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

Zacks Research upgraded shares of Cass Information Systems (NASDAQ:CASS) from a strong sell rating to a hold rating in a research report released on Monday,Zacks.com reports.

Other research analysts also recently issued reports about the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Cass Information Systems in a research report on Wednesday, October 8th. Raymond James Financial restated an “outperform” rating and set a $45.00 price target (down from $47.00) on shares of Cass Information Systems in a research report on Friday, October 24th. Finally, Wall Street Zen raised Cass Information Systems from a “sell” rating to a “hold” rating in a research note on Monday, August 18th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.50.

Cass Information Systems Stock Up 0.7%

CASS opened at $42.52 on Monday. The stock has a market cap of $556.16 million, a PE ratio of 18.25 and a beta of 0.42. Cass Information Systems has a 52 week low of $36.07 and a 52 week high of $47.00. The business’s fifty day simple moving average is $40.05 and its 200 day simple moving average is $41.71.

Cass Information Systems (NASDAQ:CASS) last posted its quarterly earnings results on Thursday, October 23rd. The business services provider reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.06. The business had revenue of $54.01 million during the quarter, compared to the consensus estimate of $50.20 million. Cass Information Systems had a net margin of 16.48% and a return on equity of 11.61%. As a group, equities analysts anticipate that Cass Information Systems will post 2.62 earnings per share for the current year.

Cass Information Systems Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Friday, December 5th will be issued a dividend of $0.32 per share. The ex-dividend date is Friday, December 5th. This is a boost from Cass Information Systems’s previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a dividend yield of 3.0%. Cass Information Systems’s dividend payout ratio is 54.94%.

Hedge Funds Weigh In On Cass Information Systems

Hedge funds have recently bought and sold shares of the company. Triumph Capital Management bought a new stake in Cass Information Systems during the 3rd quarter valued at about $25,000. BNP Paribas Financial Markets grew its holdings in shares of Cass Information Systems by 50.7% during the second 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 during the last quarter. Russell Investments Group Ltd. increased its position in shares of Cass Information Systems by 1,206.6% during the third 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 in the last quarter. Copeland Capital Management LLC raised its holdings in Cass Information Systems by 16.4% in the 2nd quarter. Copeland Capital Management LLC now owns 1,667 shares of the business services provider’s stock worth $72,000 after acquiring an additional 235 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in Cass Information Systems by 49.4% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,840 shares of the business services provider’s stock valued at $72,000 after acquiring an additional 608 shares in the last quarter. Institutional investors own 59.08% of the company’s stock.

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.