Cass Information Systems (NASDAQ:CASS) Upgraded at Zacks Research

Zacks Research upgraded shares of Cass Information Systems (NASDAQ:CASS) from a hold rating to a strong-buy rating in a report published on Wednesday,Zacks.com reports.

CASS has been the subject of a number of other reports. Weiss Ratings raised Cass Information Systems from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, May 7th. Piper Sandler set a $52.00 price objective on Cass Information Systems and gave the company a “neutral” rating in a research report on Friday, June 12th. Finally, Raymond James Financial increased their target price on Cass Information Systems from $52.00 to $56.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 1st. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $54.00.

Cass Information Systems Price Performance

Cass Information Systems stock opened at $53.32 on Wednesday. Cass Information Systems has a 1-year low of $36.07 and a 1-year high of $54.44. The firm has a market capitalization of $686.23 million, a P/E ratio of 20.27 and a beta of 0.42. The company’s 50-day moving average is $48.99 and its 200 day moving average is $46.20.

Cass Information Systems (NASDAQ:CASS) last announced its quarterly earnings data on Thursday, April 23rd. The business services provider reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.03. The business had revenue of $27.95 million during the quarter, compared to the consensus estimate of $49.40 million. Cass Information Systems had a net margin of 18.08% and a return on equity of 13.26%. Research analysts anticipate that Cass Information Systems will post 3 earnings per share for the current fiscal year.

Cass Information Systems Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, June 5th were issued a $0.32 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.4%. Cass Information Systems’s payout ratio is presently 48.67%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CASS. Brown Advisory Inc. lifted its holdings in Cass Information Systems by 5,552.6% during the fourth quarter. Brown Advisory Inc. now owns 539,932 shares of the business services provider’s stock worth $22,418,000 after buying an additional 530,380 shares during the period. Punch & Associates Investment Management Inc. acquired a new position in Cass Information Systems during the 1st quarter valued at about $4,977,000. Acumen Wealth Advisors LLC acquired a new stake in Cass Information Systems in the 4th quarter worth approximately $4,660,000. Two Sigma Investments LP lifted its stake in shares of Cass Information Systems by 1,190.2% during the third quarter. Two Sigma Investments LP now owns 71,749 shares of the business services provider’s stock worth $2,822,000 after buying an additional 66,188 shares during the period. Finally, Teacher Retirement System of Texas lifted its position in Cass Information Systems by 85.6% during the 4th quarter. Teacher Retirement System of Texas now owns 85,833 shares of the business services provider’s stock worth $3,564,000 after acquiring an additional 39,582 shares during the period. 59.08% of the stock is currently owned by hedge funds and other institutional investors.

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.