Cass Information Systems (NASDAQ:CASS) Stock Price Down 3.7% After Earnings Miss

Cass Information Systems, Inc (NASDAQ:CASS - Get Free Report)'s stock price traded down 3.7% during mid-day trading on Friday following a dissappointing earnings announcement. The stock traded as low as $43.99 and last traded at $43.13. 9,337 shares were traded during mid-day trading, a decline of 80% from the average session volume of 46,108 shares. The stock had previously closed at $44.79.

The business services provider reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.72 by ($0.34). The business had revenue of $44.40 million during the quarter, compared to analyst estimates of $48.12 million. Cass Information Systems had a return on equity of 9.09% and a net margin of 13.22%.

Cass Information Systems Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, September 5th will be paid a dividend of $0.31 per share. The ex-dividend date 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 presently 66.67%.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Raymond James Financial initiated coverage on shares of Cass Information Systems in a report on Tuesday, July 15th. They issued an "outperform" rating and a $50.00 price objective for the company. Piper Sandler lowered their price objective on shares of Cass Information Systems from $47.00 to $46.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Finally, Wall Street Zen upgraded shares of 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

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in 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 during the last quarter. Heartland Advisors Inc. lifted its position in 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 valued at $20,497,000 after purchasing an additional 56,979 shares during the last quarter. Fenimore Asset Management Inc lifted its holdings in shares of Cass Information Systems by 0.8% in the 1st quarter. Fenimore Asset Management Inc now owns 338,882 shares of the business services provider's stock worth $14,657,000 after acquiring an additional 2,850 shares during the last quarter. Speece Thorson Capital Group Inc. increased its stake in shares of Cass Information Systems by 7.7% in 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 during the period. Finally, Hotchkis & Wiley Capital Management LLC increased its stake in shares of Cass Information Systems by 92.0% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 141,770 shares of the business services provider's stock worth $6,132,000 after buying an additional 67,950 shares during the period. Hedge funds and other institutional investors own 59.08% of the company's stock.

Cass Information Systems Stock Performance

The stock's 50-day simple moving average is $43.20 and its 200-day simple moving average is $42.34. The firm has a market capitalization of $574.61 million, a PE ratio of 23.12 and a beta of 0.45.

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.