Cass Information Systems, Inc. (NASDAQ:CASS) Stock Position Trimmed by Focus Partners Wealth

Focus Partners Wealth reduced its position in shares of Cass Information Systems, Inc. (NASDAQ:CASS - Free Report) by 8.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 762,482 shares of the business services provider's stock after selling 67,053 shares during the period. Focus Partners Wealth owned approximately 5.62% of Cass Information Systems worth $31,193,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the business. Huntington National Bank grew its holdings in Cass Information Systems by 72.9% in the fourth quarter. Huntington National Bank now owns 690 shares of the business services provider's stock valued at $28,000 after purchasing an additional 291 shares during the last quarter. Aquatic Capital Management LLC acquired a new position in shares of Cass Information Systems in the 4th quarter valued at $44,000. KLP Kapitalforvaltning AS purchased a new stake in Cass Information Systems during the fourth quarter valued at about $114,000. Intech Investment Management LLC acquired a new position in Cass Information Systems during the fourth quarter valued at approximately $207,000. Finally, SG Americas Securities LLC boosted its position in 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 purchasing an additional 1,470 shares during the period. 59.08% of the stock is owned by institutional investors and hedge funds.

Cass Information Systems Price Performance

CASS traded down $0.49 on Friday, reaching $42.75. The company's stock had a trading volume of 19,591 shares, compared to its average volume of 44,049. The stock has a market cap of $571.14 million, a price-to-earnings ratio of 30.98 and a beta of 0.43. The business's 50 day moving average is $41.65 and its 200 day moving average is $42.48. 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 posted its quarterly earnings data on Thursday, April 17th. The business services provider reported $0.63 EPS for the quarter, beating analysts' consensus estimates of $0.60 by $0.03. The firm had revenue of $46.41 million for the quarter, compared to the consensus estimate of $51.49 million. Cass Information Systems had a net margin of 9.62% and a return on equity of 8.25%. As a group, research analysts forecast that Cass Information Systems, Inc. will post 2.62 earnings per share for the current fiscal year.

Cass Information Systems Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Tuesday, June 3rd will be paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 2.90%. The ex-dividend date is Tuesday, June 3rd. Cass Information Systems's payout ratio is currently 81.58%.

Wall Street Analysts Forecast Growth

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

Cass Information Systems Profile

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.