Cass Information Systems (NASDAQ:CASS) Shares Down 3.4% - Here's Why

Cass Information Systems, Inc. (NASDAQ:CASS - Get Free Report)'s share price fell 3.4% during mid-day trading on Friday . The company traded as low as $40.75 and last traded at $40.75. 6,059 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 41,012 shares. The stock had previously closed at $42.17.

Analyst Upgrades and Downgrades

Separately, Piper Sandler upped 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.

Cass Information Systems Price Performance

The stock has a market capitalization of $549.72 million, a PE ratio of 18.40 and a beta of 0.70. The company has a 50 day moving average price of $41.52 and a 200-day moving average price of $42.33.

Cass Information Systems (NASDAQ:CASS - Get Free Report) last issued its quarterly earnings data on Thursday, July 18th. The business services provider reported $0.32 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.53 by ($0.21). Cass Information Systems had a net margin of 13.84% and a return on equity of 12.26%. The company had revenue of $48.59 million for the quarter, compared to analysts' expectations of $50.00 million. As a group, equities analysts anticipate that Cass Information Systems, Inc. will post 1.85 earnings per share for the current year.

Hedge Funds Weigh In On Cass Information Systems

Institutional investors have recently bought and sold shares of the stock. Los Angeles Capital Management LLC boosted its position in shares of Cass Information Systems by 57.6% during the first quarter. Los Angeles Capital Management LLC now owns 55,835 shares of the business services provider's stock valued at $2,690,000 after purchasing an additional 20,416 shares in the last quarter. Dumont & Blake Investment Advisors LLC bought a new position in shares of Cass Information Systems in the 1st quarter worth about $207,000. Compass Ion Advisors LLC purchased a new position in Cass Information Systems during the 1st quarter valued at about $223,000. Allspring Global Investments Holdings LLC boosted its stake in Cass Information Systems by 39.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 73,820 shares of the business services provider's stock worth $3,556,000 after acquiring an additional 21,032 shares in the last quarter. Finally, Commonwealth Equity Services LLC grew its holdings in Cass Information Systems by 3.9% in the first quarter. Commonwealth Equity Services LLC now owns 31,339 shares of the business services provider's stock worth $1,510,000 after purchasing an additional 1,166 shares during the period. 59.08% of the stock is owned by 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.