Cass Information Systems (NASDAQ:CASS) Announces Quarterly Earnings Results

Cass Information Systems (NASDAQ:CASS) released its earnings results on Thursday. The business services provider reported $0.71 EPS for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.09), FiscalAI reports. Cass Information Systems had a net margin of 18.08% and a return on equity of 13.26%.

Cass Information Systems Trading Down 2.8%

Cass Information Systems stock opened at $51.72 on Thursday. The stock has a market cap of $665.69 million, a PE ratio of 19.55 and a beta of 0.42. The stock has a 50-day moving average price of $49.40 and a 200 day moving average price of $46.47. Cass Information Systems has a 52 week low of $36.07 and a 52 week high of $54.44.

Institutional Investors Weigh In On Cass Information Systems

Several hedge funds have recently modified their holdings of CASS. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Cass Information Systems by 4.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,022 shares of the business services provider’s stock valued at $347,000 after acquiring an additional 312 shares during the last quarter. Natixis Advisors LLC boosted its holdings in shares of Cass Information Systems by 3.4% during the third quarter. Natixis Advisors LLC now owns 11,048 shares of the business services provider’s stock worth $435,000 after purchasing an additional 367 shares during the last quarter. BNP Paribas Financial Markets grew its position in shares of Cass Information Systems by 50.7% in the second 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 period. Glenmede Investment Management LP grew its position in shares of Cass Information Systems by 5.1% in the third quarter. Glenmede Investment Management LP now owns 8,765 shares of the business services provider’s stock valued at $345,000 after purchasing an additional 422 shares during the period. Finally, Invesco Ltd. increased its stake in Cass Information Systems by 3.1% in the fourth quarter. Invesco Ltd. now owns 18,761 shares of the business services provider’s stock valued at $779,000 after purchasing an additional 563 shares during the last quarter. 59.08% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CASS has been the subject of a number of research analyst reports. Raymond James Financial increased 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 raised shares of Cass Information Systems from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, May 7th. Piper Sandler set a $52.00 price target on shares of Cass Information Systems and gave the company a “neutral” rating in a research report on Friday, June 12th. Finally, Zacks Research raised Cass Information Systems from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $54.00.

Cass Information Systems Company Profile

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.