Cass Information Systems (NASDAQ:CASS) Sees Strong Trading Volume – Still a Buy?

Cass Information Systems, Inc (NASDAQ:CASS) shares saw strong trading volume on Monday . 49,028 shares changed hands during mid-day trading, a decline of 38% from the previous session’s volume of 79,311 shares.The stock last traded at $56.04 and had previously closed at $56.65.

Analyst Upgrades and Downgrades

Several analysts have issued reports on CASS shares. Weiss Ratings reissued a “buy (b)” rating on shares of Cass Information Systems in a research note on Tuesday, August 4th. Piper Sandler reaffirmed a “neutral” rating and issued a $61.00 target price (up from $52.00) on shares of Cass Information Systems in a research report on Thursday, August 6th. Raymond James Financial lifted their price target on Cass Information Systems from $52.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, July 1st. Finally, Zacks Research downgraded Cass Information Systems from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 13th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Cass Information Systems has a consensus rating of “Moderate Buy” and a consensus target price of $58.50.

Cass Information Systems Stock Performance

The stock has a market cap of $716.46 million, a price-to-earnings ratio of 20.12 and a beta of 0.41. The company’s 50 day simple moving average is $54.59 and its two-hundred day simple moving average is $49.02.

Cass Information Systems (NASDAQ:CASS) last issued its earnings results on Thursday, July 23rd. The business services provider reported $0.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.01). The company had revenue of $27.04 million for the quarter, compared to analyst estimates of $51.02 million. Cass Information Systems had a net margin of 18.45% and a return on equity of 14.89%. On average, equities research analysts predict that Cass Information Systems, Inc will post 2.99 earnings per share for the current fiscal year.

Cass Information Systems Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 14th. Investors of record on Friday, September 4th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Friday, September 4th. Cass Information Systems’s dividend payout ratio (DPR) is currently 46.04%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Cass Information Systems in the second quarter worth approximately $51,403,000. Brown Advisory Inc. raised its holdings in shares of Cass Information Systems by 5,552.6% during the 4th quarter. Brown Advisory Inc. now owns 539,932 shares of the business services provider’s stock valued at $22,418,000 after purchasing an additional 530,380 shares in the last quarter. Heartland Advisors Inc. acquired a new stake in shares of Cass Information Systems in the 2nd quarter valued at $25,322,000. Punch & Associates Investment Management Inc. acquired a new stake in shares of Cass Information Systems in the 2nd quarter valued at $8,033,000. Finally, Acumen Wealth Advisors LLC bought a new stake in Cass Information Systems in the fourth quarter worth $4,660,000. 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. 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.