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

Cass Information Systems, Inc (NASDAQ:CASS)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $56.69 and last traded at $56.01, with a volume of 61465 shares traded. The stock had previously closed at $55.96.

Analysts Set New Price Targets

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

Cass Information Systems Stock Up 0.1%

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

Cass Information Systems (NASDAQ:CASS) last issued its quarterly earnings results on Thursday, July 23rd. The business services provider reported $0.71 EPS for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $51.02 million. Equities analysts forecast that Cass Information Systems, Inc will post 2.96 EPS for the current fiscal year.

Cass Information Systems Announces Dividend

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

Hedge Funds Weigh In On Cass Information Systems

Institutional investors have recently added to or reduced their stakes in the stock. Brown Advisory Inc. increased its holdings in Cass Information Systems by 5,552.6% during the fourth quarter. Brown Advisory Inc. now owns 539,932 shares of the business services provider’s stock worth $22,418,000 after buying an additional 530,380 shares during the last quarter. Punch & Associates Investment Management Inc. purchased a new position in Cass Information Systems in the first quarter valued at about $4,977,000. Acumen Wealth Advisors LLC purchased a new position in Cass Information Systems in the fourth quarter valued at about $4,660,000. Two Sigma Investments LP grew its position in shares of Cass Information Systems by 1,190.2% during the 3rd quarter. Two Sigma Investments LP now owns 71,749 shares of the business services provider’s stock valued at $2,822,000 after acquiring an additional 66,188 shares during the period. Finally, Teacher Retirement System of Texas grew its position in shares of Cass Information Systems by 85.6% during the 4th quarter. Teacher Retirement System of Texas now owns 85,833 shares of the business services provider’s stock valued at $3,564,000 after acquiring an additional 39,582 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. 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.