Cass Information Systems (NASDAQ:CASS) Reaches New 52-Week High on Better-Than-Expected Earnings

Shares of Cass Information Systems, Inc (NASDAQ:CASS) hit a new 52-week high on Friday following a stronger than expected earnings report. The stock traded as high as $49.50 and last traded at $49.35, with a volume of 47998 shares. The stock had previously closed at $46.94.

The business services provider reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.03. The business had revenue of $26.16 million for the quarter, compared to analysts’ expectations of $49.40 million. Cass Information Systems had a return on equity of 13.28% and a net margin of 18.41%.

Cass Information Systems Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, June 5th will be paid a $0.32 dividend. The ex-dividend date is Friday, June 5th. This represents a $1.28 dividend on an annualized basis and a yield of 2.6%. Cass Information Systems’s dividend payout ratio (DPR) is currently 48.85%.

Wall Street Analyst Weigh In

CASS has been the topic of a number of analyst reports. Weiss Ratings raised Cass Information Systems from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, April 1st. Raymond James Financial reiterated an “outperform” rating and set a $50.00 price target on shares of Cass Information Systems in a research report on Thursday, January 22nd. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $50.00.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Kingdom Financial Group LLC. acquired a new position in Cass Information Systems in the 4th quarter valued at $26,000. Triumph Capital Management acquired a new position in Cass Information Systems in the 3rd quarter valued at $25,000. New York State Teachers Retirement System acquired a new position in Cass Information Systems in the 4th quarter valued at $46,000. BNP Paribas Financial Markets raised its holdings in 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 valued at $53,000 after acquiring an additional 413 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in Cass Information Systems by 1,206.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,594 shares of the business services provider’s stock valued at $63,000 after acquiring an additional 1,472 shares during the last quarter. 59.08% of the stock is currently owned by institutional investors and hedge funds.

Cass Information Systems Stock Performance

The company has a fifty day simple moving average of $45.10 and a two-hundred day simple moving average of $42.89. The company has a market capitalization of $640.34 million, a price-to-earnings ratio of 18.93 and a beta of 0.42.

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.