Royce & Associates LP Sells 13,897 Shares of Cass Information Systems, Inc. (NASDAQ:CASS)

Royce & Associates LP lowered its stake in Cass Information Systems, Inc. (NASDAQ:CASS) by 5.1% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 257,339 shares of the business services provider’s stock after selling 13,897 shares during the quarter. Royce & Associates LP’s holdings in Cass Information Systems were worth $10,674,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of CASS. Copeland Capital Management LLC bought a new stake in Cass Information Systems in the third quarter valued at $37,000. SG Americas Securities LLC acquired a new position in Cass Information Systems during the 3rd quarter worth approximately $200,000. Creative Planning bought a new position in Cass Information Systems in the third quarter worth approximately $205,000. Renaissance Technologies LLC acquired a new stake in Cass Information Systems in the second quarter valued at approximately $251,000. Finally, US Bancorp DE increased its holdings in shares of Cass Information Systems by 5.4% during the third quarter. US Bancorp DE now owns 7,078 shares of the business services provider’s stock valued at $294,000 after acquiring an additional 360 shares in the last quarter. Institutional investors and hedge funds own 59.08% of the company’s stock.

Cass Information Systems Price Performance

Shares of NASDAQ CASS opened at $44.50 on Friday. Cass Information Systems, Inc. has a 1 year low of $37.99 and a 1 year high of $50.25. The stock has a market capitalization of $603.87 million, a P/E ratio of 26.81 and a beta of 0.70. The company has a 50-day moving average price of $42.10 and a 200-day moving average price of $42.04.

Cass Information Systems (NASDAQ:CASS) last issued its quarterly earnings data on Thursday, October 17th. The business services provider reported $0.21 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.29). Cass Information Systems had a return on equity of 9.92% and a net margin of 11.52%. The company had revenue of $50.55 million for the quarter, compared to the consensus estimate of $48.99 million. As a group, equities research analysts anticipate that Cass Information Systems, Inc. will post 1.48 earnings per share for the current fiscal year.

Cass Information Systems Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Tuesday, December 3rd will be paid a $0.31 dividend. This is a positive change from Cass Information Systems’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $1.24 annualized dividend and a dividend yield of 2.79%. Cass Information Systems’s dividend payout ratio is presently 72.29%.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler increased their target price on Cass Information Systems from $44.00 to $45.00 and gave the stock an “overweight” rating in a report on Friday, October 18th.

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.