Price T Rowe Associates Inc. MD increases stake in Cass Information Systems, Inc. (NASDAQ:CASS)

Price T Rowe Associates Inc. MD increased its position in Cass Information Systems, Inc. (NASDAQ:CASS – Free Report) by 30.5% during the first quarter, HoldingsChannel.com reports. The firm owned 29,291 shares of the business services provider’s stock after purchasing an additional 6,844 shares during the period. Price T Rowe Associates Inc. MD’s holdings in Cass Information Systems were worth $1,412,000 at the end of the most recent reporting period.

A number of other hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Cass Information Systems by 1.2% during the third quarter. Vanguard Group Inc. now owns 801,636 shares of the business services provider’s stock valued at $29,861,000 after purchasing an additional 9,463 shares in the last quarter. Heartland Advisors Inc. increased its position in Cass Information Systems by 5.7% in the first quarter. Heartland Advisors Inc. now owns 373,843 shares of the business services provider’s stock valued at $18,008,000 after acquiring an additional 20,181 shares in the last quarter. Speece Thorson Capital Group Inc. raised its stake in Cass Information Systems by 194.2% in the first quarter. Speece Thorson Capital Group Inc. now owns 158,801 shares of the business services provider’s stock valued at $7,649,000 after purchasing an additional 104,817 shares in the last quarter. Commerce Bank boosted its stake in Cass Information Systems by 60.5% in the fourth quarter. Commerce Bank now owns 77,634 shares of the business services provider’s stock valued at $3,497,000 after acquiring an additional 29,252 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of Cass Information Systems by 39.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 73,820 shares of the business services provider’s stock worth $3,556,000 after buying an additional 21,032 shares during the last quarter. Hedge funds and other institutional investors own 59.08% of the company’s shares.

Analysts set new price targets

Several analysts commented on the stock. StockNews.com downgraded shares of Cass Information Systems from a “buy” rating to a “hold” rating in a report on Saturday, April 27th. Piper Sandler reissued an “overweight” rating and set a $44.00 target price (down previously from $47.00) on shares of Cass Information Systems in a report on Monday, July 22nd.

See the latest stock analysis on CASS

Cass Information Systems stock performance

Shares of CASS stock opened at $40.24 on Friday. The company has a 50-day moving average price of $41.07 and a 200-day moving average price of $43.87. Cass Information Systems, Inc. it has a fifty-two week low of $35.50 and a fifty-two week high of $50.25. The stock has a market cap of $549.03 million, a PE ratio of 18.22 and a beta of 0.70.

Cass Information Systems (NASDAQ:CASS – Get Your Free Report ) last released its earnings results on Thursday, July 18th. The business services provider reported $0.32 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.21). Cass Information Systems had a return on equity of 12.37% and a net margin of 13.84%. The company had revenue of $48.59 million for the quarter, compared to analysts’ expectations of $50.00 million. Equities research analysts forecast that Cass Information Systems, Inc. will post 1.86 EPS for the current year.

Cass Information Systems Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd will be issued a dividend of $0.30 per share. This represents a dividend of $1.20 on an annualized basis and a yield of 2.98%. The ex-dividend date is Tuesday, September 3rd. Cass Information Systems’ dividend payout ratio is currently 54.79%.

Cass Information Systems Profile

(Free Report)

Cass Information Systems, Inc provides payment and information processing services to manufacturing, distribution and retail businesses in the United States. The company operates through two segments, Information Services and Banking Services. Its services include evaluation of transport invoices, payment processing, auditing and generation of accounting and transport information.

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

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