Commerce Bank Purchases New Position in Cass Information Systems, Inc $CASS

Commerce Bank purchased a new position in Cass Information Systems, Inc (NASDAQ:CASS) in the 2nd quarter, HoldingsChannel reports. The firm purchased 53,247 shares of the business services provider’s stock, valued at approximately $2,733,000.

Several other large investors also recently added to or reduced their stakes in the stock. Triumph Capital Management bought a new position in Cass Information Systems in the 3rd quarter valued at $25,000. Kingdom Financial Group LLC. bought a new position in shares of Cass Information Systems in the fourth quarter worth about $26,000. New York State Teachers Retirement System bought a new position in shares of Cass Information Systems in the fourth quarter worth about $46,000. BNP Paribas Financial Markets increased its stake in Cass Information Systems by 50.7% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,227 shares of the business services provider’s stock worth $53,000 after buying an additional 413 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in Cass Information Systems by 1,206.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,594 shares of the business services provider’s stock worth $63,000 after buying an additional 1,472 shares during the period. 59.08% of the stock is owned by institutional investors.

Cass Information Systems Stock Performance

Shares of Cass Information Systems stock opened at $57.42 on Tuesday. The firm has a 50-day simple moving average of $53.95 and a two-hundred day simple moving average of $48.73. Cass Information Systems, Inc has a fifty-two week low of $36.07 and a fifty-two week high of $59.63. The company has a market cap of $735.55 million, a P/E ratio of 20.65 and a beta of 0.41.

Cass Information Systems (NASDAQ:CASS) last released its earnings results 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). Cass Information Systems had a return on equity of 14.89% and a net margin of 18.45%.The business had revenue of $27.04 million for the quarter, compared to analysts’ expectations of $51.02 million. Equities research analysts forecast that Cass Information Systems, Inc will post 2.99 EPS for the current year.

Cass Information Systems Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Friday, September 4th will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, September 4th. Cass Information Systems’s dividend payout ratio (DPR) is currently 46.04%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Zacks Research lowered Cass Information Systems from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 13th. Piper Sandler reissued a “neutral” rating and set a $61.00 target price (up from $52.00) on shares of Cass Information Systems in a research report on Thursday, August 6th. Raymond James Financial boosted 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. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Cass Information Systems in a research report on Tuesday, August 4th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $58.50.

Cass Information Systems 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.