ProShare Advisors LLC Sells 145,127 Shares of Cass Information Systems, Inc $CASS

ProShare Advisors LLC decreased its position in shares of Cass Information Systems, Inc (NASDAQ:CASS) by 51.8% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 134,791 shares of the business services provider’s stock after selling 145,127 shares during the quarter. ProShare Advisors LLC’s holdings in Cass Information Systems were worth $7,178,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Legal & General Group Plc bought a new position in shares of Cass Information Systems in the second quarter worth about $59,000. Quantbot Technologies LP purchased a new stake in shares of Cass Information Systems during the second quarter worth about $72,000. Fifth Third Bancorp bought a new stake in Cass Information Systems during the 1st quarter valued at approximately $91,000. Global Retirement Partners LLC bought a new stake in Cass Information Systems during the 2nd quarter valued at approximately $109,000. Finally, Fifth Third Wealth Advisors LLC bought a new stake in Cass Information Systems during the 3rd quarter valued at approximately $212,000. Institutional investors own 59.08% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Cass Information Systems Stock Performance

NASDAQ CASS opened at $55.03 on Thursday. The company has a market cap of $704.71 million, a P/E ratio of 18.91 and a beta of 0.41. The business’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 fifty-two week low of $39.06 and a fifty-two week high of $59.63.

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

Cass Information Systems Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 14th. Shareholders of record on Friday, December 4th will be given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 2.5%. This is a positive change from Cass Information Systems’s previous quarterly dividend of $0.32. The ex-dividend date is Friday, December 4th. Cass Information Systems’s dividend payout ratio (DPR) is presently 46.74%.

About Cass Information Systems

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.