Cass Information Systems (NASDAQ:CASS) Reaches New 1-Year High – Here’s What Happened

Shares of Cass Information Systems, Inc (NASDAQ:CASS) hit a new 52-week high during trading on Thursday . The company traded as high as $53.23 and last traded at $53.1420, with a volume of 3425 shares traded. The stock had previously closed at $52.12.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on CASS shares. Raymond James Financial raised their price objective on shares of Cass Information Systems from $52.00 to $56.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 1st. Piper Sandler set a $52.00 target price on shares of Cass Information Systems and gave the company a “neutral” rating in a research note on Friday, June 12th. Finally, 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. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $54.00.

Cass Information Systems Price Performance

The firm has a market capitalization of $686.61 million, a price-to-earnings ratio of 20.29 and a beta of 0.42. The business has a 50 day moving average of $48.74 and a 200 day moving average of $46.07.

Cass Information Systems (NASDAQ:CASS) last posted its quarterly earnings results on Thursday, April 23rd. The business services provider reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.03. The firm had revenue of $27.95 million for the quarter, compared to the consensus estimate of $49.40 million. Cass Information Systems had a net margin of 18.08% and a return on equity of 13.26%. On average, sell-side analysts forecast that Cass Information Systems, Inc will post 3 EPS for the current fiscal year.

Cass Information Systems Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, June 5th were issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, June 5th. Cass Information Systems’s dividend payout ratio (DPR) is presently 48.67%.

Institutional Trading of Cass Information Systems

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quantinno Capital Management LP raised its position in Cass Information Systems by 40.4% in the first quarter. Quantinno Capital Management LP now owns 19,376 shares of the business services provider’s stock worth $853,000 after purchasing an additional 5,580 shares in the last quarter. Lazard Asset Management LLC boosted its holdings in Cass Information Systems by 10.0% during the first quarter. Lazard Asset Management LLC now owns 30,485 shares of the business services provider’s stock valued at $1,342,000 after purchasing an additional 2,774 shares in the last quarter. Punch & Associates Investment Management Inc. acquired a new stake in Cass Information Systems during the first quarter valued at approximately $4,977,000. Inceptionr LLC grew its stake in shares of Cass Information Systems by 108.3% in the 1st 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 period. Finally, Sei Investments Co. grew its stake in shares of Cass Information Systems by 98.9% in 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 during the period. 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.