Cass Information Systems (NASDAQ:CASS) Downgraded by Zacks Research to "Hold"

Key Points

• Zacks Research downgraded Cass Information Systems from “strong buy” to “hold.” Despite the downgrade, analysts maintain a “Moderate Buy” consensus with an average price target of $58.50.
• Cass shares opened at $53.40, compared with a 52-week range of $36.07 to $59.63. The company recently reported quarterly EPS of $0.71, slightly below the $0.72 consensus estimate.
• Institutional ownership stands at 59.08%, with several hedge funds adding positions during the second quarter, including Punch & Associates, which purchased approximately $8.0 million in shares.

Cass Information Systems (NASDAQ:CASS - Get Free Report) was downgraded by investment analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a report released on Thursday, Zacks reports.

A number of other equities research analysts have also recently commented on CASS. Piper Sandler restated a "neutral" rating and issued a $61.00 price target (up from $52.00) on shares of Cass Information Systems in a report on Thursday, August 6th. Weiss Ratings upgraded shares of Cass Information Systems from a "buy (b)" rating to a "buy (a-)" rating in a report on Thursday. Finally, Raymond James Financial increased 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 report on Wednesday, July 1st. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, Cass Information Systems has a consensus rating of "Moderate Buy" and an average price target of $58.50.

Cass Information Systems Stock Performance

Shares of CASS opened at $53.40 on Thursday. Cass Information Systems has a 52-week low of $36.07 and a 52-week high of $59.63. The business's 50 day moving average price is $55.80 and its two-hundred day moving average price is $51.11. The firm has a market cap of $684.05 million, a PE ratio of 19.21 and a beta of 0.39.

Cass Information Systems (NASDAQ:CASS - Get Free Report) last posted its quarterly 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). The business had revenue of $27.04 million for the quarter, compared to the consensus estimate of $51.02 million. Cass Information Systems had a return on equity of 14.89% and a net margin of 18.45%. Research analysts predict that Cass Information Systems will post 2.98 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Squarepoint Ops LLC lifted its position in Cass Information Systems by 164.3% in the 2nd quarter. Squarepoint Ops LLC now owns 16,264 shares of the business services provider's stock valued at $835,000 after acquiring an additional 10,111 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in Cass Information Systems during the 2nd quarter worth approximately $447,000. Empowered Funds LLC purchased a new stake in shares of Cass Information Systems in the second quarter worth approximately $225,000. Punch & Associates Investment Management Inc. purchased a new stake in shares of Cass Information Systems in the second quarter worth approximately $8,033,000. Finally, Bank of America Corp DE bought a new position in shares of Cass Information Systems in the second quarter valued at approximately $629,000. 59.08% of the stock is currently owned by institutional investors and hedge funds.

Cass Information Systems Company Profile

Cass Information Systems, Inc provides payment and information-processing services to businesses across North America. The company specializes in managing complex expenditures and related data, helping clients process, audit and analyze invoices and payments.

Its services include freight invoice payment and auditing, transportation spend management, utility payment processing, telecom expense management and other accounts-payable solutions. Cass also provides reporting and data analytics tools designed to give organizations greater visibility into operating expenses and improve payment efficiency.

Founded in 1906 and headquartered in St.

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