Cass Information Systems (NASDAQ:CASS) Sees Strong Trading Volume – Here’s What Happened

Shares of Cass Information Systems, Inc. (NASDAQ:CASS) saw strong trading volume on Wednesday . 65,943 shares were traded during mid-day trading, an increase of 62% from the previous session’s volume of 40,789 shares.The stock last traded at $46.00 and had previously closed at $43.25.

Analysts Set New Price Targets

Separately, Piper Sandler boosted their price target on shares of Cass Information Systems from $44.00 to $45.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th.

Cass Information Systems Stock Performance

The stock has a market cap of $629.11 million, a price-to-earnings ratio of 27.81 and a beta of 0.70. The company has a 50-day simple moving average of $41.67 and a two-hundred day simple moving average of $41.94.

Cass Information Systems Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Tuesday, December 3rd will be given a dividend of $0.31 per share. This is a positive change from Cass Information Systems’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a yield of 2.69%. The ex-dividend date is Tuesday, December 3rd. Cass Information Systems’s dividend payout ratio is 74.70%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CASS. Speece Thorson Capital Group Inc. grew its stake in Cass Information Systems by 37.6% in the 3rd quarter. Speece Thorson Capital Group Inc. now owns 305,495 shares of the business services provider’s stock valued at $12,672,000 after buying an additional 83,414 shares during the last quarter. Heartland Advisors Inc. increased its position in Cass Information Systems by 5.7% during the 1st quarter. Heartland Advisors Inc. now owns 373,843 shares of the business services provider’s stock worth $18,008,000 after buying an additional 20,181 shares during the period. Tributary Capital Management LLC boosted its position in shares of Cass Information Systems by 5.3% in the third quarter. Tributary Capital Management LLC now owns 318,496 shares of the business services provider’s stock valued at $13,211,000 after acquiring an additional 15,919 shares during the period. Pinnacle Associates Ltd. grew its stake in shares of Cass Information Systems by 18.1% in the third quarter. Pinnacle Associates Ltd. now owns 65,790 shares of the business services provider’s stock valued at $2,964,000 after acquiring an additional 10,077 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System increased its position in Cass Information Systems by 81.7% during the first quarter. State Board of Administration of Florida Retirement System now owns 17,903 shares of the business services provider’s stock worth $862,000 after acquiring an additional 8,050 shares during the period. 59.08% of the stock is currently owned by institutional investors.

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.