Pinnacle Associates Ltd. Purchases 21,807 Shares of Cass Information Systems, Inc (NASDAQ:CASS)

Key Points

• Pinnacle Associates Ltd. increased its stake in Cass Information Systems by 41.1%, owning approximately 0.56% of the company, valued at $3.24 million after acquiring additional shares.
• Cass Information Systems reported disappointing earnings, with an EPS of $0.38, missing analysts' estimates by $0.34, and revenue of $44.4 million, lower than expectations of $48.12 million.
• The company announced a quarterly dividend of $0.31 per share, representing a yield of 2.96% and a dividend payout ratio of 66.67%.

Pinnacle Associates Ltd. grew its position in shares of Cass Information Systems, Inc (NASDAQ:CASS - Free Report) by 41.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 74,828 shares of the business services provider's stock after purchasing an additional 21,807 shares during the quarter. Pinnacle Associates Ltd. owned about 0.56% of Cass Information Systems worth $3,236,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Huntington National Bank raised its holdings in Cass Information Systems by 72.9% during the 4th 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 last quarter. Aquatic Capital Management LLC bought a new position in Cass Information Systems during the 4th quarter worth approximately $44,000. Global X Japan Co. Ltd. bought a new stake in shares of Cass Information Systems in the 1st quarter valued at $55,000. Copeland Capital Management LLC increased its stake in shares of Cass Information Systems by 56.7% in the 1st quarter. Copeland Capital Management LLC now owns 1,432 shares of the business services provider's stock valued at $62,000 after acquiring an additional 518 shares in the last quarter. Finally, CWM LLC increased its stake in shares of Cass Information Systems by 275.9% in the 1st quarter. CWM LLC now owns 1,947 shares of the business services provider's stock valued at $84,000 after acquiring an additional 1,429 shares in the last quarter. Institutional investors own 59.08% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on CASS shares. Raymond James Financial started coverage on shares of Cass Information Systems in a research note on Tuesday, July 15th. They issued an "outperform" rating and a $50.00 price objective for the company. Wall Street Zen downgraded shares of Cass Information Systems from a "hold" rating to a "sell" rating in a research report on Monday, July 21st. Finally, Piper Sandler reduced their price target 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.

Cass Information Systems Stock Performance

CASS traded down $0.05 during mid-day trading on Friday, reaching $41.90. 56,800 shares of the stock were exchanged, compared to its average volume of 74,719. The stock has a market capitalization of $559.78 million, a PE ratio of 22.53 and a beta of 0.45. The company has a 50 day moving average price of $43.17 and a two-hundred day moving average price of $42.41. Cass Information Systems, Inc has a 1 year low of $37.99 and a 1 year high of $47.14.

Cass Information Systems (NASDAQ:CASS - Get Free Report) last released its earnings results 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). The business had revenue of $44.40 million for the quarter, compared to the consensus estimate of $48.12 million. Cass Information Systems had a return on equity of 9.09% and a net margin of 13.22%. Sell-side analysts expect that Cass Information Systems, Inc will post 2.62 EPS for the current fiscal year.

Cass Information Systems Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date of this dividend is Friday, September 5th. Cass Information Systems's payout ratio 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.