Cass Information Systems, Inc. (NASDAQ:CASS) Increases Dividend to $0.31 Per Share

Cass Information Systems, Inc. (NASDAQ:CASS) declared a quarterly dividend on Tuesday, October 15th,Zacks Dividends reports. Stockholders of record on Tuesday, December 3rd will be paid a dividend of 0.31 per share by the business services provider on Friday, December 13th. This represents a $1.24 annualized dividend and a dividend yield of 2.76%. The ex-dividend date of this dividend is Tuesday, December 3rd. This is an increase from Cass Information Systems’s previous quarterly dividend of $0.30.

Cass Information Systems has increased its dividend by an average of 2.7% annually over the last three years and has raised its dividend every year for the last 23 years. Cass Information Systems has a payout ratio of 49.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Cass Information Systems to earn $2.53 per share next year, which means the company should continue to be able to cover its $1.24 annual dividend with an expected future payout ratio of 49.0%.

Cass Information Systems Price Performance

Shares of Cass Information Systems stock opened at $44.87 on Friday. The business has a 50-day simple moving average of $42.70 and a 200 day simple moving average of $42.03. Cass Information Systems has a one year low of $37.99 and a one year high of $50.25. The firm has a market capitalization of $608.89 million, a price-to-earnings ratio of 27.03 and a beta of 0.70.

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

Wall Street Analyst Weigh In

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

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.