Cass Information Systems (NASDAQ:CASS) Downgraded by StockNews.com to Hold

StockNews.com downgraded shares of Cass Information Systems (NASDAQ:CASS) from a buy rating to a hold rating in a research report report published on Saturday.

Several other brokerages also recently weighed in on CASS. Piper Sandler raised Cass Information Systems from a neutral rating to an overweight rating and lifted their target price for the company from $45.00 to $51.00 in a research note on Monday, February 12th. TheStreet cut shares of Cass Information Systems from a b- rating to a c rating in a research note on Thursday, January 25th.

Cass Information Systems Trading Down 0.7 %

CASS opened at $43.19 on Friday. The business’s 50 day moving average is $46.21 and its 200-day moving average is $43.68. The stock has a market cap of $588.68 million, a PE ratio of 19.72 and a beta of 0.73. Cass Information Systems has a twelve month low of $35.20 and a twelve month high of $50.25.

Hedge Funds Weigh In On Cass Information Systems

Several hedge funds have recently modified their holdings of CASS. PNC Financial Services Group Inc. lifted its stake in Cass Information Systems by 7.9% during the third quarter. PNC Financial Services Group Inc. now owns 6,725 shares of the business services provider’s stock valued at $251,000 after purchasing an additional 490 shares during the last quarter. Commonwealth Equity Services LLC boosted its stake in shares of Cass Information Systems by 3.9% during the 1st quarter. Commonwealth Equity Services LLC now owns 31,339 shares of the business services provider’s stock worth $1,510,000 after acquiring an additional 1,166 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Cass Information Systems by 1.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 120,551 shares of the business services provider’s stock worth $4,491,000 after acquiring an additional 1,202 shares in the last quarter. First National Bank of Omaha grew its holdings in shares of Cass Information Systems by 12.8% in the 3rd quarter. First National Bank of Omaha now owns 12,485 shares of the business services provider’s stock worth $465,000 after acquiring an additional 1,414 shares during the last quarter. Finally, Pinnacle Associates Ltd. raised its position in shares of Cass Information Systems by 2.7% during the third quarter. Pinnacle Associates Ltd. now owns 66,928 shares of the business services provider’s stock worth $2,493,000 after purchasing an additional 1,760 shares during the period. 59.08% of the stock is currently owned by institutional investors and hedge funds.

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.