Cass Information Systems (NASDAQ:CASS) Posts Earnings Results, Misses Expectations By $0.01 EPS

Cass Information Systems (NASDAQ:CASS) announced its earnings results on Thursday. The business services provider reported $0.71 EPS for the quarter, missing the consensus estimate of $0.72 by ($0.01), FiscalAI reports. The firm had revenue of $49.94 million for the quarter, compared to the consensus estimate of $51.02 million. Cass Information Systems had a return on equity of 13.26% and a net margin of 18.08%.

Cass Information Systems Trading Up 2.8%

CASS stock opened at $53.97 on Friday. Cass Information Systems has a one year low of $36.07 and a one year high of $54.44. The firm has a market capitalization of $694.65 million, a PE ratio of 20.52 and a beta of 0.42. The firm has a 50-day moving average of $49.57 and a two-hundred day moving average of $46.56.

Cass Information Systems Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Friday, September 4th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.4%. The ex-dividend date is Friday, September 4th. Cass Information Systems’s payout ratio is presently 48.67%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on CASS shares. 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 target on shares of Cass Information Systems and gave the stock a “neutral” rating in a research report on Friday, June 12th. Zacks Research raised shares of Cass Information Systems from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 15th. Finally, Raymond James Financial raised their target price on shares of Cass Information Systems from $52.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, Cass Information Systems currently has a consensus rating of “Buy” and a consensus price target of $54.00.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CASS. Invesco Ltd. lifted its position in shares of Cass Information Systems by 3.1% in the 4th quarter. Invesco Ltd. now owns 18,761 shares of the business services provider’s stock valued at $779,000 after acquiring an additional 563 shares in the last quarter. XTX Topco Ltd raised its stake in Cass Information Systems by 42.3% during the 4th quarter. XTX Topco Ltd now owns 9,916 shares of the business services provider’s stock valued at $412,000 after purchasing an additional 2,950 shares during the period. Man Group plc acquired a new stake in Cass Information Systems during the 4th quarter valued at $241,000. Lazard Asset Management LLC lifted its holdings in shares of Cass Information Systems by 3.9% in the fourth quarter. Lazard Asset Management LLC now owns 27,711 shares of the business services provider’s stock valued at $1,151,000 after purchasing an additional 1,028 shares in the last quarter. Finally, Trexquant Investment LP acquired a new stake in shares of Cass Information Systems in the fourth quarter worth $231,000. 59.08% of the stock is owned by hedge funds and other institutional investors.

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.