Cass Information Systems (NASDAQ:CASS) Sees Unusually-High Trading Volume – Should You Buy?

Shares of Cass Information Systems, Inc. (NASDAQ:CASS) saw unusually-high trading volume on Wednesday . Approximately 65,943 shares were traded during mid-day trading, an increase of 62% from the previous session’s volume of 40,789 shares.The stock last traded at $46.00 and had previously closed at $43.25.

Analysts Set New Price Targets

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

Cass Information Systems Stock Performance

The company has a market cap of $629.11 million, a price-to-earnings ratio of 27.81 and a beta of 0.70. The company has a fifty day moving average of $41.67 and a two-hundred day moving average of $41.94.

Cass Information Systems Increases Dividend

The company 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 $0.31 dividend. This is a positive change from Cass Information Systems’s previous quarterly dividend of $0.30. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date of this dividend is Tuesday, December 3rd. Cass Information Systems’s dividend payout ratio is currently 74.70%.

Institutional Trading of Cass Information Systems

Several hedge funds have recently modified their holdings of CASS. Copeland Capital Management LLC acquired a new stake in shares of Cass Information Systems in the 3rd quarter valued at about $37,000. SG Americas Securities LLC acquired a new stake in Cass Information Systems in the third quarter valued at approximately $200,000. Creative Planning bought a new stake in shares of Cass Information Systems during the third quarter valued at approximately $205,000. Renaissance Technologies LLC acquired a new position in shares of Cass Information Systems during the second quarter worth approximately $251,000. Finally, US Bancorp DE lifted its holdings in shares of Cass Information Systems by 5.4% in the 3rd quarter. US Bancorp DE now owns 7,078 shares of the business services provider’s stock worth $294,000 after purchasing an additional 360 shares in the last quarter. 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 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.