Cass Information Systems (NASDAQ:CASS) Raised to Strong-Buy at Zacks Research

Cass Information Systems (NASDAQ:CASS) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

A number of other equities research analysts also recently weighed in on CASS. Piper Sandler set a $52.00 target price on Cass Information Systems and gave the company a “neutral” rating in a report on Friday, June 12th. Raymond James Financial upped their price objective on Cass Information Systems from $52.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 1st. Finally, Weiss Ratings raised Cass Information Systems from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, May 7th. 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 company’s stock. Based on data from MarketBeat.com, Cass Information Systems currently has a consensus rating of “Buy” and an average target price of $54.00.

Cass Information Systems Stock Up 4.0%

CASS stock opened at $54.21 on Wednesday. Cass Information Systems has a 12 month low of $36.07 and a 12 month high of $54.44. The firm has a market cap of $697.68 million, a P/E ratio of 20.61 and a beta of 0.42. The company’s 50-day moving average price is $48.87 and its two-hundred day moving average price is $46.15.

Cass Information Systems (NASDAQ:CASS) last issued 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 the consensus estimate of $49.40 million. Cass Information Systems had a net margin of 18.08% and a return on equity of 13.26%. Equities analysts predict that Cass Information Systems will post 3 EPS for the current year.

Institutional Trading of Cass Information Systems

A number of hedge funds have recently made changes to their positions in the company. Triumph Capital Management bought a new stake in shares of Cass Information Systems during the third quarter worth about $25,000. Kingdom Financial Group LLC. acquired a new position in Cass Information Systems in the 4th quarter valued at approximately $26,000. New York State Teachers Retirement System bought a new position in shares of Cass Information Systems during the fourth quarter valued at $46,000. BNP Paribas Financial Markets raised its stake in shares of Cass Information Systems by 50.7% during the second 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 during the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Cass Information Systems by 1,206.6% during the third quarter. Russell Investments Group Ltd. now owns 1,594 shares of the business services provider’s stock worth $63,000 after purchasing an additional 1,472 shares during the period. 59.08% of the stock is 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.