Cass Information Systems (NASDAQ:CASS) Releases Earnings Results, Beats Estimates By $0.06 EPS

Cass Information Systems (NASDAQ:CASS) posted its earnings results on Thursday. The business services provider reported $0.69 EPS for the quarter, topping the consensus estimate of $0.63 by $0.06, Zacks reports. Cass Information Systems had a return on equity of 9.02% and a net margin of 13.22%.The business had revenue of $50.06 million during the quarter, compared to the consensus estimate of $50.20 million.

Cass Information Systems Price Performance

Shares of NASDAQ CASS opened at $39.43 on Friday. The company’s 50 day simple moving average is $40.86 and its 200 day simple moving average is $41.73. Cass Information Systems has a fifty-two week low of $36.07 and a fifty-two week high of $47.14. The firm has a market capitalization of $521.26 million, a P/E ratio of 21.20 and a beta of 0.46.

Cass Information Systems Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Friday, December 5th will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.2%. This is a positive change from Cass Information Systems’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Friday, December 5th. Cass Information Systems’s payout ratio is presently 66.67%.

Hedge Funds Weigh In On Cass Information Systems

Several institutional investors have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Cass Information Systems by 4.0% during 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 acquiring an additional 312 shares during the last quarter. BNP Paribas Financial Markets boosted its position in shares of 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 worth $53,000 after purchasing an additional 413 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its holdings in shares of Cass Information Systems by 8.0% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 15,040 shares of the business services provider’s stock valued at $655,000 after buying an additional 1,110 shares during the period. Jane Street Group LLC increased its position in shares of Cass Information Systems by 10.8% in the 2nd quarter. Jane Street Group LLC now owns 21,741 shares of the business services provider’s stock valued at $945,000 after buying an additional 2,126 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its stake in Cass Information Systems by 1,671.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,588 shares of the business services provider’s stock worth $199,000 after buying an additional 4,329 shares during the period. 59.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CASS. Zacks Research downgraded shares of Cass Information Systems from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 7th. Raymond James Financial set a $47.00 price objective on shares of Cass Information Systems and gave the stock an “outperform” rating in a report on Tuesday, October 7th. Wall Street Zen raised Cass Information Systems from a “sell” rating to a “hold” rating in a report on Monday, August 18th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Cass Information Systems in a research report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Cass Information Systems has an average rating of “Hold” and a consensus target price of $46.50.

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.