Cass Information Systems (NASDAQ:CASS) Sets New 52-Week High – Still a Buy?

Cass Information Systems, Inc (NASDAQ:CASS)’s stock price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $54.44 and last traded at $54.7050, with a volume of 1501 shares traded. The stock had previously closed at $52.52.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CASS. Zacks Research raised Cass Information Systems from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 15th. Raymond James Financial increased their target price on shares of Cass Information Systems from $52.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, July 1st. Piper Sandler set a $52.00 target price on shares of Cass Information Systems and gave the company a “neutral” rating in a research note on Friday, June 12th. Finally, Weiss Ratings upgraded shares of Cass Information Systems from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Cass Information Systems presently has an average rating of “Buy” and an average target price of $54.00.

Cass Information Systems Stock Performance

The stock has a 50 day moving average price of $49.57 and a 200 day moving average price of $46.56. The company has a market cap of $700.04 million, a P/E ratio of 20.61 and a beta of 0.42.

Cass Information Systems (NASDAQ:CASS) last announced its earnings results on Thursday, July 23rd. The business services provider reported $0.71 earnings per share for the quarter, missing the consensus estimate of $0.72 by ($0.01). 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 net margin of 18.08% and a return on equity of 13.26%. As a group, equities research analysts predict that Cass Information Systems, Inc will post 3 earnings per share for the current year.

Cass Information Systems Dividend Announcement

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

Institutional Trading of Cass Information Systems

Hedge funds and other institutional investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Cass Information Systems by 4.0% in 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. Jane Street Group LLC acquired a new stake in shares of Cass Information Systems during the 1st quarter valued at $848,000. Creative Planning boosted its stake in shares of 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 in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of 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 worth $4,426,000 after acquiring an additional 12,196 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of Cass Information Systems in the 2nd quarter worth $696,000. 59.08% of the stock is currently owned by 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.