Cass Information Systems, Inc. (NASDAQ:CASS) to Issue Dividend Increase – $0.31 Per Share

Cass Information Systems, Inc. (NASDAQ:CASS) declared a quarterly dividend on Tuesday, October 15th,Zacks Dividends reports. Shareholders of record on Tuesday, December 3rd will be paid a dividend of 0.31 per share by the business services provider on Friday, December 13th. This represents a $1.24 annualized dividend and a yield of 2.76%. The ex-dividend date is Tuesday, December 3rd. This is a boost from Cass Information Systems’s previous quarterly dividend of $0.30.

Cass Information Systems has raised its dividend payment by an average of 2.7% annually over the last three years and has increased its dividend annually for the last 23 consecutive years. Cass Information Systems has a dividend payout ratio of 49.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Cass Information Systems to earn $2.53 per share next year, which means the company should continue to be able to cover its $1.24 annual dividend with an expected future payout ratio of 49.0%.

Cass Information Systems Stock Up 0.6 %

Shares of NASDAQ:CASS opened at $44.87 on Monday. The firm has a market cap of $608.89 million, a P/E ratio of 27.03 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. The business has a fifty day simple moving average of $42.70 and a 200 day simple moving average of $42.01.

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 company 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, equities research analysts expect that Cass Information Systems will post 1.48 EPS for the current year.

Wall Street Analysts Forecast Growth

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