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

Shares of Cass Information Systems, Inc (NASDAQ:CASS) reached a new 52-week high 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.

CASS has been the subject of several other reports. Piper Sandler set a $52.00 price target on Cass Information Systems and gave the stock a “neutral” rating in a report on Friday, June 12th. Weiss Ratings upgraded Cass Information Systems from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, May 7th. Finally, Raymond James Financial increased their target price on Cass Information Systems from $52.00 to $56.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $54.00.

Institutional Trading of Cass Information Systems

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

Cass Information Systems Price Performance

The stock’s 50-day moving average price is $48.99 and its 200-day moving average price is $46.20. The company has a market cap of $686.28 million, a P/E ratio of 20.27 and a beta of 0.42.

Cass Information Systems (NASDAQ:CASS) last released its quarterly earnings results on Thursday, April 23rd. The business services provider reported $0.66 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $27.95 million for the quarter, compared to analyst estimates of $49.40 million. As a group, analysts expect that Cass Information Systems, Inc will post 3 EPS for the current fiscal year.

Cass Information Systems Dividend Announcement

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

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.