Cass Information Systems (NASDAQ:CASS) Stock Price Up 5.2% – Here’s What Happened

Cass Information Systems, Inc. (NASDAQ:CASS)’s share price traded up 5.2% during trading on Thursday . The company traded as high as $44.21 and last traded at $44.21. 2,481 shares changed hands during mid-day trading, a decline of 94% from the average session volume of 41,148 shares. The stock had previously closed at $42.02.

Analyst Ratings Changes

Separately, Piper Sandler increased their price target on shares of Cass Information Systems from $44.00 to $45.00 and gave the company an “overweight” rating in a research report on Friday, October 18th.

Cass Information Systems Stock Up 0.5 %

The company’s 50 day simple moving average is $43.56 and its two-hundred day simple moving average is $42.05. The company has a market capitalization of $572.75 million, a price-to-earnings ratio of 25.43 and a beta of 0.72.

Cass Information Systems (NASDAQ:CASS) last posted its quarterly earnings data on Thursday, October 17th. The business services provider reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.29). Cass Information Systems had a return on equity of 9.92% and a net margin of 11.52%. The business had revenue of $50.55 million during the quarter, compared to analyst estimates of $48.99 million. Analysts anticipate that Cass Information Systems, Inc. will post 1.48 EPS for the current year.

Cass Information Systems Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Tuesday, December 3rd were issued a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 2.94%. The ex-dividend date was Tuesday, December 3rd. This is an increase from Cass Information Systems’s previous quarterly dividend of $0.30. Cass Information Systems’s dividend payout ratio (DPR) is currently 74.70%.

Hedge Funds Weigh In On Cass Information Systems

Several hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC boosted its stake in Cass Information Systems by 4.0% in the 3rd quarter. Geode Capital Management LLC now owns 354,155 shares of the business services provider’s stock worth $14,693,000 after purchasing an additional 13,607 shares in the last quarter. State Street Corp raised its holdings in shares of Cass Information Systems by 0.8% in the third quarter. State Street Corp now owns 319,177 shares of the business services provider’s stock worth $13,239,000 after buying an additional 2,466 shares during the last quarter. Tributary Capital Management LLC lifted its stake in shares of Cass Information Systems by 5.3% during the third quarter. Tributary Capital Management LLC now owns 318,496 shares of the business services provider’s stock worth $13,211,000 after buying an additional 15,919 shares during the period. Speece Thorson Capital Group Inc. lifted its stake in shares of Cass Information Systems by 37.6% during the third quarter. Speece Thorson Capital Group Inc. now owns 305,495 shares of the business services provider’s stock worth $12,672,000 after buying an additional 83,414 shares during the period. Finally, Foundry Partners LLC grew its holdings in shares of Cass Information Systems by 12.1% during the third quarter. Foundry Partners LLC now owns 122,405 shares of the business services provider’s stock valued at $5,077,000 after buying an additional 13,180 shares during the last quarter. Institutional investors and hedge funds 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.