Heartland Advisors Inc. Purchases 56,979 Shares of Cass Information Systems, Inc (NASDAQ:CASS)

Key Points

• Heartland Advisors Inc. increased its stake in Cass Information Systems by 13.7%, acquiring an additional 56,979 shares, making it the 13th largest holding in their portfolio.
• Several institutional investors are actively adjusting their positions in Cass Information Systems, with CWM LLC leading with a 275.9% increase in holdings during the first quarter.
• Analysts have varied opinions on Cass Information Systems, with Piper Sandler lowering its price target while others, like Raymond James Financial, initiated coverage with an "outperform" rating.

Heartland Advisors Inc. lifted its position in Cass Information Systems, Inc (NASDAQ:CASS - Free Report) by 13.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 473,926 shares of the business services provider's stock after purchasing an additional 56,979 shares during the quarter. Cass Information Systems comprises approximately 1.2% of Heartland Advisors Inc.'s portfolio, making the stock its 13th largest holding. Heartland Advisors Inc. owned approximately 3.52% of Cass Information Systems worth $20,497,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in CASS. Huntington National Bank increased its holdings in shares of Cass Information Systems by 72.9% in the fourth quarter. Huntington National Bank now owns 690 shares of the business services provider's stock worth $28,000 after purchasing an additional 291 shares during the period. Aquatic Capital Management LLC bought a new position in shares of Cass Information Systems in the fourth quarter worth $44,000. Global X Japan Co. Ltd. bought a new position in shares of Cass Information Systems in the first quarter worth $55,000. Copeland Capital Management LLC increased its holdings in shares of Cass Information Systems by 56.7% in the first quarter. Copeland Capital Management LLC now owns 1,432 shares of the business services provider's stock worth $62,000 after purchasing an additional 518 shares during the period. Finally, CWM LLC increased its holdings in shares of Cass Information Systems by 275.9% in the first quarter. CWM LLC now owns 1,947 shares of the business services provider's stock worth $84,000 after purchasing an additional 1,429 shares during the period. Institutional investors own 59.08% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on CASS. Piper Sandler cut their target price on shares of Cass Information Systems from $47.00 to $46.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Raymond James Financial began coverage on shares of Cass Information Systems in a research report on Tuesday, July 15th. They issued an "outperform" rating and a $50.00 target price for the company. Finally, Wall Street Zen lowered shares of Cass Information Systems from a "hold" rating to a "sell" rating in a research report on Monday.

Cass Information Systems Stock Down 3.8%

NASDAQ CASS opened at $41.95 on Friday. The company has a 50-day simple moving average of $43.19 and a two-hundred day simple moving average of $42.41. Cass Information Systems, Inc has a 12-month low of $37.99 and a 12-month high of $47.14. The firm has a market cap of $560.45 million, a price-to-earnings ratio of 22.55 and a beta of 0.45.

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 the consensus estimate of $0.72 by ($0.34). The firm had revenue of $44.40 million for the quarter, compared to the consensus estimate of $48.12 million. Cass Information Systems had a net margin of 13.22% and a return on equity of 9.09%. Equities analysts expect that Cass Information Systems, Inc will post 2.62 earnings per share for the current fiscal year.

Cass Information Systems Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, September 5th will be paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 2.96%. The ex-dividend date is Friday, September 5th. Cass Information Systems's dividend payout ratio (DPR) is 66.67%.

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.

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