Punch & Associates Investment Management Inc. Acquires New Shares in Cass Information Systems, Inc $CASS

Punch & Associates Investment Management Inc. acquired a new position in shares of Cass Information Systems, Inc (NASDAQ:CASS) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 156,527 shares of the business services provider’s stock, valued at approximately $8,033,000. Punch & Associates Investment Management Inc. owned approximately 1.22% of Cass Information Systems as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in CASS. BlackRock Inc. purchased a new position in Cass Information Systems during the 2nd quarter valued at about $51,403,000. Vanguard Group Inc. boosted its position in shares of Cass Information Systems by 2.0% in the third quarter. Vanguard Group Inc. now owns 815,234 shares of the business services provider’s stock valued at $32,063,000 after acquiring an additional 15,882 shares during the period. Brown Advisory Inc. grew its stake in Cass Information Systems by 5,552.6% during the fourth quarter. Brown Advisory Inc. now owns 539,932 shares of the business services provider’s stock valued at $22,418,000 after acquiring an additional 530,380 shares in the last quarter. Heartland Advisors Inc. purchased a new position in Cass Information Systems during the second quarter valued at approximately $25,322,000. Finally, ProShare Advisors LLC increased its holdings in Cass Information Systems by 5.3% during the 4th quarter. ProShare Advisors LLC now owns 318,107 shares of the business services provider’s stock worth $13,208,000 after acquiring an additional 16,109 shares during the period. Institutional investors own 59.08% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. 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. Zacks Research lowered shares of Cass Information Systems from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 13th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Cass Information Systems in a report on Tuesday, August 4th. Finally, Raymond James Financial lifted their price objective on Cass Information Systems from $52.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, July 1st. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $58.50.

Cass Information Systems Price Performance

CASS stock opened at $57.06 on Thursday. The firm has a 50 day simple moving average of $54.30 and a two-hundred day simple moving average of $48.88. The stock has a market cap of $730.94 million, a PE ratio of 20.53 and a beta of 0.41. Cass Information Systems, Inc has a one year low of $36.07 and a one year high of $59.63.

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 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 for the quarter, compared to analysts’ expectations of $51.02 million. On average, research analysts expect that Cass Information Systems, Inc will post 2.99 EPS for the current fiscal year.

Cass Information Systems Dividend Announcement

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 is presently 46.04%.

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.