Cass Information Systems (NASDAQ:CASS) Sees Unusually-High Trading Volume - Here's What Happened

Cass Information Systems, Inc (NASDAQ:CASS - Get Free Report) shares saw unusually-strong trading volume on Thursday . Approximately 93,442 shares changed hands during mid-day trading, an increase of 106% from the previous session's volume of 45,461 shares.The stock last traded at $46.11 and had previously closed at $45.67.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on CASS shares. 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 report on Wednesday, April 23rd. Wall Street Zen cut Cass Information Systems from a "hold" rating to a "sell" rating in a research note on Saturday.

Cass Information Systems Stock Up 1.2%

The stock has a market capitalization of $617.30 million, a PE ratio of 30.40 and a beta of 0.45. The firm has a 50 day moving average price of $42.60 and a 200-day moving average price of $42.12.

Cass Information Systems (NASDAQ:CASS - Get Free Report) last announced its quarterly earnings data on Thursday, April 17th. The business services provider reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.03. Cass Information Systems had a return on equity of 8.84% and a net margin of 10.71%. The firm had revenue of $46.41 million during the quarter, compared to analysts' expectations of $51.49 million. Equities analysts expect that Cass Information Systems, Inc will post 2.62 earnings per share for the current fiscal year.

Cass Information Systems Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Tuesday, June 3rd were paid a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 2.68%. The ex-dividend date was Tuesday, June 3rd. Cass Information Systems's payout ratio is 81.58%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CASS. Bank of New York Mellon Corp raised its position in Cass Information Systems by 7.7% during the fourth quarter. Bank of New York Mellon Corp now owns 87,456 shares of the business services provider's stock valued at $3,578,000 after acquiring an additional 6,236 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Cass Information Systems by 0.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 104,325 shares of the business services provider's stock valued at $4,268,000 after acquiring an additional 716 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Cass Information Systems during the fourth quarter valued at approximately $276,000. Commonwealth Equity Services LLC raised its position in Cass Information Systems by 7.0% during the fourth quarter. Commonwealth Equity Services LLC now owns 34,339 shares of the business services provider's stock valued at $1,405,000 after acquiring an additional 2,252 shares in the last quarter. Finally, Royce & Associates LP raised its position in 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 valued at $10,878,000 after acquiring an additional 8,568 shares in the last quarter. 59.08% of the stock is currently owned by hedge funds and other 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.