Short Interest in Cass Information Systems, Inc. (NASDAQ:CASS) Declines By 6.5%

Cass Information Systems, Inc. (NASDAQ:CASS) was the target of a large drop in short interest in September. As of September 15th, there was short interest totalling 199,600 shares, a drop of 6.5% from the August 31st total of 213,400 shares. Currently, 1.6% of the company’s stock are sold short. Based on an average daily volume of 49,900 shares, the days-to-cover ratio is currently 4.0 days.

Analysts Set New Price Targets

Separately, Piper Sandler reiterated an “overweight” rating and set a $44.00 price target (down previously from $47.00) on shares of Cass Information Systems in a research note on Monday, July 22nd.

Institutional Investors Weigh In On Cass Information Systems

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Dumont & Blake Investment Advisors LLC bought a new position in Cass Information Systems during the first quarter valued at about $207,000. Compass Ion Advisors LLC bought a new position in Cass Information Systems in the first quarter worth $223,000. Renaissance Technologies LLC bought a new position in Cass Information Systems in the second quarter worth $251,000. Janney Montgomery Scott LLC boosted its stake in Cass Information Systems by 47.1% during the first quarter. Janney Montgomery Scott LLC now owns 6,546 shares of the business services provider’s stock worth $315,000 after buying an additional 2,097 shares in the last quarter. Finally, Ellsworth Advisors LLC increased its holdings in Cass Information Systems by 9.4% in the 2nd quarter. Ellsworth Advisors LLC now owns 10,809 shares of the business services provider’s stock valued at $433,000 after buying an additional 930 shares during the period. Institutional investors and hedge funds own 59.08% of the company’s stock.

Cass Information Systems Trading Down 2.2 %

NASDAQ CASS opened at $40.56 on Wednesday. The company has a market cap of $553.40 million, a P/E ratio of 18.52 and a beta of 0.71. Cass Information Systems has a 1 year low of $35.50 and a 1 year high of $50.25. The company has a fifty day simple moving average of $41.41 and a 200 day simple moving average of $42.78.

Cass Information Systems (NASDAQ:CASS) last issued its quarterly earnings results on Thursday, July 18th. The business services provider reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $48.59 million during the quarter, compared to analyst estimates of $50.00 million. Equities research analysts forecast that Cass Information Systems will post 1.86 EPS for the current fiscal year.

Cass Information Systems Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Tuesday, September 3rd were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.96%. Cass Information Systems’s dividend payout ratio (DPR) is presently 54.79%.

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.