Cass Information Systems, Inc (NASDAQ:CASS) Declares $0.32 Quarterly Dividend

Key Points

• Cass Information Systems declared a quarterly dividend of $0.32 per share, payable on September 14 to shareholders of record as of September 4. The dividend implies an annualized yield of about 2.4%.
• The company has a long dividend track record, having increased its payout every year for 23 straight years, and its dividend appears well covered with a payout ratio of 41.4%.
• In recent trading, CASS stock rose to $53.97 and is near its 52-week high, while analysts maintain a Buy consensus with a target price of about $54.00. However, its latest quarterly earnings of $0.71 per share missed expectations.

Cass Information Systems, Inc (NASDAQ:CASS - Get Free Report) announced a quarterly dividend on Tuesday, July 21st. Shareholders of record on Friday, September 4th will be paid a dividend of 0.32 per share by the business services provider on Monday, September 14th. This represents a c) annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Friday, September 4th.

Cass Information Systems has raised its dividend payment by an average of 0.0%per year over the last three years and has raised its dividend every year for the last 23 years. Cass Information Systems has a dividend payout ratio of 41.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Cass Information Systems to earn $3.45 per share next year, which means the company should continue to be able to cover its $1.28 annual dividend with an expected future payout ratio of 37.1%.

Cass Information Systems Stock Performance

NASDAQ:CASS traded up $1.45 during trading hours on Thursday, reaching $53.97. The company's stock had a trading volume of 80,313 shares, compared to its average volume of 79,726. The company has a market capitalization of $694.59 million, a P/E ratio of 20.52 and a beta of 0.42. The stock has a 50 day moving average price of $49.40 and a two-hundred day moving average price of $46.47. Cass Information Systems has a 12 month low of $36.07 and a 12 month high of $54.44.

Cass Information Systems (NASDAQ:CASS - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The business services provider reported $0.71 earnings per share for the quarter, missing analysts' consensus estimates of $0.80 by ($0.09). Cass Information Systems had a net margin of 18.08% and a return on equity of 13.26%. As a group, analysts predict that Cass Information Systems will post 3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Piper Sandler set a $52.00 target price on Cass Information Systems and gave the company a "neutral" rating in a research report on Friday, June 12th. Raymond James Financial increased 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. Weiss Ratings upgraded Cass Information Systems from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, May 7th. Finally, Zacks Research upgraded Cass Information Systems from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Cass Information Systems has an average rating of "Buy" and a consensus price target of $54.00.

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.

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