Cass Information Systems (NASDAQ:CASS) Stock Rating Upgraded by Raymond James Financial

Raymond James Financial upgraded shares of Cass Information Systems (NASDAQ:CASS - Free Report) to a moderate buy rating in a research note published on Monday, MarketBeat Ratings reports.

Several other analysts have also issued reports on the company. Wall Street Zen raised Cass Information Systems from a "sell" rating to a "hold" rating in a report on Sunday, July 13th. Piper Sandler reduced their target price on Cass Information Systems from $47.00 to $46.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd.

Cass Information Systems Price Performance

Shares of Cass Information Systems stock traded down $1.78 during trading hours on Monday, hitting $43.01. The company's stock had a trading volume of 81,621 shares, compared to its average volume of 46,153. Cass Information Systems has a 12 month low of $37.99 and a 12 month high of $47.14. The stock has a 50 day moving average of $43.20 and a 200 day moving average of $42.33. The company has a market capitalization of $574.61 million, a PE ratio of 23.12 and a beta of 0.45.

Cass Information Systems (NASDAQ:CASS - Get Free Report) last posted its quarterly earnings data 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). The firm 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%. Equities analysts expect that Cass Information Systems will post 2.62 EPS for the current year.

Cass Information Systems Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, September 5th will be issued a $0.31 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.24 annualized dividend and a dividend yield of 2.88%. Cass Information Systems's dividend payout ratio is currently 66.67%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in CASS. Bank of New York Mellon Corp boosted its stake in Cass Information Systems by 7.7% during the 4th 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 purchasing an additional 6,236 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Cass Information Systems by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 104,325 shares of the business services provider's stock valued at $4,268,000 after buying an additional 716 shares during the period. Raymond James Financial Inc. bought a new position in shares of Cass Information Systems during the 4th quarter valued at $276,000. Commonwealth Equity Services LLC raised its holdings in Cass Information Systems by 7.0% in the 4th quarter. Commonwealth Equity Services LLC now owns 34,339 shares of the business services provider's stock worth $1,405,000 after purchasing an additional 2,252 shares during the period. Finally, Intech Investment Management LLC bought a new position in Cass Information Systems in the 4th quarter worth $207,000. 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.