Cass Information Systems, Inc. (NASDAQ:CASS) Short Interest Update

Cass Information Systems, Inc. (NASDAQ:CASS) was the target of a significant growth in short interest during the month of October. As of October 31st, there was short interest totalling 194,900 shares, a growth of 5.2% from the October 15th total of 185,300 shares. Currently, 1.6% of the shares of the stock are short sold. Based on an average daily volume of 38,000 shares, the days-to-cover ratio is currently 5.1 days.

Institutional Investors Weigh In On Cass Information Systems

Hedge funds have recently modified their holdings of the stock. Copeland Capital Management LLC purchased a new position in Cass Information Systems during the third quarter worth approximately $37,000. SG Americas Securities LLC purchased a new position in shares of Cass Information Systems in the 3rd quarter worth $200,000. Creative Planning acquired a new position in Cass Information Systems in the third quarter valued at $205,000. Renaissance Technologies LLC acquired a new position in shares of Cass Information Systems in the 2nd quarter valued at about $251,000. Finally, BNP Paribas Financial Markets raised its holdings in Cass Information Systems by 27.9% in the third quarter. BNP Paribas Financial Markets now owns 6,387 shares of the business services provider’s stock valued at $265,000 after buying an additional 1,394 shares during the period. 59.08% of the stock is owned by institutional investors and hedge funds.

Cass Information Systems Price Performance

Cass Information Systems stock opened at $44.30 on Tuesday. The firm’s 50-day moving average is $42.10 and its two-hundred day moving average is $42.02. The stock has a market capitalization of $601.11 million, a P/E ratio of 26.69 and a beta of 0.70. Cass Information Systems has a 12-month low of $37.99 and a 12-month high of $50.25.

Cass Information Systems (NASDAQ:CASS) 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 business had revenue of $50.55 million during the quarter, compared to analyst estimates 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, analysts forecast that Cass Information Systems will post 1.48 EPS for the current year.

Cass Information Systems Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Tuesday, December 3rd will be paid a dividend of $0.31 per share. The ex-dividend date is Tuesday, December 3rd. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.80%. 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%.

Analysts Set New Price Targets

Separately, Piper Sandler upped their target price on Cass Information Systems from $44.00 to $45.00 and gave the company an “overweight” rating in a research note on Friday, October 18th.

Cass Information Systems Company Profile

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.