Ieq Capital LLC Invests $570,000 in Cass Information Systems, Inc $CASS

Ieq Capital LLC acquired a new position in shares of Cass Information Systems, Inc (NASDAQ:CASS) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 11,112 shares of the business services provider’s stock, valued at approximately $570,000.

Several other institutional investors have also added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Cass Information Systems by 4.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,022 shares of the business services provider’s stock worth $347,000 after buying an additional 312 shares in the last quarter. Jane Street Group LLC bought a new stake in Cass Information Systems in the 1st quarter valued at approximately $848,000. Creative Planning lifted its stake in Cass Information Systems by 102.9% in the 2nd quarter. Creative Planning now owns 10,311 shares of the business services provider’s stock valued at $448,000 after acquiring an additional 5,228 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Cass Information Systems by 13.6% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 101,860 shares of the business services provider’s stock valued at $4,426,000 after acquiring an additional 12,196 shares in the last quarter. Finally, Marshall Wace LLP acquired a new position in Cass Information Systems during the 2nd quarter worth approximately $696,000. 59.08% of the stock is owned by institutional investors.

Cass Information Systems Stock Performance

Shares of NASDAQ CASS opened at $56.65 on Friday. The stock has a 50 day moving average price of $54.59 and a 200 day moving average price of $49.00. The stock has a market capitalization of $725.69 million, a PE ratio of 20.38 and a beta of 0.41. Cass Information Systems, Inc has a 52 week low of $36.07 and a 52 week high of $59.63.

Cass Information Systems (NASDAQ:CASS) last posted its quarterly earnings results 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 return on equity of 14.89% and a net margin of 18.45%.The company had revenue of $27.04 million for the quarter, compared to analyst estimates of $51.02 million. As a group, research analysts forecast that Cass Information Systems, Inc will post 2.99 EPS for the current year.

Cass Information Systems Dividend Announcement

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

Wall Street Analyst Weigh In

CASS has been the subject of several research reports. Piper Sandler reaffirmed a “neutral” rating and set a $61.00 price target (up from $52.00) on shares of Cass Information Systems in a research note on Thursday, August 6th. Zacks Research lowered shares of Cass Information Systems from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 13th. Weiss Ratings restated a “buy (b)” rating on shares of Cass Information Systems in a report on Tuesday, August 4th. Finally, Raymond James Financial raised their target price on shares of 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 equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.50.

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. 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.