Cass Information Systems (NASDAQ:CASS) Earns Overweight Rating from Piper Sandler

Piper Sandler restated their overweight rating on shares of Cass Information Systems (NASDAQ:CASS) in a report published on Monday, Benzinga reports. They currently have a $44.00 target price on the business services provider’s stock, down from their previous target price of $47.00.

Separately, StockNews.com downgraded shares of Cass Information Systems from a buy rating to a hold rating in a research report on Saturday, April 27th.

Cass Information Systems Stock Performance

CASS opened at $40.95 on Monday. The company has a 50-day moving average of $41.70 and a 200-day moving average of $44.00. The company has a market capitalization of $558.56 million, a P/E ratio of 18.70 and a beta of 0.70. Cass Information Systems has a 1-year low of $35.50 and a 1-year high of $50.25.

Cass Information Systems (NASDAQ:CASS) last released its earnings results on Thursday, July 18th. The business services provider reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.21). The company had revenue of $48.59 million during the quarter, compared to the consensus estimate of $50.00 million. Cass Information Systems had a return on equity of 12.37% and a net margin of 13.84%. As a group, sell-side analysts expect that Cass Information Systems will post 1.86 earnings per share for the current fiscal year.

Cass Information Systems Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.93%. The ex-dividend date is Tuesday, September 3rd. Cass Information Systems’s dividend payout ratio (DPR) is presently 54.79%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Global Retirement Partners LLC acquired a new position in shares of Cass Information Systems in the 4th quarter valued at about $114,000. SG Americas Securities LLC acquired a new stake in shares of Cass Information Systems in the 4th quarter worth approximately $173,000. Dumont & Blake Investment Advisors LLC acquired a new stake in shares of Cass Information Systems in the 1st quarter worth approximately $207,000. Compass Ion Advisors LLC acquired a new stake in shares of Cass Information Systems in the 1st quarter worth approximately $223,000. Finally, Janney Montgomery Scott LLC lifted its stake in shares of Cass Information Systems by 47.1% in the 1st quarter. Janney Montgomery Scott LLC now owns 6,546 shares of the business services provider’s stock worth $315,000 after acquiring an additional 2,097 shares during the period. 59.08% of the stock is owned by institutional investors and hedge funds.

About Cass Information Systems

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.