Cass Information Systems (NASDAQ:CASS) Stock Gets Downgrade from Zacks Research

Cass Information Systems (NASDAQ:CASS) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Thursday, Zacks reports.

Several other equities research analysts have also recently issued reports on CASS. Raymond James Financial raised their price objective on Cass Information Systems from $52.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, July 1st. Piper Sandler reissued a “neutral” rating and issued a $61.00 target price (up from $52.00) on shares of Cass Information Systems in a research report on Thursday, August 6th. Finally, Weiss Ratings raised shares of Cass Information Systems from a “buy (b)” rating to a “buy (a-)” rating in a research report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Cass Information Systems has a consensus rating of “Moderate Buy” and an average target price of $58.50.

Cass Information Systems Price Performance

Shares of NASDAQ CASS opened at $53.40 on Thursday. Cass Information Systems has a 12-month low of $36.07 and a 12-month high of $59.63. The company has a market capitalization of $684.05 million, a PE ratio of 19.21 and a beta of 0.39. The firm’s 50-day moving average is $55.80 and its two-hundred day moving average is $51.11.

Cass Information Systems (NASDAQ:CASS) last released its quarterly earnings results on Thursday, July 23rd. The business services provider reported $0.71 earnings per share for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.01). The company had revenue of $27.04 million during the quarter, compared to analyst estimates of $51.02 million. Cass Information Systems had a return on equity of 14.89% and a net margin of 18.45%. On average, analysts forecast that Cass Information Systems will post 2.98 EPS for the current fiscal year.

Institutional Investors Weigh In On Cass Information Systems

Institutional investors and hedge funds have recently modified their holdings of the stock. Squarepoint Ops LLC boosted its holdings in Cass Information Systems by 164.3% in the 2nd quarter. Squarepoint Ops LLC now owns 16,264 shares of the business services provider’s stock worth $835,000 after acquiring an additional 10,111 shares during the period. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Cass Information Systems during the second quarter valued at approximately $447,000. Empowered Funds LLC purchased a new stake in shares of Cass Information Systems during the second quarter valued at approximately $225,000. Punch & Associates Investment Management Inc. acquired a new position in shares of Cass Information Systems during the second quarter worth $8,033,000. Finally, Bank of America Corp DE purchased a new position in shares of Cass Information Systems in the second quarter valued at $629,000. 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 businesses across North America. The company specializes in managing complex expenditures and related data, helping clients process, audit and analyze invoices and payments.

Its services include freight invoice payment and auditing, transportation spend management, utility payment processing, telecom expense management and other accounts-payable solutions. Cass also provides reporting and data analytics tools designed to give organizations greater visibility into operating expenses and improve payment efficiency.

Founded in 1906 and headquartered in St.