Cass Information Systems (NASDAQ:CASS) Sets New 52-Week High – Here’s Why

Cass Information Systems, Inc (NASDAQ:CASS) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $53.00 and last traded at $51.1850, with a volume of 101 shares traded. The stock had previously closed at $51.57.

Analyst Upgrades and Downgrades

CASS has been the subject of several recent research reports. Piper Sandler set a $52.00 target price on Cass Information Systems and gave the company a “neutral” rating in a report on Friday, June 12th. Weiss Ratings raised Cass Information Systems from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, May 7th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Cass Information Systems currently has an average rating of “Moderate Buy” and an average target price of $51.00.

Cass Information Systems Stock Performance

The stock has a market capitalization of $660.49 million, a P/E ratio of 19.51 and a beta of 0.43. The firm’s fifty day moving average is $47.75 and its 200-day moving average is $45.38.

Cass Information Systems (NASDAQ:CASS) last issued its quarterly earnings data on Thursday, April 23rd. The business services provider reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.03. The firm had revenue of $27.95 million for the quarter, compared to analysts’ expectations of $49.40 million. Cass Information Systems had a net margin of 18.08% and a return on equity of 13.26%. Equities research analysts expect that Cass Information Systems, Inc will post 2.98 EPS for the current year.

Cass Information Systems Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, June 5th were given a dividend of $0.32 per share. The ex-dividend date was Friday, June 5th. This represents a $1.28 dividend on an annualized basis and a yield of 2.5%. Cass Information Systems’s dividend payout ratio is 48.67%.

Hedge Funds Weigh In On Cass Information Systems

Several institutional investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of 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 purchasing an additional 312 shares during the last quarter. Jane Street Group LLC acquired a new position in Cass Information Systems during the 1st quarter worth about $848,000. Creative Planning grew its holdings in Cass Information Systems by 102.9% during the 2nd quarter. Creative Planning now owns 10,311 shares of the business services provider’s stock worth $448,000 after acquiring an additional 5,228 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in Cass Information Systems by 13.6% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 101,860 shares of the business services provider’s stock valued at $4,426,000 after acquiring an additional 12,196 shares in the last quarter. Finally, Marshall Wace LLP acquired a new stake in Cass Information Systems in the 2nd quarter valued at about $696,000. 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. 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.