ProShare Advisors LLC Reduces Position in Cass Information Systems, Inc. (NASDAQ:CASS)

ProShare Advisors LLC trimmed its stake in Cass Information Systems, Inc. (NASDAQ:CASS - Free Report) by 6.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 183,440 shares of the business services provider's stock after selling 13,682 shares during the period. ProShare Advisors LLC owned about 1.35% of Cass Information Systems worth $7,505,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Huntington National Bank raised its stake in shares of Cass Information Systems by 72.9% during the fourth quarter. Huntington National Bank now owns 690 shares of the business services provider's stock valued at $28,000 after acquiring an additional 291 shares in the last quarter. Aquatic Capital Management LLC bought a new stake in Cass Information Systems during the 4th quarter valued at $44,000. KLP Kapitalforvaltning AS bought a new stake in Cass Information Systems during the 4th quarter valued at $114,000. Intech Investment Management LLC purchased a new stake in shares of Cass Information Systems in the 4th quarter worth $207,000. Finally, SG Americas Securities LLC grew its position in shares of Cass Information Systems by 30.5% during the 4th quarter. SG Americas Securities LLC now owns 6,295 shares of the business services provider's stock worth $258,000 after buying an additional 1,470 shares in the last quarter. 59.08% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler cut their price target on Cass Information Systems from $47.00 to $46.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd.

Cass Information Systems Price Performance

Shares of NASDAQ:CASS traded down $0.13 during trading hours on Friday, hitting $42.38. The company's stock had a trading volume of 7,187 shares, compared to its average volume of 44,448. The firm's fifty day moving average price is $41.64 and its 200 day moving average price is $42.49. Cass Information Systems, Inc. has a 52 week low of $37.99 and a 52 week high of $47.14. The company has a market capitalization of $566.20 million, a price-to-earnings ratio of 30.70 and a beta of 0.43.

Cass Information Systems (NASDAQ:CASS - Get Free Report) last issued its quarterly earnings data on Thursday, April 17th. The business services provider reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.03. The company had revenue of $46.41 million for the quarter, compared to analyst estimates of $51.49 million. Cass Information Systems had a net margin of 9.62% and a return on equity of 8.25%. On average, equities research analysts predict that Cass Information Systems, Inc. will post 2.62 earnings per share for the current fiscal year.

Cass Information Systems Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Tuesday, June 3rd will be given a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 2.93%. The ex-dividend date is Tuesday, June 3rd. Cass Information Systems's payout ratio is 81.58%.

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.