Cass Information Systems, Inc. (NASDAQ:CASS) Short Interest Up 5.2% in October

Cass Information Systems, Inc. (NASDAQ:CASS) was the recipient of a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 194,900 shares, an increase of 5.2% from the October 15th total of 185,300 shares. Approximately 1.6% of the shares of the stock are sold short. Based on an average trading volume of 38,000 shares, the days-to-cover ratio is presently 5.1 days.

Analysts Set New Price Targets

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

Cass Information Systems Price Performance

Shares of CASS opened at $44.29 on Wednesday. The firm has a 50 day simple moving average of $42.18 and a two-hundred day simple moving average of $42.02. Cass Information Systems has a one year low of $37.99 and a one year high of $50.25. The company has a market cap of $601.02 million, a P/E ratio of 26.69 and a beta of 0.70.

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

Cass Information Systems Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Tuesday, December 3rd will be issued a dividend of $0.31 per share. The ex-dividend date is Tuesday, December 3rd. This is a positive change from Cass Information Systems’s previous quarterly dividend of $0.30. This represents a $1.24 annualized dividend and a dividend yield of 2.80%. Cass Information Systems’s payout ratio is 72.29%.

Hedge Funds Weigh In On Cass Information Systems

Several institutional investors and hedge funds have recently added to or reduced their stakes in CASS. Copeland Capital Management LLC bought a new stake in shares of Cass Information Systems during the third quarter worth $37,000. SG Americas Securities LLC bought a new stake in Cass Information Systems during the 3rd quarter worth $200,000. Creative Planning acquired a new stake in shares of Cass Information Systems during the third quarter valued at about $205,000. Renaissance Technologies LLC bought a new stake in shares of Cass Information Systems during the second quarter worth about $251,000. Finally, BNP Paribas Financial Markets grew its holdings in shares of Cass Information Systems by 27.9% during the third quarter. BNP Paribas Financial Markets now owns 6,387 shares of the business services provider’s stock worth $265,000 after purchasing an additional 1,394 shares during the last quarter. Institutional investors 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.