Cass Information Systems (NASDAQ:CASS) Stock Rating Cut to Hold at Zacks Research

Zacks Research lowered shares of Cass Information Systems (NASDAQ:CASS) from a strong-buy rating to a hold rating in a research report report published on Thursday morning,Zacks reports.

A number of other analysts have also recently issued reports on CASS. Raymond James Financial lifted their target price on shares of Cass Information Systems from $52.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, July 1st. Weiss Ratings upgraded shares of Cass Information Systems from a “buy (b)” rating to a “buy (a-)” rating in a report on Thursday. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $61.00 price objective (up from $52.00) on shares of Cass Information Systems in a research note on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $58.50.

Cass Information Systems Stock Performance

CASS stock opened at $53.40 on Thursday. The stock has a market cap of $684.05 million, a P/E ratio of 19.21 and a beta of 0.39. The firm has a 50 day simple moving average of $55.80 and a 200 day simple moving average of $51.11. Cass Information Systems has a 52 week low of $36.07 and a 52 week high of $59.63.

Cass Information Systems (NASDAQ:CASS) last released its quarterly earnings data on Thursday, July 23rd. The business services provider reported $0.71 earnings per share for the quarter, missing the consensus estimate of $0.72 by ($0.01). Cass Information Systems had a net margin of 18.45% and a return on equity of 14.89%. The company had revenue of $27.04 million during the quarter, compared to analyst estimates of $51.02 million. Sell-side analysts predict that Cass Information Systems will post 2.98 EPS for the current year.

Cass Information Systems Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 14th. Investors of record on Friday, September 4th 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, September 4th. Cass Information Systems’s payout ratio is 46.04%.

Hedge Funds Weigh In On Cass Information Systems

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc acquired a new position in shares of Cass Information Systems during the 2nd quarter worth about $59,000. Quantbot Technologies LP acquired a new stake in shares of Cass Information Systems in the second quarter worth $72,000. Fifth Third Bancorp acquired a new stake in Cass Information Systems in the 1st quarter worth $91,000. Global Retirement Partners LLC bought a new position in shares of Cass Information Systems during the 2nd quarter worth about $109,000. Finally, Empowered Funds LLC bought a new position in Cass Information Systems during the second quarter valued at about $225,000. Institutional investors and hedge funds own 59.08% of the company’s stock.

Cass Information Systems Company Profile

Cass Information Systems, Inc provides payment and information-processing services to businesses across North America. The company specializes in managing complex expenditures and related data, helping clients process, audit and analyze invoices and payments.

Its services include freight invoice payment and auditing, transportation spend management, utility payment processing, telecom expense management and other accounts-payable solutions. Cass also provides reporting and data analytics tools designed to give organizations greater visibility into operating expenses and improve payment efficiency.

Founded in 1906 and headquartered in St.