Cass Information Systems, Inc (NASDAQ:CASS) to Issue Quarterly Dividend of $0.31

Cass Information Systems, Inc (NASDAQ:CASS - Get Free Report) announced a quarterly dividend on Friday, July 18th, Wall Street Journal reports. Shareholders of record on Friday, September 5th will be paid a dividend of 0.31 per share by the business services provider on Monday, September 15th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.88%. The ex-dividend date is Friday, September 5th.

Cass Information Systems has a payout ratio of 40.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Cass Information Systems to earn $3.15 per share next year, which means the company should continue to be able to cover its $1.24 annual dividend with an expected future payout ratio of 39.4%.

Cass Information Systems Stock Down 0.6%

Shares of NASDAQ:CASS traded down $0.24 during trading on Tuesday, reaching $43.10. 54,738 shares of the company traded hands, compared to its average volume of 46,106. Cass Information Systems has a 1-year low of $37.99 and a 1-year high of $47.14. The firm has a market cap of $575.82 million, a P/E ratio of 23.17 and a beta of 0.45. The firm has a fifty day simple moving average of $43.20 and a 200 day simple moving average of $42.36.

Cass Information Systems (NASDAQ:CASS - Get Free Report) last announced its earnings results on Thursday, July 17th. The business services provider reported $0.38 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.72 by ($0.34). Cass Information Systems had a return on equity of 9.09% and a net margin of 13.22%. The company had revenue of $44.40 million for the quarter, compared to analyst estimates of $48.12 million. As a group, research analysts anticipate that Cass Information Systems will post 2.62 EPS for the current year.

Analyst Upgrades and Downgrades

CASS has been the topic of several analyst reports. Wall Street Zen cut shares of Cass Information Systems from a "hold" rating to a "sell" rating in a report on Monday. Raymond James Financial assumed coverage on Cass Information Systems in a research note on Tuesday, July 15th. They set an "outperform" rating and a $50.00 price objective on the stock. Finally, Piper Sandler lowered their price target on Cass Information Systems from $47.00 to $46.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd.

Hedge Funds Weigh In On Cass Information Systems

An institutional investor recently raised its position in Cass Information Systems stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Cass Information Systems, Inc (NASDAQ:CASS - Free Report) by 4.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,022 shares of the business services provider's stock after buying an additional 312 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned approximately 0.06% of Cass Information Systems worth $347,000 as of its most recent SEC filing. Institutional investors and hedge funds own 59.08% of the company's stock.

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.