StockNews.com Begins Coverage on Cass Information Systems (NASDAQ:CASS)

StockNews.com assumed coverage on shares of Cass Information Systems (NASDAQ:CASS – Get Rating) in a report issued on Thursday. The firm issued a hold rating on the business services provider’s stock.

Separately, Piper Sandler began coverage on shares of Cass Information Systems in a research report on Tuesday, December 6th. They issued a neutral rating and a $45.00 price target for the company.

Cass Information Systems Stock Down 3.4 %

Shares of NASDAQ:CASS opened at $45.16 on Thursday. Cass Information Systems has a 12-month low of $31.84 and a 12-month high of $51.48. The stock has a market cap of $619.14 million, a PE ratio of 17.85 and a beta of 0.63. The business has a 50 day moving average of $48.64 and a 200-day moving average of $43.42.

Cass Information Systems (NASDAQ:CASS – Get Rating) last issued its quarterly earnings data on Thursday, January 19th. The business services provider reported $0.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.04). Cass Information Systems had a return on equity of 17.01% and a net margin of 19.13%. The firm had revenue of $48.95 million for the quarter, compared to the consensus estimate of $49.50 million. Equities research analysts expect that Cass Information Systems will post 3.07 earnings per share for the current year.

Cass Information Systems Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 15th. Shareholders of record on Friday, March 3rd were given a dividend of $0.29 per share. The ex-dividend date of this dividend was Thursday, March 2nd. This represents a $1.16 annualized dividend and a yield of 2.57%. Cass Information Systems’s dividend payout ratio is currently 45.85%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. ProShare Advisors LLC raised its position in Cass Information Systems by 13.7% during the third quarter. ProShare Advisors LLC now owns 81,008 shares of the business services provider’s stock valued at $2,810,000 after purchasing an additional 9,749 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Cass Information Systems by 2.4% in the third quarter. Dimensional Fund Advisors LP now owns 551,057 shares of the business services provider’s stock worth $19,117,000 after purchasing an additional 12,762 shares during the last quarter. IFG Advisory LLC grew its stake in shares of Cass Information Systems by 27.2% in the third quarter. IFG Advisory LLC now owns 34,325 shares of the business services provider’s stock worth $1,190,000 after purchasing an additional 7,334 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in shares of Cass Information Systems by 11.2% in the second quarter. Envestnet Asset Management Inc. now owns 27,469 shares of the business services provider’s stock worth $928,000 after purchasing an additional 2,765 shares during the last quarter. Finally, Investment Management of Virginia LLC grew its stake in shares of Cass Information Systems by 18.7% in the third quarter. Investment Management of Virginia LLC now owns 29,174 shares of the business services provider’s stock worth $1,012,000 after purchasing an additional 4,590 shares during the last quarter. 56.15% of the stock is currently owned by institutional investors and hedge funds.

Cass Information Systems Company Profile

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Cass Information Systems, Inc engages in the provision of integrated information and payment management solutions. It operates through the following segments: Information Services, Banking Services, and Corporate, Eliminations, and Other. The Information Services segment offers transportation, energy, telecommunication, and environmental invoice processing and payment services to large corporations.