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

Key Points

• Declared $0.32 quarterly dividend payable June 15 to shareholders of record June 5, amounting to $1.28 annually with a ~2.7% yield and backed by a ~41% payout ratio after 23 consecutive years of annual dividend increases.
• Mixed quarter and share drop: Cass beat EPS estimates at $0.66 but reported $26.16M in revenue below expectations, and the stock slid about 3.2% to $46.94 (market cap ≈ $606M, PE ≈ 17.9).

Cass Information Systems, Inc (NASDAQ:CASS - Get Free Report) declared a quarterly dividend on Tuesday, April 21st. Shareholders of record on Friday, June 5th will be paid a dividend of 0.32 per share by the business services provider on Monday, June 15th. This represents a c) annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Friday, June 5th.

Cass Information Systems has raised its dividend 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 $3.55 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 36.1%.

Cass Information Systems Stock Down 3.2%

NASDAQ:CASS traded down $1.53 on Thursday, hitting $46.94. The stock had a trading volume of 120,280 shares, compared to its average volume of 76,898. The business's fifty day moving average is $45.06 and its 200 day moving average is $42.86. The company has a market cap of $605.90 million, a PE ratio of 17.92 and a beta of 0.42. Cass Information Systems has a 52 week low of $36.07 and a 52 week high of $48.76.

Cass Information Systems (NASDAQ:CASS - Get Free Report) last posted its earnings results on Thursday, April 23rd. The business services provider reported $0.66 earnings per share for the quarter, beating analysts' consensus estimates of $0.62 by $0.04. The company had revenue of $26.16 million for the quarter, compared to analyst estimates of $49.40 million. Cass Information Systems had a return on equity of 13.28% and a net margin of 18.41%. Equities analysts predict that Cass Information Systems will post 2.9 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cass Information Systems

Several institutional investors have recently bought and sold shares of CASS. Triumph Capital Management purchased a new stake in shares of Cass Information Systems during the third quarter valued at approximately $25,000. Kingdom Financial Group LLC. purchased a new stake in shares of Cass Information Systems during the fourth quarter valued at approximately $26,000. New York State Teachers Retirement System purchased a new stake in shares of Cass Information Systems during the fourth quarter valued at approximately $46,000. BNP Paribas Financial Markets increased its position in shares of Cass Information Systems by 50.7% during the second quarter. BNP Paribas Financial Markets now owns 1,227 shares of the business services provider's stock valued at $53,000 after acquiring an additional 413 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of Cass Information Systems by 1,206.6% during the third quarter. Russell Investments Group Ltd. now owns 1,594 shares of the business services provider's stock valued at $63,000 after acquiring an additional 1,472 shares during the last quarter. 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.

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