Cass Information Systems (NASDAQ:CASS) Shares Gap Down to $44.73

Cass Information Systems, Inc. (NASDAQ:CASS) gapped down before the market opened on Thursday . The stock had previously closed at $44.73, but opened at $43.45. Cass Information Systems shares last traded at $43.59, with a volume of 3,992 shares.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. TheStreet cut Cass Information Systems from a “b-” rating to a “c” rating in a research note on Thursday, January 25th. Piper Sandler raised Cass Information Systems from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $45.00 to $51.00 in a research report on Monday, February 12th. Finally, StockNews.com downgraded Cass Information Systems from a “buy” rating to a “hold” rating in a research report on Wednesday.

Cass Information Systems Trading Down 2.1 %

The business has a 50 day moving average of $46.83 and a two-hundred day moving average of $43.25. The firm has a market cap of $597.13 million, a P/E ratio of 20.11 and a beta of 0.73.

Cass Information Systems (NASDAQ:CASS) last posted its quarterly earnings results on Thursday, January 25th. The business services provider reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.13. The business had revenue of $50.74 million for the quarter, compared to analysts’ expectations of $48.33 million. Cass Information Systems had a return on equity of 13.84% and a net margin of 15.22%. On average, sell-side analysts predict that Cass Information Systems, Inc. will post 2.74 EPS for the current year.

Cass Information Systems Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Tuesday, March 5th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date was Monday, March 4th. Cass Information Systems’s payout ratio is currently 55.05%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Acadian Asset Management LLC bought a new position in shares of Cass Information Systems in the first quarter worth $42,000. Tower Research Capital LLC TRC boosted its stake in Cass Information Systems by 277.1% in the first quarter. Tower Research Capital LLC TRC now owns 988 shares of the business services provider’s stock valued at $43,000 after buying an additional 726 shares in the last quarter. Citigroup Inc. boosted its stake in Cass Information Systems by 60.4% in the first quarter. Citigroup Inc. now owns 1,192 shares of the business services provider’s stock valued at $52,000 after buying an additional 449 shares in the last quarter. Comerica Bank acquired a new stake in Cass Information Systems in the third quarter valued at about $71,000. Finally, Global Retirement Partners LLC acquired a new stake in Cass Information Systems in the fourth quarter valued at about $114,000. 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.