Beacon Financial Group Cuts Position in Cass Information Systems, Inc. (NASDAQ:CASS)

Beacon Financial Group reduced its position in shares of Cass Information Systems, Inc. (NASDAQ:CASS) by 14.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,129 shares of the business services provider’s stock after selling 1,404 shares during the period. Beacon Financial Group owned about 0.06% of Cass Information Systems worth $333,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Copeland Capital Management LLC acquired a new position in Cass Information Systems during the 3rd quarter worth about $37,000. SG Americas Securities LLC acquired a new stake in shares of Cass Information Systems during the third quarter worth about $200,000. Creative Planning acquired a new stake in shares of Cass Information Systems during the third quarter worth about $205,000. BNP Paribas Financial Markets boosted its stake in shares of Cass Information Systems by 27.9% in the third quarter. BNP Paribas Financial Markets now owns 6,387 shares of the business services provider’s stock valued at $265,000 after purchasing an additional 1,394 shares during the period. Finally, Quest Partners LLC grew its holdings in shares of Cass Information Systems by 3,445.5% in the third quarter. Quest Partners LLC now owns 6,701 shares of the business services provider’s stock valued at $278,000 after purchasing an additional 6,512 shares in the last quarter. 59.08% of the stock is currently owned by hedge funds and other institutional investors.

Cass Information Systems Price Performance

Shares of NASDAQ CASS opened at $44.18 on Thursday. The company has a market cap of $599.52 million, a price-to-earnings ratio of 32.01 and a beta of 0.72. The stock’s 50-day moving average is $41.84 and its two-hundred day moving average is $42.08. Cass Information Systems, Inc. has a 1-year low of $37.99 and a 1-year high of $49.16.

Cass Information Systems (NASDAQ:CASS) last issued its quarterly earnings results on Thursday, January 23rd. The business services provider reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.10). Cass Information Systems had a return on equity of 8.25% and a net margin of 9.62%. Equities research analysts anticipate 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 announced a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Tuesday, March 4th will be paid a dividend of $0.31 per share. The ex-dividend date of this dividend is Tuesday, March 4th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.81%. Cass Information Systems’s payout ratio is currently 89.86%.

Analysts Set New Price Targets

Separately, Piper Sandler increased their target price on shares of 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.