Cass Information Systems (NASDAQ:CASS) Raised to "Hold" at Wall Street Zen

Wall Street Zen upgraded shares of Cass Information Systems (NASDAQ:CASS - Free Report) from a sell rating to a hold rating in a research report sent to investors on Sunday.

Separately, Piper Sandler cut their price target on shares of Cass Information Systems from $47.00 to $46.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd.

Cass Information Systems Price Performance

Shares of NASDAQ CASS traded down $0.85 during mid-day trading on Friday, hitting $44.03. The company had a trading volume of 44,369 shares, compared to its average volume of 45,970. The business's 50-day simple moving average is $42.98 and its 200-day simple moving average is $42.23. Cass Information Systems has a 12 month low of $37.99 and a 12 month high of $47.14. The firm has a market cap of $588.24 million, a P/E ratio of 28.97 and a beta of 0.45.

Cass Information Systems (NASDAQ:CASS - Get Free Report) last released its earnings results on Thursday, April 17th. The business services provider reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.03. Cass Information Systems had a net margin of 10.71% and a return on equity of 8.84%. The business had revenue of $46.41 million during the quarter, compared to analysts' expectations of $51.49 million. As a group, sell-side analysts predict that Cass Information Systems will post 2.62 EPS for the current year.

Cass Information Systems Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Tuesday, June 3rd were paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date was Tuesday, June 3rd. Cass Information Systems's dividend payout ratio is 81.58%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CASS. Vanguard Group Inc. increased its holdings in shares of Cass Information Systems by 0.6% during the first quarter. Vanguard Group Inc. now owns 801,473 shares of the business services provider's stock worth $34,664,000 after buying an additional 4,504 shares in the last quarter. Heartland Advisors Inc. increased its holdings in shares of Cass Information Systems by 13.7% during the first quarter. Heartland Advisors Inc. now owns 473,926 shares of the business services provider's stock worth $20,497,000 after buying an additional 56,979 shares in the last quarter. Fenimore Asset Management Inc increased its holdings in shares of Cass Information Systems by 0.8% during the first quarter. Fenimore Asset Management Inc now owns 338,882 shares of the business services provider's stock worth $14,657,000 after buying an additional 2,850 shares in the last quarter. Speece Thorson Capital Group Inc. increased its holdings in shares of Cass Information Systems by 7.7% during the fourth quarter. Speece Thorson Capital Group Inc. now owns 328,937 shares of the business services provider's stock worth $13,457,000 after buying an additional 23,442 shares in the last quarter. Finally, Royce & Associates LP increased its holdings in shares of Cass Information Systems by 3.3% during the fourth quarter. Royce & Associates LP now owns 265,907 shares of the business services provider's stock worth $10,878,000 after buying an additional 8,568 shares in 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.