Cass Information Systems (NASDAQ:CASS) Shares Gap Down to $44.73

Cass Information Systems, Inc. (NASDAQ:CASS) shares gapped down before the market opened on Thursday . The stock had previously closed at $44.73, but opened at $43.45. Cass Information Systems shares last traded at $43.59, with a volume of 3,992 shares changing hands.

Analysts Set New Price Targets

CASS has been the topic of a number of research analyst reports. Piper Sandler raised shares of Cass Information Systems from a “neutral” rating to an “overweight” rating and upped their price target for the company from $45.00 to $51.00 in a research report on Monday, February 12th. TheStreet lowered shares of Cass Information Systems from a “b-” rating to a “c” rating in a report on Thursday, January 25th. Finally, StockNews.com lowered shares of Cass Information Systems from a “buy” rating to a “hold” rating in a report on Wednesday.

Cass Information Systems Stock Performance

The stock has a market cap of $567.77 million, a PE ratio of 19.11 and a beta of 0.73. The company’s 50 day simple moving average is $46.80 and its 200 day simple moving average is $43.29.

Cass Information Systems (NASDAQ:CASS) last released its earnings results on Thursday, January 25th. The business services provider reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.13. The firm had revenue of $50.74 million during the quarter, compared to the consensus estimate of $48.33 million. Cass Information Systems had a net margin of 15.22% and a return on equity of 13.84%. Equities research analysts expect that Cass Information Systems, Inc. will post 2.74 earnings per share for the current year.

Cass Information Systems Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Tuesday, March 5th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.88%. The ex-dividend date of this dividend was Monday, March 4th. Cass Information Systems’s dividend payout ratio is currently 55.05%.

Institutional Investors Weigh In On Cass Information Systems

A number of institutional investors have recently made changes to their positions in the company. Moneta Group Investment Advisors LLC grew its holdings in shares of Cass Information Systems by 108,000.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 45,277,674 shares of the business services provider’s stock valued at $2,074,623,000 after buying an additional 45,235,789 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Cass Information Systems by 1.2% during the first quarter. BlackRock Inc. now owns 1,001,903 shares of the business services provider’s stock valued at $36,979,000 after buying an additional 11,414 shares during the last quarter. Vanguard Group Inc. lifted its position in Cass Information Systems by 12.7% during the third quarter. Vanguard Group Inc. now owns 863,432 shares of the business services provider’s stock valued at $29,952,000 after purchasing an additional 97,167 shares during the period. Dimensional Fund Advisors LP lifted its position in Cass Information Systems by 0.4% during the first quarter. Dimensional Fund Advisors LP now owns 556,317 shares of the business services provider’s stock valued at $24,094,000 after purchasing an additional 2,470 shares during the period. Finally, State Street Corp lifted its position in Cass Information Systems by 0.6% during the third quarter. State Street Corp now owns 403,642 shares of the business services provider’s stock valued at $14,002,000 after purchasing an additional 2,304 shares during the period. Hedge funds and other institutional investors own 59.08% of the company’s stock.

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.