Cass Information Systems (NASDAQ:CASS) Stock Rating Lowered by Zacks Research

Cass Information Systems (NASDAQ:CASS) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Thursday, Zacks reports.

Other equities analysts have also recently issued research reports about the stock. Piper Sandler reissued a “neutral” rating and set a $61.00 target price (up from $52.00) on shares of Cass Information Systems in a research report on Thursday, August 6th. Raymond James Financial increased their price target on Cass Information Systems from $52.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, July 1st. Finally, Weiss Ratings upgraded Cass Information Systems from a “buy (b)” rating to a “buy (a-)” rating in a report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $58.50.

Cass Information Systems Price Performance

CASS opened at $53.40 on Thursday. The company’s 50-day moving average is $55.80 and its 200 day moving average is $51.11. Cass Information Systems has a fifty-two week low of $36.07 and a fifty-two week high of $59.63. The firm has a market capitalization of $684.05 million, a P/E ratio of 19.21 and a beta of 0.39.

Cass Information Systems (NASDAQ:CASS) last released its quarterly earnings results on Thursday, July 23rd. The business services provider reported $0.71 earnings per share for the quarter, missing the consensus estimate of $0.72 by ($0.01). Cass Information Systems had a return on equity of 14.89% and a net margin of 18.45%. The firm had revenue of $27.04 million for the quarter, compared to analysts’ expectations of $51.02 million. On average, equities research analysts expect that Cass Information Systems will post 2.98 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in shares of Cass Information Systems during the 2nd quarter worth approximately $51,403,000. Heartland Advisors Inc. purchased a new position in Cass Information Systems in the second quarter valued at approximately $25,322,000. Brown Advisory Inc. grew its holdings in Cass Information Systems by 5,552.6% during the fourth quarter. Brown Advisory Inc. now owns 539,932 shares of the business services provider’s stock valued at $22,418,000 after purchasing an additional 530,380 shares during the period. Punch & Associates Investment Management Inc. bought a new position in Cass Information Systems during the second quarter valued at $8,033,000. Finally, Bank of New York Mellon Corp purchased a new stake in Cass Information Systems in the second quarter worth $3,496,000. 59.08% of the stock is currently owned by hedge funds and other institutional investors.

Cass Information Systems Company Profile

Cass Information Systems, Inc provides payment and information-processing services to businesses across North America. The company specializes in managing complex expenditures and related data, helping clients process, audit and analyze invoices and payments.

Its services include freight invoice payment and auditing, transportation spend management, utility payment processing, telecom expense management and other accounts-payable solutions. Cass also provides reporting and data analytics tools designed to give organizations greater visibility into operating expenses and improve payment efficiency.

Founded in 1906 and headquartered in St.