Cass Information Systems (NASDAQ:CASS) Downgraded to Hold Rating by Zacks Research

Zacks Research downgraded shares of Cass Information Systems (NASDAQ:CASS) from a strong-buy rating to a hold rating in a research report released on Thursday morning,Zacks.com reports.

Several other research firms also recently issued reports on CASS. Piper Sandler restated a “neutral” rating and set a $61.00 price objective (up from $52.00) on shares of Cass Information Systems in a report on Thursday, August 6th. Raymond James Financial raised their target price on shares of Cass Information Systems from $52.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, July 1st. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Cass Information Systems in a report on Tuesday, August 4th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.50.

Cass Information Systems Stock Down 0.2%

Shares of Cass Information Systems stock opened at $58.41 on Thursday. The stock’s fifty day moving average is $52.94 and its 200-day moving average is $48.18. The firm has a market capitalization of $748.23 million, a PE ratio of 21.01 and a beta of 0.41. Cass Information Systems has a 12-month low of $36.07 and a 12-month high of $59.14.

Cass Information Systems (NASDAQ:CASS) last announced its earnings results 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 net margin of 18.45% and a return on equity of 14.89%. The company had revenue of $27.04 million for the quarter, compared to analysts’ expectations of $51.02 million. Analysts expect that Cass Information Systems will post 2.99 EPS for the current year.

Cass Information Systems Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Stockholders of record on Friday, September 4th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, September 4th. Cass Information Systems’s payout ratio is 46.04%.

Hedge Funds Weigh In On Cass Information Systems

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Triumph Capital Management acquired a new position in shares of Cass Information Systems in the 3rd quarter valued at $25,000. Kingdom Financial Group LLC. purchased a new position in shares of Cass Information Systems during the fourth quarter worth about $26,000. New York State Teachers Retirement System purchased a new position in shares of Cass Information Systems in the 4th quarter valued at approximately $46,000. BNP Paribas Financial Markets increased its stake 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 buying an additional 413 shares during the period. Finally, Legal & General Group Plc acquired a new position in shares of Cass Information Systems during the second quarter worth about $59,000. 59.08% of the stock is owned by institutional investors and hedge funds.

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.