BidaskClub cut shares of Cass Information Systems (NASDAQ:CASS) from a hold rating to a sell rating in a report released on Saturday morning.

Shares of Cass Information Systems (NASDAQ:CASS) traded up $0.54 during trading on Friday, reaching $58.19. 18,500 shares of the company’s stock were exchanged, compared to its average volume of 22,600. The stock has a market cap of $708.11, a P/E ratio of 27.71 and a beta of 1.21. Cass Information Systems has a fifty-two week low of $56.81 and a fifty-two week high of $72.55.

Cass Information Systems (NASDAQ:CASS) last released its earnings results on Thursday, October 26th. The business services provider reported $0.61 earnings per share for the quarter. The firm had revenue of $34.30 million for the quarter. Cass Information Systems had a net margin of 19.71% and a return on equity of 12.05%.

The firm also recently announced a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Tuesday, December 5th were given a $0.24 dividend. The ex-dividend date was Monday, December 4th. This is an increase from Cass Information Systems’s previous quarterly dividend of $0.21. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.65%. Cass Information Systems’s dividend payout ratio is currently 45.71%.

Cass Information Systems announced that its board has authorized a share buyback program on Thursday, October 26th that allows the company to repurchase 500,000 outstanding shares. This repurchase authorization allows the business services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.

In other news, CEO Eric H. Brunngraber sold 3,268 shares of the company’s stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $62.51, for a total value of $204,282.68. The transaction was disclosed in a filing with the SEC, which is available through this link. 5.01% of the stock is owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in CASS. Legal & General Group Plc grew its position in shares of 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 worth $189,000 after buying an additional 110 shares during the period. Victory Capital Management Inc. grew its position in shares of 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 worth $203,000 after buying an additional 464 shares during the period. Royce & Associates LP grew its position in shares of Cass Information Systems by 1.6% in the 2nd quarter. Royce & Associates LP now owns 50,000 shares of the business services provider’s stock worth $3,282,000 after buying an additional 800 shares during the period. Kennedy Capital Management Inc. grew its position in shares of Cass Information Systems by 71.0% in the 2nd quarter. Kennedy Capital Management Inc. now owns 65,224 shares of the business services provider’s stock worth $4,281,000 after buying an additional 27,083 shares during the period. Finally, WBI Investments Inc. purchased a new stake in shares of Cass Information Systems in the 2nd quarter worth about $552,000. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

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About Cass Information Systems

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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