Heartland Advisors Inc. Invests $25.32 Million in Cass Information Systems, Inc $CASS

Heartland Advisors Inc. bought a new position in shares of Cass Information Systems, Inc (NASDAQ:CASS) in the second quarter, according to the company in its most recent filing with the SEC. The firm bought 493,406 shares of the business services provider’s stock, valued at approximately $25,322,000. Cass Information Systems makes up approximately 1.1% of Heartland Advisors Inc.’s investment portfolio, making the stock its 11th biggest position.

A number of other hedge funds have also made changes to their positions in CASS. Triumph Capital Management bought a new position in Cass Information Systems during the 3rd quarter valued at about $25,000. Kingdom Financial Group LLC. bought a new stake in Cass Information Systems during the fourth quarter worth about $26,000. New York State Teachers Retirement System bought a new stake in Cass Information Systems during the fourth quarter worth about $46,000. BNP Paribas Financial Markets increased its holdings in shares of Cass Information Systems by 50.7% during the second quarter. BNP Paribas Financial Markets now owns 1,227 shares of the business services provider’s stock worth $53,000 after buying an additional 413 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in shares of Cass Information Systems by 1,206.6% during the third quarter. Russell Investments Group Ltd. now owns 1,594 shares of the business services provider’s stock worth $63,000 after buying an additional 1,472 shares in the last quarter. Institutional investors and hedge funds own 59.08% of the company’s stock.

Cass Information Systems Stock Down 0.9%

Shares of NASDAQ:CASS opened at $56.40 on Friday. Cass Information Systems, Inc has a 12 month low of $36.07 and a 12 month high of $59.63. The company’s 50-day moving average price is $53.77 and its two-hundred day moving average price is $48.63. The firm has a market cap of $722.48 million, a P/E ratio of 20.29 and a beta of 0.41.

Cass Information Systems (NASDAQ:CASS) last posted its quarterly earnings data on Thursday, July 23rd. The business services provider reported $0.71 earnings per share for the quarter, missing the consensus estimate of $0.72 by ($0.01). Cass Information Systems had a net margin of 18.45% and a return on equity of 14.89%. The company had revenue of $27.04 million during the quarter, compared to analyst estimates of $51.02 million. As a group, equities analysts predict that Cass Information Systems, Inc will post 2.99 earnings per share for the current fiscal year.

Cass Information Systems Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Friday, September 4th will be issued a $0.32 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.3%. Cass Information Systems’s dividend payout ratio (DPR) is currently 46.04%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CASS. Weiss Ratings reiterated a “buy (b)” rating on shares of Cass Information Systems in a research note on Tuesday, August 4th. Piper Sandler restated a “neutral” rating and set a $61.00 price target (up from $52.00) on shares of Cass Information Systems in a research report on Thursday, August 6th. Zacks Research cut Cass Information Systems from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 13th. Finally, Raymond James Financial lifted their price objective on Cass Information Systems from $52.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, July 1st. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Cass Information Systems has an average rating of “Moderate Buy” and an average target price of $58.50.

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. The company also processes and pays facility-related invoices, such as electricity, gas, waste, and telecommunications expenses; and provides telecom expense management solutions, as well as church management software solution and on-line platform to provide generosity services for faith-based and non-profit organizations.