Cass Information Systems (NASDAQ:CASS) Reaches New 1-Year High – Time to Buy?

Shares of Cass Information Systems, Inc (NASDAQ:CASS) reached a new 52-week high during trading on Thursday . The company traded as high as $59.10 and last traded at $58.9350, with a volume of 7628 shares traded. The stock had previously closed at $57.94.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Raymond James Financial upped their price objective on shares of Cass Information Systems from $52.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, July 1st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Cass Information Systems in a report on Tuesday, August 4th. Zacks Research raised shares of Cass Information Systems from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 15th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $61.00 price target (up from $52.00) on shares of Cass Information Systems in a research note on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $58.50.

Cass Information Systems Price Performance

The stock’s 50-day moving average price is $52.94 and its 200-day moving average price is $48.18. The company has a market cap of $748.23 million, a P/E ratio of 21.01 and a beta of 0.41.

Cass Information Systems (NASDAQ:CASS) last released its quarterly earnings results on Thursday, July 23rd. The business services provider reported $0.71 EPS for the quarter, missing the consensus estimate of $0.72 by ($0.01). The business had revenue of $27.04 million during the quarter, compared to analyst estimates of $51.02 million. Cass Information Systems had a net margin of 18.45% and a return on equity of 14.89%. As a group, analysts expect that Cass Information Systems, Inc will post 2.99 EPS for the current fiscal year.

Cass Information Systems Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Friday, September 4th will be issued a dividend of $0.32 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.28 annualized dividend and a dividend yield of 2.2%. Cass Information Systems’s dividend payout ratio (DPR) is currently 46.04%.

Institutional Investors Weigh In On Cass Information Systems

Hedge funds and other institutional investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Cass Information Systems by 4.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,022 shares of the business services provider’s stock worth $347,000 after buying an additional 312 shares in the last quarter. Natixis Advisors LLC increased its stake in Cass Information Systems by 3.4% during the 3rd quarter. Natixis Advisors LLC now owns 11,048 shares of the business services provider’s stock worth $435,000 after acquiring an additional 367 shares during the period. BNP Paribas Financial Markets raised its holdings in Cass Information Systems by 50.7% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,227 shares of the business services provider’s stock valued at $53,000 after acquiring an additional 413 shares in the last quarter. Glenmede Investment Management LP raised its holdings in Cass Information Systems by 5.1% in the 3rd quarter. Glenmede Investment Management LP now owns 8,765 shares of the business services provider’s stock valued at $345,000 after acquiring an additional 422 shares in the last quarter. Finally, Invesco Ltd. lifted its position in shares of Cass Information Systems by 3.1% during the 4th quarter. Invesco Ltd. now owns 18,761 shares of the business services provider’s stock valued at $779,000 after acquiring an additional 563 shares during the period. 59.08% of the stock is currently owned by institutional investors and hedge funds.

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.