Schwab Charles Investment Management Inc. Grows Position in Cass Information Systems (CASS)
Schwab Charles Investment Management Inc. boosted its holdings in Cass Information Systems (NASDAQ:CASS) by 5.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 43,038 shares of the business services provider’s stock after purchasing an additional 2,229 shares during the quarter. Schwab Charles Investment Management Inc.’s holdings in Cass Information Systems were worth $2,731,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in CASS. Legal & General Group Plc raised its position in Cass Information Systems by 4.0% in the 2nd quarter. Legal & General Group Plc now owns 2,885 shares of the business services provider’s stock valued at $189,000 after purchasing an additional 110 shares during the last quarter. Victory Capital Management Inc. raised its position in Cass Information Systems by 17.7% in the 2nd quarter. Victory Capital Management Inc. now owns 3,087 shares of the business services provider’s stock valued at $203,000 after purchasing an additional 464 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Cass Information Systems during the 3rd quarter worth $360,000. Parametric Portfolio Associates LLC raised its position in 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 worth $434,000 after buying an additional 648 shares during the last quarter. Finally, Voya Investment Management LLC raised its position in 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 worth $470,000 after buying an additional 458 shares during the last quarter. Hedge funds and other institutional investors own 45.65% of the company’s stock.
Cass Information Systems (NASDAQ CASS) opened at $58.28 on Wednesday. The company has a market cap of $720.64, a price-to-earnings ratio of 27.63 and a beta of 1.21. Cass Information Systems has a 12-month low of $56.72 and a 12-month high of $69.86.
Cass Information Systems declared that its board has authorized a share buyback program on Thursday, October 26th that authorizes the company to buyback 500,000 outstanding shares. This buyback authorization authorizes the business services provider to purchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
In other Cass Information Systems news, CEO Eric H. Brunngraber sold 3,268 shares of the company’s stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $62.51, for a total transaction of $204,282.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.01% of the stock is currently owned by corporate insiders.
Separately, BidaskClub downgraded shares of Cass Information Systems from a “hold” rating to a “sell” rating in a research report on Saturday, January 6th.
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Cass Information Systems Profile
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.
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