Cass Information Systems (NASDAQ:CASS) Hits New 12-Month High – Still a Buy?

Cass Information Systems, Inc (NASDAQ:CASS) hit a new 52-week high on Thursday . The stock traded as high as $56.69 and last traded at $56.01, with a volume of 61465 shares changing hands. The stock had previously closed at $55.96.

Analyst Upgrades and Downgrades

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

Cass Information Systems Stock Performance

The company has a market capitalization of $720.90 million, a PE ratio of 20.15 and a beta of 0.42. The stock’s 50 day moving average is $50.30 and its 200 day moving average is $46.97.

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 14.91% and a net margin of 18.45%.The business had revenue of $49.94 million during the quarter, compared to the consensus estimate of $51.02 million. On average, equities research analysts forecast that Cass Information Systems, Inc will post 2.96 EPS for the current fiscal year.

Cass Information Systems Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Friday, September 4th will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend is Friday, September 4th. Cass Information Systems’s dividend payout ratio (DPR) is presently 46.04%.

Hedge Funds Weigh In On Cass Information Systems

Hedge funds have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Cass Information Systems by 4.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,022 shares of the business services provider’s stock valued at $347,000 after purchasing an additional 312 shares during the period. Natixis Advisors LLC boosted its stake in Cass Information Systems by 3.4% in the 3rd quarter. Natixis Advisors LLC now owns 11,048 shares of the business services provider’s stock worth $435,000 after purchasing an additional 367 shares during the period. BNP Paribas Financial Markets grew its holdings in Cass Information Systems by 50.7% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,227 shares of the business services provider’s stock valued at $53,000 after buying an additional 413 shares in the last quarter. Glenmede Investment Management LP grew its holdings in Cass Information Systems by 5.1% during the 3rd quarter. Glenmede Investment Management LP now owns 8,765 shares of the business services provider’s stock valued at $345,000 after buying an additional 422 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in Cass Information Systems by 3.1% during the 4th quarter. Invesco Ltd. now owns 18,761 shares of the business services provider’s stock valued at $779,000 after buying an additional 563 shares in the last quarter. 59.08% of the stock is currently 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.