current year.

Cass Information Systems Announces Dividend

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

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. 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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