Cass Information Systems (NASDAQ:CASS) Trading Up 5.2% - Here's What Happened

Cass Information Systems, Inc. (NASDAQ:CASS - Get Free Report)'s share price was up 5.2% on Thursday . The stock traded as high as $44.21 and last traded at $44.21. Approximately 2,481 shares were traded during trading, a decline of 94% from the average daily volume of 41,148 shares. The stock had previously closed at $42.02.

Wall Street Analyst Weigh In

Separately, Piper Sandler boosted 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 report on Friday, October 18th.

Cass Information Systems Stock Performance

The stock has a 50-day moving average price of $43.56 and a two-hundred day moving average price of $42.05. The stock has a market capitalization of $573.43 million, a PE ratio of 25.46 and a beta of 0.72.

Cass Information Systems (NASDAQ:CASS - Get Free Report) last issued its quarterly earnings results on Thursday, October 17th. The business services provider reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.29). The firm had revenue of $50.55 million for the quarter, compared to analysts' expectations of $48.99 million. Cass Information Systems had a net margin of 11.52% and a return on equity of 9.92%. As a group, equities analysts predict that Cass Information Systems, Inc. will post 1.48 earnings per share for the current year.

Cass Information Systems Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Tuesday, December 3rd were issued a $0.31 dividend. The ex-dividend date of this dividend was Tuesday, December 3rd. This represents a $1.24 annualized dividend and a yield of 2.93%. This is an increase from Cass Information Systems's previous quarterly dividend of $0.30. Cass Information Systems's dividend payout ratio is currently 74.70%.

Hedge Funds Weigh In On Cass Information Systems

Large investors have recently made changes to their positions in the business. Tributary Capital Management LLC grew its position in shares of Cass Information Systems by 0.3% during the second quarter. Tributary Capital Management LLC now owns 302,577 shares of the business services provider's stock worth $12,124,000 after purchasing an additional 912 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Cass Information Systems by 7.2% during the second quarter. Bank of New York Mellon Corp now owns 90,157 shares of the business services provider's stock valued at $3,613,000 after buying an additional 6,071 shares during the last quarter. Speece Thorson Capital Group Inc. raised its position in shares of Cass Information Systems by 39.8% during the second quarter. Speece Thorson Capital Group Inc. now owns 222,081 shares of the business services provider's stock valued at $8,899,000 after buying an additional 63,280 shares during the last quarter. IFG Advisory LLC lifted its holdings in shares of Cass Information Systems by 7.7% in the second quarter. IFG Advisory LLC now owns 45,116 shares of the business services provider's stock worth $1,808,000 after buying an additional 3,208 shares in the last quarter. Finally, Commonwealth Equity Services LLC boosted its position in shares of Cass Information Systems by 2.6% during the second quarter. Commonwealth Equity Services LLC now owns 32,147 shares of the business services provider's stock worth $1,288,000 after acquiring an additional 808 shares during the last quarter. 59.08% of the stock is currently owned by hedge funds and other institutional investors.

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.