Cass Information Systems, Inc (NASDAQ:CASS) Declares $0.31 Quarterly Dividend

Cass Information Systems, Inc (NASDAQ:CASS - Get Free Report) announced a quarterly dividend on Friday, July 18th, Wall Street Journal reports. Stockholders 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 of this dividend is Friday, September 5th.

Cass Information Systems has a payout ratio of 40.1% indicating that 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 Performance

NASDAQ CASS traded down $1.78 during trading hours on Friday, reaching $43.01. 81,621 shares of the company's stock were exchanged, compared to its average volume of 46,056. The company's 50-day moving average is $43.20 and its two-hundred day moving average is $42.34. Cass Information Systems has a one year low of $37.99 and a one year high of $47.14. The company has a market capitalization of $574.61 million, a price-to-earnings ratio of 23.12 and a beta of 0.45.

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

Wall Street Analysts Forecast Growth

CASS has been the subject of several research reports. Piper Sandler cut their price target on Cass Information Systems from $47.00 to $46.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Raymond James Financial assumed coverage on Cass Information Systems in a research report on Tuesday, July 15th. They set an "outperform" rating and a $50.00 price objective on the stock. Finally, Wall Street Zen upgraded Cass Information Systems from a "sell" rating to a "hold" rating in a research report on Sunday, July 13th.

Institutional Trading of Cass Information Systems

A hedge fund recently raised its stake in Cass Information Systems stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Cass Information Systems, Inc (NASDAQ:CASS - Free Report) by 4.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm 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 0.06% of Cass Information Systems worth $347,000 as of its most recent SEC filing. 59.08% of the stock is currently owned by institutional investors.

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.