Cass Information Systems, Inc Plans Quarterly Dividend of $0.31 (NASDAQ:CASS)

Cass Information Systems, Inc (NASDAQ:CASS) declared a quarterly dividend on Friday, July 18th, Wall Street Journal reports. Investors of record on Friday, September 5th will be paid a dividend of 0.31 per share by the business services provider on Monday, September 15th. This represents a $1.24 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date of this dividend is Friday, September 5th.

Cass Information Systems has a payout ratio of 40.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Cass Information Systems to earn $3.15 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 39.4%.

Cass Information Systems Stock Performance

Shares of CASS opened at $43.01 on Friday. The business’s 50-day moving average is $43.20 and its two-hundred day moving average is $42.33. The company has a market capitalization of $574.61 million, a P/E ratio of 23.12 and a beta of 0.45. Cass Information Systems has a fifty-two week low of $37.99 and a fifty-two week high of $47.14.

Cass Information Systems (NASDAQ:CASS) last posted its earnings results on Thursday, July 17th. The business services provider reported $0.38 EPS for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.34). Cass Information Systems had a net margin of 13.22% and a return on equity of 9.09%. The business had revenue of $44.40 million for the quarter, compared to analyst estimates of $48.12 million. Analysts forecast that Cass Information Systems will post 2.62 EPS for the current year.

Analyst Ratings Changes

CASS has been the topic of a number of research reports. Piper Sandler decreased their target price on shares of Cass Information Systems from $47.00 to $46.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. Wall Street Zen raised shares of Cass Information Systems from a “sell” rating to a “hold” rating in a research note on Sunday, July 13th. Finally, Raymond James Financial initiated coverage on shares of Cass Information Systems in a research note on Tuesday. They issued an “outperform” rating and a $50.00 target price on the stock.

Institutional Investors Weigh In On Cass Information Systems

A hedge fund recently bought a new stake in Cass Information Systems stock. Jane Street Group LLC purchased a new position in shares of Cass Information Systems, Inc (NASDAQ:CASS) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 19,615 shares of the business services provider’s stock, valued at approximately $848,000. Jane Street Group LLC owned 0.15% of Cass Information Systems as of its most recent SEC filing. 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.