JPMorgan Chase & Co. Increases Stake in Cass Information Systems, Inc. (NASDAQ:CASS)

JPMorgan Chase & Co. lifted its stake in shares of Cass Information Systems, Inc. (NASDAQ:CASS - Free Report) by 91.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 44,418 shares of the business services provider's stock after acquiring an additional 21,177 shares during the period. JPMorgan Chase & Co. owned approximately 0.33% of Cass Information Systems worth $1,817,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Geode Capital Management LLC lifted its stake in Cass Information Systems by 4.0% in the third quarter. Geode Capital Management LLC now owns 354,155 shares of the business services provider's stock worth $14,693,000 after purchasing an additional 13,607 shares during the last quarter. State Street Corp lifted its stake in Cass Information Systems by 0.8% in the third quarter. State Street Corp now owns 319,177 shares of the business services provider's stock worth $13,239,000 after purchasing an additional 2,466 shares during the last quarter. Royce & Associates LP lifted its stake in Cass Information Systems by 3.3% in the fourth quarter. Royce & Associates LP now owns 265,907 shares of the business services provider's stock worth $10,878,000 after purchasing an additional 8,568 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Cass Information Systems by 0.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 104,325 shares of the business services provider's stock worth $4,268,000 after purchasing an additional 716 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Cass Information Systems by 7.7% in the fourth quarter. Bank of New York Mellon Corp now owns 87,456 shares of the business services provider's stock worth $3,578,000 after purchasing an additional 6,236 shares during the last quarter. 59.08% of the stock is owned by institutional investors.

Cass Information Systems Stock Down 1.6 %

Shares of NASDAQ:CASS traded down $0.65 during midday trading on Wednesday, hitting $40.54. 1,683 shares of the stock traded hands, compared to its average volume of 42,460. The stock has a market capitalization of $545.83 million, a PE ratio of 29.37 and a beta of 0.49. The business's 50 day moving average is $41.94 and its two-hundred day moving average is $42.45. Cass Information Systems, Inc. has a one year low of $37.99 and a one year high of $47.14.

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 EPS for the quarter, beating the consensus estimate of $0.60 by $0.03. Cass Information Systems had a net margin of 9.62% and a return on equity of 8.25%. The firm had revenue of $46.41 million during the quarter, compared to the consensus estimate of $51.49 million. As a group, sell-side analysts forecast that Cass Information Systems, Inc. will post 2.62 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 Friday, June 13th. Investors of record on Tuesday, June 3rd will be given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 3.06%. The ex-dividend date is Tuesday, June 3rd. Cass Information Systems's dividend payout ratio is currently 81.58%.

Wall Street Analyst Weigh In

Separately, Piper Sandler lowered their price objective on shares of 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 Company 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.