53,247 Shares in Cass Information Systems, Inc $CASS Bought by Commerce Bank

Key Points

• Commerce Bank bought 53,247 shares of Cass Information Systems during the second quarter, valued at approximately $2.7 million and representing about 0.42% of the company. Institutional investors collectively owned 59.08% of Cass shares.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $58.50. Recent targets range from $56 to $61, while one firm downgraded the stock to “Hold.”
• Cass shares opened at $57.42, near their 52-week high, despite the company slightly missing quarterly EPS estimates and reporting revenue well below expectations. The company declared a quarterly dividend of $0.32, or $1.28 annually, yielding about 2.2%.

Commerce Bank bought a new stake in shares of Cass Information Systems, Inc (NASDAQ:CASS - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 53,247 shares of the business services provider's stock, valued at approximately $2,733,000. Commerce Bank owned approximately 0.42% of Cass Information Systems at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Quantbot Technologies LP bought a new position in shares of Cass Information Systems in the 2nd quarter worth $72,000. Ieq Capital LLC bought a new stake in Cass Information Systems during the 2nd quarter valued at $570,000. Heartland Advisors Inc. acquired a new position in Cass Information Systems during the second quarter worth $25,322,000. First National Bank of Omaha acquired a new position in Cass Information Systems during the second quarter worth $414,000. Finally, BlackRock Inc. bought a new position in shares of Cass Information Systems in the second quarter valued at $51,403,000. Institutional investors and hedge funds own 59.08% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Cass Information Systems in a report on Tuesday, August 4th. Zacks Research downgraded shares of Cass Information Systems from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 13th. Raymond James Financial raised their price target on shares of Cass Information Systems from $52.00 to $56.00 and gave the company an "outperform" rating in a research report on Wednesday, July 1st. Finally, Piper Sandler restated a "neutral" rating and set a $61.00 price target (up from $52.00) on shares of Cass Information Systems in a report on Thursday, August 6th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $58.50.

Cass Information Systems Stock Up 1.8%

Shares of NASDAQ:CASS opened at $57.42 on Tuesday. The stock has a market cap of $735.55 million, a PE ratio of 20.65 and a beta of 0.41. The company's fifty day moving average is $53.95 and its 200 day moving average is $48.73. Cass Information Systems, Inc has a 52 week low of $36.07 and a 52 week high of $59.63.

Cass Information Systems (NASDAQ:CASS - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The business services provider reported $0.71 EPS for the quarter, missing analysts' consensus estimates of $0.72 by ($0.01). Cass Information Systems had a return on equity of 14.89% and a net margin of 18.45%.The business had revenue of $27.04 million during the quarter, compared to analysts' expectations of $51.02 million. Sell-side analysts anticipate that Cass Information Systems, Inc will post 2.99 EPS for the current year.

Cass Information Systems Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Friday, September 4th will be issued a $0.32 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.28 dividend on an annualized basis and a yield of 2.2%. Cass Information Systems's dividend payout ratio is currently 46.04%.

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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