Ballast Asset Management LP Sells 38,347 Shares of Cass Information Systems, Inc $CASS

Ballast Asset Management LP trimmed its position in Cass Information Systems, Inc (NASDAQ:CASS) by 42.6% during the third quarter, HoldingsChannel.com reports. The fund owned 51,759 shares of the business services provider’s stock after selling 38,347 shares during the period. Ballast Asset Management LP’s holdings in Cass Information Systems were worth $2,036,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. BNP Paribas Financial Markets increased its stake in Cass Information Systems by 50.7% in the second quarter. BNP Paribas Financial Markets now owns 1,227 shares of the business services provider’s stock valued at $53,000 after purchasing an additional 413 shares in the last quarter. CWM LLC boosted its position in shares of Cass Information Systems by 99.2% during the third quarter. CWM LLC now owns 3,089 shares of the business services provider’s stock worth $121,000 after purchasing an additional 1,538 shares in the last quarter. New York State Common Retirement Fund grew its holdings in shares of Cass Information Systems by 18.6% in the 3rd quarter. New York State Common Retirement Fund now owns 3,823 shares of the business services provider’s stock valued at $150,000 after buying an additional 600 shares during the period. Tower Research Capital LLC TRC increased its position in shares of Cass Information Systems by 1,671.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,588 shares of the business services provider’s stock valued at $199,000 after buying an additional 4,329 shares in the last quarter. Finally, Sei Investments Co. bought a new stake in shares of Cass Information Systems in the 2nd quarter valued at $229,000. Institutional investors own 59.08% of the company’s stock.

Cass Information Systems Trading Up 2.1%

CASS stock opened at $44.96 on Monday. The stock has a 50-day moving average price of $42.61 and a two-hundred day moving average price of $41.55. Cass Information Systems, Inc has a 1 year low of $36.07 and a 1 year high of $47.00. The stock has a market cap of $588.08 million, a PE ratio of 17.16 and a beta of 0.45.

Cass Information Systems (NASDAQ:CASS) last posted its quarterly earnings data on Thursday, January 22nd. The business services provider reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.04. The company had revenue of $49.89 million during the quarter, compared to analysts’ expectations of $49.60 million. Cass Information Systems had a return on equity of 13.33% and a net margin of 18.41%. On average, analysts forecast 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 declared a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Tuesday, March 3rd will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, March 3rd. This represents a $1.28 dividend on an annualized basis and a yield of 2.8%. Cass Information Systems’s dividend payout ratio is 48.85%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Raymond James Financial reiterated an “outperform” rating and set a $50.00 target price on shares of Cass Information Systems in a report on Thursday, January 22nd. Zacks Research raised Cass Information Systems from a “strong sell” rating to a “hold” rating in a research report on Monday, December 8th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Cass Information Systems in a research report on Wednesday, January 21st. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $48.00.

Cass Information Systems 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.