Zacks Research Downgrades Cass Information Systems (NASDAQ:CASS) to Hold

Cass Information Systems (NASDAQ:CASS) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Thursday,Zacks.com reports.

CASS has been the topic of several other reports. Piper Sandler restated a “neutral” rating and set a $61.00 price target (up from $52.00) on shares of Cass Information Systems in a research report on Thursday, August 6th. Weiss Ratings reiterated a “buy (b)” rating on shares of Cass Information Systems in a research report on Tuesday, August 4th. Finally, Raymond James Financial increased their price objective on Cass Information Systems from $52.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, July 1st. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $58.50.

Cass Information Systems Stock Down 0.2%

NASDAQ CASS opened at $58.41 on Thursday. The company has a 50-day simple moving average of $52.94 and a two-hundred day simple moving average of $48.18. Cass Information Systems has a 12-month low of $36.07 and a 12-month high of $59.14. The firm has a market cap of $748.23 million, a price-to-earnings ratio of 21.01 and a beta of 0.41.

Cass Information Systems (NASDAQ:CASS) last released its quarterly earnings data on Thursday, July 23rd. The business services provider reported $0.71 EPS for the quarter, missing the consensus estimate of $0.72 by ($0.01). Cass Information Systems had a return on equity of 14.89% and a net margin of 18.45%.The company had revenue of $27.04 million during the quarter, compared to analysts’ expectations of $51.02 million. Equities analysts expect that Cass Information Systems will post 2.99 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cass Information Systems

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CASS. Triumph Capital Management bought a new position in Cass Information Systems in the third quarter worth $25,000. Kingdom Financial Group LLC. bought a new stake in shares of Cass Information Systems during the 4th quarter valued at $26,000. New York State Teachers Retirement System bought a new stake in shares of Cass Information Systems during the 4th quarter valued at $46,000. BNP Paribas Financial Markets grew its position in shares of Cass Information Systems by 50.7% in the 2nd 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 period. Finally, Legal & General Group Plc purchased a new stake in shares of Cass Information Systems in the 2nd quarter worth about $59,000. 59.08% of the stock is 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.