Cass Information Systems (NASDAQ:CASS) Hits New 1-Year High – What’s Next?

Shares of Cass Information Systems, Inc (NASDAQ:CASS) reached a new 52-week high during trading on Wednesday . The stock traded as high as $57.65 and last traded at $57.3850, with a volume of 24849 shares changing hands. The stock had previously closed at $57.05.

Analyst Ratings Changes

CASS has been the topic of a number of recent analyst reports. Raymond James Financial raised their price target 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 reissued a “buy (b)” rating on shares of Cass Information Systems in a research report on Tuesday. Piper Sandler restated a “neutral” rating and issued a $61.00 target price (up from $52.00) on shares of Cass Information Systems in a research note on Thursday. Finally, Zacks Research raised shares of Cass Information Systems from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $58.50.

Cass Information Systems Stock Down 0.2%

The company has a market capitalization of $746.33 million, a PE ratio of 20.86 and a beta of 0.41. The business has a 50 day simple moving average of $51.57 and a 200 day simple moving average of $47.59.

Cass Information Systems (NASDAQ:CASS) last issued its quarterly earnings results on Thursday, July 23rd. The business services provider reported $0.71 earnings per share for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.01). Cass Information Systems had a return on equity of 14.91% and a net margin of 18.45%.The business had revenue of $27.04 million for the quarter, compared to analysts’ expectations of $51.02 million. Equities analysts expect that Cass Information Systems, Inc will post 2.96 EPS for the current fiscal year.

Cass Information Systems Announces Dividend

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Kingdom Financial Group LLC. acquired a new stake in shares of Cass Information Systems during the fourth quarter worth $26,000. Triumph Capital Management purchased a new position in Cass Information Systems in the 3rd quarter worth $25,000. New York State Teachers Retirement System acquired a new stake in Cass Information Systems during the 4th quarter worth about $46,000. BNP Paribas Financial Markets grew its stake 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 valued at $53,000 after purchasing an additional 413 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its stake in Cass Information Systems by 1,206.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,594 shares of the business services provider’s stock valued at $63,000 after purchasing an additional 1,472 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.