Bank of New York Mellon Corp raised its stake in shares of Cass Information Systems (NASDAQ:CASS) by 2.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 147,782 shares of the business services provider’s stock after buying an additional 4,024 shares during the quarter. Bank of New York Mellon Corp owned about 1.32% of Cass Information Systems worth $9,375,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Legal & General Group Plc boosted its position in shares of Cass Information Systems by 4.0% during the 2nd quarter. Legal & General Group Plc now owns 2,885 shares of the business services provider’s stock valued at $189,000 after acquiring an additional 110 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of Cass Information Systems by 17.7% during the 2nd quarter. Victory Capital Management Inc. now owns 3,087 shares of the business services provider’s stock valued at $203,000 after acquiring an additional 464 shares during the last quarter. Parametric Portfolio Associates LLC boosted its position in shares of Cass Information Systems by 10.9% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 6,606 shares of the business services provider’s stock valued at $434,000 after acquiring an additional 648 shares during the last quarter. Voya Investment Management LLC boosted its position in shares of Cass Information Systems by 6.8% during the 2nd quarter. Voya Investment Management LLC now owns 7,158 shares of the business services provider’s stock valued at $470,000 after acquiring an additional 458 shares during the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. bought a new position in shares of Cass Information Systems during the 3rd quarter valued at approximately $487,000. 45.65% of the stock is owned by institutional investors and hedge funds.

In related news, CEO Eric H. Brunngraber sold 3,268 shares of the firm’s stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $62.51, for a total value of $204,282.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 5.01% of the stock is owned by company insiders.

Cass Information Systems (CASS) opened at $58.98 on Wednesday. The company has a market capitalization of $735.51, a P/E ratio of 27.96 and a beta of 1.21. Cass Information Systems has a 52-week low of $58.55 and a 52-week high of $74.83.

Cass Information Systems (NASDAQ:CASS) last posted its earnings results on Thursday, October 26th. The business services provider reported $0.61 EPS for the quarter. The firm had revenue of $34.30 million during the quarter. Cass Information Systems had a return on equity of 12.05% and a net margin of 19.71%.

The business also recently declared a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Tuesday, December 5th were given a $0.24 dividend. The ex-dividend date was Monday, December 4th. This is an increase from Cass Information Systems’s previous quarterly dividend of $0.21. This represents a $0.96 dividend on an annualized basis and a yield of 1.63%. Cass Information Systems’s dividend payout ratio (DPR) is currently 45.52%.

Cass Information Systems announced that its Board of Directors has initiated a share repurchase program on Thursday, October 26th that authorizes the company to repurchase 500,000 shares. This repurchase authorization authorizes the business services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

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About Cass Information Systems

Cass Information Systems, Inc (Cass) is a provider of payment and information processing services to manufacturing, distribution and retail enterprises across the United States with operating locations in Missouri, Ohio, Massachusetts, South Carolina and Florida. The Company provides transportation invoice rating, payment processing, auditing, accounting and transportation information.

Institutional Ownership by Quarter for Cass Information Systems (NASDAQ:CASS)

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