Cass Information Systems (NASDAQ:CASS) Reaches New 1-Year High – Here’s What Happened

Cass Information Systems, Inc (NASDAQ:CASS)’s stock price reached a new 52-week high on Thursday . The stock traded as high as $53.23 and last traded at $53.1420, with a volume of 3425 shares trading hands. The stock had previously closed at $52.12.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Piper Sandler set a $52.00 price objective on Cass Information Systems and gave the stock a “neutral” rating in a research report on Friday, June 12th. Weiss Ratings upgraded Cass Information Systems from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, May 7th. Finally, Raymond James Financial raised their price target on shares of Cass Information Systems from $52.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, July 1st. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $54.00.

Cass Information Systems Stock Up 2.4%

The company’s 50-day simple moving average is $48.74 and its 200 day simple moving average is $46.07. The stock has a market capitalization of $686.61 million, a price-to-earnings ratio of 20.29 and a beta of 0.42.

Cass Information Systems (NASDAQ:CASS) last announced its quarterly earnings results on Thursday, April 23rd. The business services provider reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.03. The company had revenue of $27.95 million during the quarter, compared to analysts’ expectations of $49.40 million. Cass Information Systems had a return on equity of 13.26% and a net margin of 18.08%. On average, equities analysts expect 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 announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, June 5th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.4%. The ex-dividend date was Friday, June 5th. Cass Information Systems’s payout ratio is 48.67%.

Hedge Funds Weigh In On Cass Information Systems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas lifted its position in Cass Information Systems by 85.6% during the 4th quarter. Teacher Retirement System of Texas now owns 85,833 shares of the business services provider’s stock worth $3,564,000 after acquiring an additional 39,582 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Cass Information Systems by 174.9% in the third quarter. JPMorgan Chase & Co. now owns 18,687 shares of the business services provider’s stock worth $735,000 after purchasing an additional 11,890 shares during the period. Speece Thorson Capital Group Inc. increased its stake in shares of Cass Information Systems by 3.9% in the fourth quarter. Speece Thorson Capital Group Inc. now owns 364,597 shares of the business services provider’s stock worth $15,138,000 after purchasing an additional 13,524 shares during the period. ProShare Advisors LLC increased its stake in shares of Cass Information Systems by 5.3% in the fourth quarter. ProShare Advisors LLC now owns 318,107 shares of the business services provider’s stock worth $13,208,000 after purchasing an additional 16,109 shares during the period. Finally, Y Intercept Hong Kong Ltd lifted its position in shares of Cass Information Systems by 214.9% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 25,020 shares of the business services provider’s stock worth $1,101,000 after purchasing an additional 17,074 shares during the last quarter. Institutional investors and hedge funds own 59.08% of the company’s stock.

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.