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

Zacks Research upgraded shares of Cass Information Systems (NASDAQ:CASS) from a hold rating to a strong-buy rating in a research report sent to investors on Wednesday,Zacks.com reports.

Several other research firms also recently weighed in on CASS. Weiss Ratings upgraded shares of Cass Information Systems from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, May 7th. Raymond James Financial raised their price target 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, Piper Sandler set a $52.00 price objective on Cass Information Systems and gave the company a “neutral” rating in a research note on Friday, June 12th. One equities research 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $54.00.

Cass Information Systems Price Performance

Shares of CASS stock opened at $54.21 on Wednesday. Cass Information Systems has a 1-year low of $36.07 and a 1-year high of $54.44. The firm has a market cap of $697.68 million, a PE ratio of 20.61 and a beta of 0.42. The company has a 50-day moving average of $48.87 and a two-hundred day moving average of $46.15.

Cass Information Systems (NASDAQ:CASS) last released its quarterly earnings results on Thursday, April 23rd. The business services provider reported $0.66 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $49.40 million. Sell-side analysts anticipate that Cass Information Systems will post 3 EPS for the current fiscal year.

Cass Information Systems Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, June 5th were issued a $0.32 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.4%. Cass Information Systems’s payout ratio is 48.67%.

Institutional Investors Weigh In On Cass Information Systems

A number of hedge funds have recently added to or reduced their stakes in CASS. Vanguard Group Inc. boosted its position in Cass Information Systems by 2.0% in the 3rd quarter. Vanguard Group Inc. now owns 815,234 shares of the business services provider’s stock valued at $32,063,000 after buying an additional 15,882 shares during the period. Brown Advisory Inc. increased its position in shares of Cass Information Systems by 5,552.6% during the fourth quarter. Brown Advisory Inc. now owns 539,932 shares of the business services provider’s stock worth $22,418,000 after acquiring an additional 530,380 shares during the period. Heartland Advisors Inc. raised its stake in shares of Cass Information Systems by 1.2% in the first quarter. Heartland Advisors Inc. now owns 470,524 shares of the business services provider’s stock valued at $20,712,000 after acquiring an additional 5,485 shares in the last quarter. Speece Thorson Capital Group Inc. raised 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 valued at $15,138,000 after acquiring an additional 13,524 shares in the last quarter. Finally, ProShare Advisors LLC raised 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 valued at $13,208,000 after acquiring an additional 16,109 shares in the last quarter. 59.08% of the stock is currently 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.