Cass Information Systems (NASDAQ:CASS) Hits New 52-Week High – Here’s What Happened

Cass Information Systems, Inc (NASDAQ:CASS)’s stock price hit a new 52-week high on Friday . The company traded as high as $47.77 and last traded at $47.8840, with a volume of 5341 shares changing hands. The stock had previously closed at $46.59.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CASS. Weiss Ratings upgraded Cass Information Systems from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, April 1st. Raymond James Financial restated an “outperform” rating and issued a $50.00 target price on shares of Cass Information Systems in a research note on Thursday, January 22nd. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, Cass Information Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.00.

Cass Information Systems Stock Up 3.2%

The firm has a fifty day moving average of $44.92 and a 200-day moving average of $42.67. The firm has a market cap of $620.97 million, a P/E ratio of 18.36 and a beta of 0.42.

Cass Information Systems (NASDAQ:CASS) last posted its quarterly earnings results on Thursday, January 22nd. The business services provider reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.04. The business had revenue of $28.03 million for the quarter, compared to analysts’ expectations of $49.60 million. Cass Information Systems had a return on equity of 13.28% and a net margin of 18.41%. Sell-side analysts anticipate that Cass Information Systems, Inc will post 2.62 EPS for the current year.

Cass Information Systems Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 13th. Investors of record on Tuesday, March 3rd were issued a $0.32 dividend. The ex-dividend date was Tuesday, March 3rd. This represents a $1.28 annualized dividend and a yield of 2.7%. Cass Information Systems’s dividend payout ratio (DPR) is currently 48.85%.

Hedge Funds Weigh In On Cass Information Systems

Several hedge funds have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Cass Information Systems by 4.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,022 shares of the business services provider’s stock worth $347,000 after buying an additional 312 shares during the last quarter. Natixis Advisors LLC boosted its holdings in Cass Information Systems by 3.4% during the third quarter. Natixis Advisors LLC now owns 11,048 shares of the business services provider’s stock worth $435,000 after buying an additional 367 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in Cass Information Systems by 50.7% during the second quarter. BNP Paribas Financial Markets now owns 1,227 shares of the business services provider’s stock worth $53,000 after buying an additional 413 shares during the last quarter. Glenmede Investment Management LP boosted its holdings in Cass Information Systems by 5.1% during the third quarter. Glenmede Investment Management LP now owns 8,765 shares of the business services provider’s stock worth $345,000 after buying an additional 422 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in Cass Information Systems by 3.1% during the fourth quarter. Invesco Ltd. now owns 18,761 shares of the business services provider’s stock worth $779,000 after buying an additional 563 shares during the last quarter. 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. 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.