Cass Information Systems (NASDAQ:CASS) Sets New 52-Week High – Still a Buy?

Cass Information Systems, Inc (NASDAQ:CASS) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $59.10 and last traded at $58.9350, with a volume of 7628 shares traded. The stock had previously closed at $57.94.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on CASS shares. 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 report on Wednesday, July 1st. Zacks Research upgraded Cass Information Systems from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 15th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Cass Information Systems in a research report on Tuesday, August 4th. Finally, Piper Sandler reiterated 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, August 6th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $58.50.

Cass Information Systems Stock Performance

The stock’s fifty day simple moving average is $52.49 and its two-hundred day simple moving average is $48.01. The company has a market cap of $751.95 million, a price-to-earnings ratio of 21.12 and a beta of 0.41.

Cass Information Systems (NASDAQ:CASS) last released its quarterly earnings data on Thursday, July 23rd. The business services provider reported $0.71 EPS for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.01). Cass Information Systems had a return on equity of 14.89% and a net margin of 18.45%.The firm had revenue of $27.04 million for the quarter, compared to analyst estimates of $51.02 million. Analysts predict that Cass Information Systems, Inc will post 2.99 EPS for the current fiscal year.

Cass Information Systems Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Friday, September 4th will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Friday, September 4th. Cass Information Systems’s dividend payout ratio (DPR) is 46.04%.

Institutional Trading of Cass Information Systems

Institutional investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Cass Information Systems by 4.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,022 shares of the business services provider’s stock valued at $347,000 after buying an additional 312 shares during the period. Jane Street Group LLC acquired a new stake in shares of Cass Information Systems in the first quarter worth $848,000. Creative Planning raised its stake in shares of Cass Information Systems by 102.9% in the 2nd quarter. Creative Planning now owns 10,311 shares of the business services provider’s stock valued at $448,000 after acquiring an additional 5,228 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in shares of Cass Information Systems by 13.6% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 101,860 shares of the business services provider’s stock valued at $4,426,000 after acquiring an additional 12,196 shares during the period. Finally, Marshall Wace LLP acquired a new position in shares of Cass Information Systems during the 2nd quarter valued at $696,000. Hedge funds and other institutional investors 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.