145,127 Cass Information Systems, Inc $CASS Shares Sold by ProShare Advisors LLC

ProShare Advisors LLC reduced its stake in Cass Information Systems, Inc (NASDAQ:CASS) by 51.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 134,791 shares of the business services provider’s stock after selling 145,127 shares during the period. ProShare Advisors LLC owned approximately 1.05% of Cass Information Systems worth $7,178,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of CASS. BlackRock Inc. purchased a new position in shares of Cass Information Systems in the 2nd quarter worth about $51,403,000. Heartland Advisors Inc. purchased a new stake in Cass Information Systems during the 2nd quarter valued at about $25,322,000. Punch & Associates Investment Management Inc. purchased a new stake in Cass Information Systems during the 2nd quarter valued at about $8,033,000. Bank of New York Mellon Corp purchased a new stake in Cass Information Systems during the 2nd quarter valued at about $3,496,000. Finally, Inspire Investing LLC bought a new stake in Cass Information Systems during the 3rd quarter valued at about $3,025,000. 59.08% of the stock is currently owned by institutional investors.

Cass Information Systems Stock Up 2.3%

Shares of NASDAQ CASS opened at $55.03 on Thursday. The firm’s 50-day moving average price is $54.74 and its 200-day moving average price is $50.02. Cass Information Systems, Inc has a 52-week low of $39.06 and a 52-week high of $59.63. The company has a market cap of $704.71 million, a PE ratio of 18.91 and a beta of 0.41.

Cass Information Systems (NASDAQ:CASS) last issued its quarterly earnings data on Thursday, October 22nd. The business services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.01. The company had revenue of $29.59 million for the quarter, compared to the consensus estimate of $52.29 million. Cass Information Systems had a net margin of 18.94% and a return on equity of 15.46%. As a group, equities research analysts anticipate that Cass Information Systems, Inc will post 2.96 EPS for the current fiscal year.

Cass Information Systems Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 14th. Stockholders of record on Friday, December 4th will be given a dividend of $0.34 per share. This represents a $1.36 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, December 4th. This is an increase from Cass Information Systems’s previous quarterly dividend of $0.32. Cass Information Systems’s payout ratio is currently 46.74%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Weiss Ratings cut shares of Cass Information Systems from a “buy (a-)” rating to a “buy (b+)” rating in a report on Friday, October 23rd. Zacks Research downgraded shares of Cass Information Systems from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 8th. Piper Sandler reiterated a “neutral” rating and set a $61.00 price target (up from $52.00) on shares of Cass Information Systems in a report on Thursday, August 6th. Finally, Raymond James Financial downgraded shares of Cass Information Systems from an “outperform” rating to a “market perform” rating in a research report on Friday, October 23rd. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $58.50.

Cass Information Systems Profile

Cass Information Systems, Inc (NASDAQ:CASS) provides payment and information-processing services to businesses. Its offerings are designed to help companies manage, audit and analyze expenditures associated with transportation, utilities, telecommunications and other recurring business expenses.

The company’s transportation services include freight invoice payment, auditing, rating, electronic data interchange and related information-management tools for shippers and logistics organizations.