Cass Information Systems (NASDAQ:CASS) Reaches New 12-Month High – Time to Buy?

Shares of Cass Information Systems, Inc (NASDAQ:CASS) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $57.65 and last traded at $57.3850, with a volume of 24849 shares changing hands. The stock had previously closed at $57.05.

Wall Street Analysts Forecast Growth

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

Cass Information Systems Stock Performance

The stock’s fifty day moving average is $51.12 and its two-hundred day moving average is $47.38. The company has a market cap of $736.03 million, a price-to-earnings ratio of 20.57 and a beta of 0.41.

Cass Information Systems (NASDAQ:CASS) last announced its quarterly earnings data on Thursday, July 23rd. The business services provider reported $0.71 earnings per share for the quarter, missing the consensus estimate of $0.72 by ($0.01). The firm had revenue of $49.94 million for the quarter, compared to the consensus estimate of $51.02 million. Cass Information Systems had a net margin of 18.45% and a return on equity of 14.91%. On average, equities research analysts expect that Cass Information Systems, Inc will post 2.96 EPS for the current year.

Cass Information Systems Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 14th. Shareholders of record on Friday, September 4th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.2%. The ex-dividend date is Friday, September 4th. Cass Information Systems’s dividend payout ratio is presently 46.04%.

Hedge Funds Weigh In On Cass Information Systems

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Cass Information Systems by 4.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,022 shares of the business services provider’s stock worth $347,000 after buying an additional 312 shares during the period. Natixis Advisors LLC raised its stake in Cass Information Systems by 3.4% during the third quarter. Natixis Advisors LLC now owns 11,048 shares of the business services provider’s stock valued at $435,000 after buying an additional 367 shares during the last quarter. BNP Paribas Financial Markets raised its stake in Cass Information Systems by 50.7% during the second quarter. BNP Paribas Financial Markets now owns 1,227 shares of the business services provider’s stock valued at $53,000 after buying an additional 413 shares during the last quarter. Glenmede Investment Management LP boosted its holdings in Cass Information Systems by 5.1% in the third quarter. Glenmede Investment Management LP now owns 8,765 shares of the business services provider’s stock worth $345,000 after acquiring an additional 422 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Cass Information Systems by 3.1% in the fourth quarter. Invesco Ltd. now owns 18,761 shares of the business services provider’s stock worth $779,000 after buying an additional 563 shares in the last quarter. Hedge funds and other institutional investors own 59.08% of the company’s stock.

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.