Cass Information Systems, Inc. (NASDAQ:CASS) Shares Bought by Raymond James & Associates

Posted by Defense World Staff on Nov 4th, 2023

Raymond James & Associates lifted its stake in shares of Cass Information Systems, Inc. (NASDAQ:CASS – Free Report) by 20.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 25,913 shares of the business services provider’s stock after acquiring an additional 4,414 shares during the period. Raymond James & Associates owned 0.19% of Cass Information Systems worth $1,005,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Janney Montgomery Scott LLC acquired a new stake in shares of Cass Information Systems during the 1st quarter worth about $303,000. Boston Partners boosted its position in Cass Information Systems by 11.5% during the first quarter. Boston Partners now owns 87,905 shares of the business services provider’s stock worth $3,807,000 after acquiring an additional 9,091 shares during the last quarter. Benjamin Edwards Inc. purchased a new stake in Cass Information Systems in the 1st quarter worth approximately $612,000. Inspire Investing LLC acquired a new position in Cass Information Systems in the 1st quarter valued at $474,000. Finally, IFG Advisory LLC raised its holdings in Cass Information Systems by 5.2% in the 1st quarter. IFG Advisory LLC now owns 38,089 shares of the business services provider’s stock valued at $1,650,000 after acquiring an additional 1,866 shares during the last quarter. Institutional investors and hedge funds own 57.60% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com started coverage on Cass Information Systems in a research report on Thursday, October 5th. They issued a “hold” rating for the company.

Get Our Latest Analysis on CASS

Insider Activity

In other news, CEO Martin H. Resch bought 1,000 shares of the business’s stock in a transaction that occurred on Monday, October 23rd. The shares were acquired at an average cost of $36.50 per share, with a total value of $36,500.00. Following the transaction, the chief executive officer now owns 22,262 shares of the company’s stock, valued at approximately $812,563. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.39% of the company’s stock.

Cass Information Systems Price Performance

Shares of CASS stock opened at $39.52 on Friday. The firm’s 50-day simple moving average is $37.65 and its 200-day simple moving average is $38.27. Cass Information Systems, Inc. has a 1-year low of $35.05 and a 1-year high of $51.48. The firm has a market cap of $540.24 million, a P/E ratio of 17.64 and a beta of 0.61.

Cass Information Systems Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Tuesday, December 5th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date is Monday, December 4th. This is a positive change from Cass Information Systems’s previous quarterly dividend of $0.29. Cass Information Systems’s dividend payout ratio (DPR) is 51.79%.

Cass Information Systems Company Profile

(Free Report)

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.