Renaissance Technologies LLC Has $2.46 Million Position in Cass Information Systems, Inc $CASS

Key Points

• Renaissance Technologies cut its Cass Information Systems stake by 27.9% in the first quarter, selling 21,600 shares and retaining 55,860 shares valued at approximately $2.46 million. Institutional investors collectively own 59.08% of the company.
• Cass Information Systems reported quarterly EPS of $0.71, slightly below the $0.72 analyst consensus, while revenue of $27.04 million fell well short of the $51.02 million estimate. Analysts expect full-year EPS of $2.99.
• The company declared a quarterly dividend of $0.32 per share, equating to an annualized $1.28 payout and a 2.2% yield. Despite the earnings miss, analysts maintained an overall “Buy” rating with a consensus price target of $58.50.

Renaissance Technologies LLC cut its holdings in Cass Information Systems, Inc (NASDAQ:CASS - Free Report) by 27.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 55,860 shares of the business services provider's stock after selling 21,600 shares during the period. Renaissance Technologies LLC owned 0.43% of Cass Information Systems worth $2,459,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. Kingdom Financial Group LLC. acquired a new stake in Cass Information Systems in the 4th quarter valued at approximately $26,000. Triumph Capital Management acquired a new position in shares of Cass Information Systems during the third quarter worth approximately $25,000. New York State Teachers Retirement System acquired a new position in shares of Cass Information Systems during the fourth quarter worth approximately $46,000. BNP Paribas Financial Markets boosted its position 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 valued at $53,000 after acquiring an additional 413 shares during the period. Finally, Russell Investments Group Ltd. boosted its position in shares of Cass Information Systems by 1,206.6% in the third quarter. Russell Investments Group Ltd. now owns 1,594 shares of the business services provider's stock valued at $63,000 after acquiring an additional 1,472 shares during the period. Institutional investors and hedge funds own 59.08% of the company's stock.

Cass Information Systems Stock Down 1.2%

Shares of CASS stock opened at $57.29 on Tuesday. Cass Information Systems, Inc has a 12-month low of $36.07 and a 12-month high of $58.88. The company has a market capitalization of $733.88 million, a P/E ratio of 20.61 and a beta of 0.41. The firm has a 50-day moving average price of $52.03 and a 200 day moving average price of $47.81.

Cass Information Systems (NASDAQ:CASS - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $27.04 million during the quarter, compared to analyst estimates of $51.02 million. As a group, research analysts expect that Cass Information Systems, Inc will post 2.99 earnings per share for the current year.

Cass Information Systems Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Friday, September 4th will be given a dividend of $0.32 per share. The ex-dividend date is Friday, September 4th. This represents a $1.28 annualized dividend and a yield of 2.2%. Cass Information Systems's dividend payout ratio is 46.04%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CASS. Raymond James Financial boosted their target price on shares of Cass Information Systems from $52.00 to $56.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 1st. Weiss Ratings reissued a "buy (b)" rating on shares of Cass Information Systems in a report on Tuesday, August 4th. Piper Sandler restated a "neutral" rating and issued a $61.00 price target (up from $52.00) on shares of Cass Information Systems in a research report on Thursday. Finally, Zacks Research upgraded shares of Cass Information Systems from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $58.50.

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.

Want to see what other hedge funds are holding CASS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cass Information Systems, Inc (NASDAQ:CASS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source