Cass Information Systems (NASDAQ:CASS) Hits New 12-Month High Following Analyst Upgrade

Cass Information Systems, Inc (NASDAQ:CASS) reached a new 52-week high during trading on Thursday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $53.23 and last traded at $53.1420, with a volume of 3425 shares. The stock had previously closed at $52.12.

Other equities analysts have also recently issued reports about the company. Weiss Ratings upgraded Cass Information Systems from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, May 7th. Raymond James Financial lifted their price objective on shares of Cass Information Systems from $52.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, July 1st. Finally, Piper Sandler set a $52.00 target price on shares of Cass Information Systems and gave the company a “neutral” rating in a research report on Friday, June 12th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $54.00.

Institutional Investors Weigh In On Cass Information Systems

A number of hedge funds have recently added to or reduced their stakes in the company. Triumph Capital Management acquired a new stake in Cass Information Systems in the 3rd quarter valued at $25,000. Kingdom Financial Group LLC. acquired a new position in Cass Information Systems during the fourth quarter worth $26,000. New York State Teachers Retirement System acquired a new position in Cass Information Systems during the fourth quarter worth $46,000. BNP Paribas Financial Markets lifted its stake in shares of Cass Information Systems by 50.7% in the second quarter. BNP Paribas Financial Markets now owns 1,227 shares of the business services provider’s stock valued at $53,000 after buying an additional 413 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in shares of Cass Information Systems by 1,206.6% in the third quarter. Russell Investments Group Ltd. now owns 1,594 shares of the business services provider’s stock valued at $63,000 after buying an additional 1,472 shares in the last quarter. Institutional investors and hedge funds own 59.08% of the company’s stock.

Cass Information Systems Price Performance

The stock has a market capitalization of $686.28 million, a price-to-earnings ratio of 20.27 and a beta of 0.42. The business’s fifty day moving average price is $48.99 and its 200-day moving average price is $46.20.

Cass Information Systems (NASDAQ:CASS) last posted its earnings results on Thursday, April 23rd. The business services provider reported $0.66 EPS for the quarter, topping the consensus estimate of $0.63 by $0.03. Cass Information Systems had a net margin of 18.08% and a return on equity of 13.26%. The company had revenue of $27.95 million during the quarter, compared to the consensus estimate of $49.40 million. Equities research analysts predict that Cass Information Systems, Inc will post 3 earnings per share for the current fiscal year.

Cass Information Systems Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, June 5th were issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Friday, June 5th. Cass Information Systems’s payout ratio is currently 48.67%.

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. 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.