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

Piper Sandler reissued their overweight rating on shares of Cass Information Systems (NASDAQ:CASS) in a research note issued to investors on Monday morning, Benzinga reports. They currently have a $44.00 price objective on the business services provider’s stock, down from their previous price objective of $47.00.

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

Cass Information Systems Price Performance

Cass Information Systems stock opened at $40.35 on Monday. The firm has a market capitalization of $550.37 million, a P/E ratio of 18.42 and a beta of 0.70. Cass Information Systems has a one year low of $35.50 and a one year high of $50.25. The business has a fifty day moving average price of $41.79 and a 200-day moving average price of $44.02.

Cass Information Systems (NASDAQ:CASS) last posted its earnings results on Thursday, July 18th. The business services provider reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.21). The firm had revenue of $48.59 million during the quarter, compared to analysts’ expectations of $50.00 million. Cass Information Systems had a return on equity of 12.37% and a net margin of 13.84%. Sell-side analysts expect that Cass Information Systems will post 2.21 earnings per share for the current fiscal year.

Cass Information Systems Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Tuesday, September 3rd will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.97%. The ex-dividend date of this dividend is Tuesday, September 3rd. Cass Information Systems’s dividend payout ratio is currently 54.79%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Global Retirement Partners LLC bought a new position in shares of Cass Information Systems during the 4th quarter valued at $114,000. SG Americas Securities LLC bought a new position in shares of Cass Information Systems in the fourth quarter worth approximately $173,000. Dumont & Blake Investment Advisors LLC purchased a new position in shares of Cass Information Systems in the first quarter worth $207,000. Compass Ion Advisors LLC bought a new position in shares of Cass Information Systems during the first quarter valued at about $223,000. Finally, Janney Montgomery Scott LLC boosted its holdings in shares of Cass Information Systems by 47.1% during the first quarter. Janney Montgomery Scott LLC now owns 6,546 shares of the business services provider’s stock worth $315,000 after purchasing an additional 2,097 shares during the period. 59.08% of the stock is owned by hedge funds and other institutional investors.

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.