Cass Information Systems (NASDAQ:CASS) Sets New 52-Week High – Here’s What Happened

Cass Information Systems, Inc (NASDAQ:CASS) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $56.69 and last traded at $56.01, with a volume of 61465 shares trading hands. The stock had previously closed at $55.96.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on CASS shares. Zacks Research raised Cass Information Systems from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 15th. Weiss Ratings raised Cass Information Systems from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, May 7th. Raymond James Financial boosted their price target on Cass Information Systems from $52.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, July 1st. Finally, Piper Sandler set a $52.00 price target on Cass Information Systems and gave the stock 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 given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $54.00.

Cass Information Systems Stock Performance

The stock has a fifty day simple moving average of $50.69 and a two-hundred day simple moving average of $47.13. The stock has a market cap of $719.69 million, a PE ratio of 20.12 and a beta of 0.42.

Cass Information Systems (NASDAQ:CASS) last posted its quarterly earnings data on Thursday, July 23rd. The business services provider reported $0.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.01). The firm had revenue of $49.94 million for the quarter, compared to analysts’ expectations of $51.02 million. Cass Information Systems had a net margin of 18.45% and a return on equity of 14.91%. On average, equities analysts predict that Cass Information Systems, Inc will post 2.96 EPS for the current fiscal year.

Cass Information Systems Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Friday, September 4th will be paid a dividend of $0.32 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.28 annualized dividend and a yield of 2.3%. Cass Information Systems’s payout ratio is 46.04%.

Hedge Funds Weigh In On Cass Information Systems

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quantinno Capital Management LP grew its stake in shares of Cass Information Systems by 40.4% during the first quarter. Quantinno Capital Management LP now owns 19,376 shares of the business services provider’s stock valued at $853,000 after acquiring an additional 5,580 shares in the last quarter. Lazard Asset Management LLC lifted its stake in shares of Cass Information Systems by 10.0% in the first quarter. Lazard Asset Management LLC now owns 30,485 shares of the business services provider’s stock worth $1,342,000 after acquiring an additional 2,774 shares in the last quarter. Punch & Associates Investment Management Inc. purchased a new position in Cass Information Systems in the first quarter valued at about $4,977,000. Inceptionr LLC boosted its holdings in Cass Information Systems by 108.3% in the first quarter. Inceptionr LLC now owns 10,984 shares of the business services provider’s stock valued at $484,000 after purchasing an additional 5,711 shares during the last quarter. Finally, Sei Investments Co. grew its stake in Cass Information Systems by 98.9% during the 1st quarter. Sei Investments Co. now owns 71,068 shares of the business services provider’s stock valued at $3,128,000 after purchasing an additional 35,346 shares in the last quarter. 59.08% of the stock is owned by hedge funds and other institutional investors.

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.