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

Cass Information Systems, Inc (NASDAQ:CASS - Get Free Report) fell 3.7% on Friday after the company announced weaker than expected quarterly earnings. The stock traded as low as $43.99 and last traded at $43.13. 9,337 shares were traded during 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 for the quarter, missing analysts' consensus estimates of $0.72 by ($0.34). Cass Information Systems had a net margin of 13.22% and a return on equity of 9.09%. The business had revenue of $44.40 million during the quarter, compared to analyst estimates of $48.12 million.

Cass Information Systems Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, September 5th will be given a $0.31 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.24 dividend on an annualized basis and a yield of 2.87%. Cass Information Systems's dividend payout ratio (DPR) is presently 66.67%.

Analyst Ratings Changes

Several research analysts have weighed in on CASS shares. Raymond James Financial started coverage on shares of Cass Information Systems in a research report on Tuesday, July 15th. They set an "outperform" rating and a $50.00 target price on the stock. Piper Sandler reduced their price target on shares of Cass Information Systems from $47.00 to $46.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Finally, Wall Street Zen downgraded shares of Cass Information Systems from a "hold" rating to a "sell" rating in a report on Monday.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Huntington National Bank raised its position in shares of Cass Information Systems by 72.9% during the 4th quarter. Huntington National Bank now owns 690 shares of the business services provider's stock worth $28,000 after buying an additional 291 shares in the last quarter. Aquatic Capital Management LLC purchased a new position in Cass Information Systems during the fourth quarter valued at approximately $44,000. Global X Japan Co. Ltd. purchased a new position in Cass Information Systems during the first quarter valued at approximately $55,000. Copeland Capital Management LLC lifted its stake in Cass Information Systems by 56.7% in the first quarter. Copeland Capital Management LLC now owns 1,432 shares of the business services provider's stock valued at $62,000 after acquiring an additional 518 shares during the last quarter. Finally, CWM LLC lifted its stake in Cass Information Systems by 275.9% in the first quarter. CWM LLC now owns 1,947 shares of the business services provider's stock valued at $84,000 after acquiring an additional 1,429 shares during the last quarter. 59.08% of the stock is owned by institutional investors and hedge funds.

Cass Information Systems Price Performance

The firm has a market capitalization of $576.75 million, a price-to-earnings ratio of 23.21 and a beta of 0.45. The stock's 50 day moving average price is $43.20 and its two-hundred day moving average price is $42.36.

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.