Cass Information Systems (NASDAQ:CASS) Trading 5.2% Higher – Still a Buy?

Cass Information Systems, Inc. (NASDAQ:CASS)’s stock price shot up 5.2% during mid-day trading on Thursday . The company traded as high as $44.21 and last traded at $44.21. 2,481 shares changed hands during trading, a decline of 94% from the average session volume of 41,148 shares. The stock had previously closed at $42.02.

Analysts Set New Price Targets

Separately, Piper Sandler upped their price target on Cass Information Systems from $44.00 to $45.00 and gave the company an “overweight” rating in a research report on Friday, October 18th.

Cass Information Systems Stock Performance

The firm has a 50-day moving average of $43.59 and a 200-day moving average of $42.05. The firm has a market capitalization of $569.76 million, a P/E ratio of 25.30 and a beta of 0.72.

Cass Information Systems (NASDAQ:CASS) last posted its earnings results on Thursday, October 17th. The business services provider reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.29). Cass Information Systems had a return on equity of 9.92% and a net margin of 11.52%. The firm had revenue of $50.55 million for the quarter, compared to analysts’ expectations of $48.99 million. Equities analysts anticipate that Cass Information Systems, Inc. will post 1.48 EPS for the current fiscal year.

Cass Information Systems Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Tuesday, December 3rd were paid a dividend of $0.31 per share. The ex-dividend date of this dividend was Tuesday, December 3rd. This represents a $1.24 annualized dividend and a yield of 2.95%. This is a positive change from Cass Information Systems’s previous quarterly dividend of $0.30. Cass Information Systems’s payout ratio is presently 74.70%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its holdings in Cass Information Systems by 4.0% in the 3rd quarter. Geode Capital Management LLC now owns 354,155 shares of the business services provider’s stock worth $14,693,000 after acquiring an additional 13,607 shares during the last quarter. State Street Corp boosted its position in shares of Cass Information Systems by 0.8% during the third quarter. State Street Corp now owns 319,177 shares of the business services provider’s stock valued at $13,239,000 after buying an additional 2,466 shares during the last quarter. Tributary Capital Management LLC increased its holdings in Cass Information Systems by 5.3% in the 3rd quarter. Tributary Capital Management LLC now owns 318,496 shares of the business services provider’s stock worth $13,211,000 after buying an additional 15,919 shares in the last quarter. Speece Thorson Capital Group Inc. raised its position in Cass Information Systems by 37.6% in the 3rd quarter. Speece Thorson Capital Group Inc. now owns 305,495 shares of the business services provider’s stock worth $12,672,000 after buying an additional 83,414 shares during the last quarter. Finally, Foundry Partners LLC grew its stake in shares of Cass Information Systems by 12.1% in the third quarter. Foundry Partners LLC now owns 122,405 shares of the business services provider’s stock worth $5,077,000 after acquiring an additional 13,180 shares during the period. Institutional investors own 59.08% of the company’s stock.

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.