Cass Information Systems, Inc (NASDAQ:CASS) Declares $0.32 Quarterly Dividend

Cass Information Systems, Inc (NASDAQ:CASS) announced a quarterly dividend on Tuesday, July 21st. Stockholders of record on Friday, September 4th will be given a dividend of 0.32 per share by the business services provider on Monday, September 14th. This represents a c) dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, September 4th.

Cass Information Systems has increased its dividend by an average of 0.0%per year over the last three years and has increased its dividend every year for the last 23 years. Cass Information Systems has a dividend payout ratio of 41.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Cass Information Systems to earn $3.45 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 37.1%.

Cass Information Systems Trading Up 2.8%

Shares of NASDAQ:CASS traded up $1.45 during trading on Thursday, hitting $53.97. 80,313 shares of the stock were exchanged, compared to its average volume of 79,726. The company has a market cap of $694.59 million, a PE ratio of 20.52 and a beta of 0.42. The company has a fifty day moving average price of $49.40 and a two-hundred day moving average price of $46.47. Cass Information Systems has a 12-month low of $36.07 and a 12-month high of $54.44.

Cass Information Systems (NASDAQ:CASS) last released its quarterly earnings data on Thursday, July 23rd. The business services provider reported $0.71 earnings per share for the quarter, missing the consensus estimate of $0.80 by ($0.09). Cass Information Systems had a net margin of 18.08% and a return on equity of 13.26%. Equities research analysts anticipate that Cass Information Systems will post 3 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have weighed in on CASS. Raymond James Financial upped their target price on Cass Information Systems from $52.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, July 1st. Piper Sandler set a $52.00 price objective on shares of Cass Information Systems and gave the stock a “neutral” rating in a research report on Friday, June 12th. Zacks Research raised shares of Cass Information Systems from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 15th. Finally, Weiss Ratings upgraded shares of Cass Information Systems from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, Cass Information Systems has an average rating of “Buy” and a consensus price target of $54.00.

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.