Cass Information Systems (NASDAQ:CASS) Sets New 12-Month High - Here's What Happened

Key Points

• Cass Information Systems shares hit a new 52-week high, trading as high as $54.44 and last changing hands near $54.71 after closing at $52.52.
• Analysts have become more upbeat on the stock, with Zacks upgrading it to strong-buy and Raymond James raising its price target to $56; the consensus rating is now Buy with a $54 target.
• The company recently reported quarterly results that missed expectations slightly on both earnings and revenue, but it also announced a $0.32 quarterly dividend, implying a 2.4% yield.

Cass Information Systems, Inc (NASDAQ:CASS - Get Free Report) shares hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $54.44 and last traded at $54.7050, with a volume of 1501 shares changing hands. The stock had previously closed at $52.52.

Analysts Set New Price Targets

Several analysts have commented on CASS shares. Zacks Research raised shares of Cass Information Systems from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 15th. Raymond James Financial increased their price target on Cass Information Systems from $52.00 to $56.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 1st. Piper Sandler set a $52.00 price objective on Cass Information Systems and gave the stock a "neutral" rating in a report on Friday, June 12th. Finally, Weiss Ratings raised Cass Information Systems from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $54.00.

Cass Information Systems Price Performance

The stock has a market capitalization of $700.04 million, a price-to-earnings ratio of 20.61 and a beta of 0.42. The business's 50-day simple moving average is $49.57 and its two-hundred day simple moving average is $46.56.

Cass Information Systems (NASDAQ:CASS - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The business services provider reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.72 by ($0.01). Cass Information Systems had a return on equity of 13.26% and a net margin of 18.08%.The business had revenue of $49.94 million during the quarter, compared to analyst estimates of $51.02 million. As a group, sell-side analysts expect that Cass Information Systems, Inc will post 3 EPS for the current year.

Cass Information Systems Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Friday, September 4th will be paid a $0.32 dividend. The ex-dividend date is Friday, September 4th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.4%. Cass Information Systems's dividend payout ratio (DPR) is 48.67%.

Hedge Funds Weigh In On Cass Information Systems

Institutional investors and hedge funds have recently bought and sold shares of the stock. Brown Advisory Inc. increased its stake in shares of Cass Information Systems by 5,552.6% in the fourth quarter. Brown Advisory Inc. now owns 539,932 shares of the business services provider's stock valued at $22,418,000 after purchasing an additional 530,380 shares during the period. Punch & Associates Investment Management Inc. bought a new position in Cass Information Systems in the 1st quarter worth approximately $4,977,000. Acumen Wealth Advisors LLC bought a new position in Cass Information Systems in the 4th quarter worth approximately $4,660,000. Two Sigma Investments LP increased its position in Cass Information Systems by 1,190.2% in the 3rd quarter. Two Sigma Investments LP now owns 71,749 shares of the business services provider's stock valued at $2,822,000 after acquiring an additional 66,188 shares during the period. Finally, Teacher Retirement System of Texas increased its position in Cass Information Systems by 85.6% in the 4th quarter. Teacher Retirement System of Texas now owns 85,833 shares of the business services provider's stock valued at $3,564,000 after acquiring an additional 39,582 shares during the period. Hedge funds and other institutional investors 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. 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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