StockNews.com Begins Coverage on SP Plus (NASDAQ:SP)

StockNews.com started coverage on shares of SP Plus (NASDAQ:SPFree Report) in a research note issued to investors on Thursday morning. The brokerage issued a hold rating on the business services provider’s stock.

Separately, TheStreet cut SP Plus from a b rating to a c+ rating in a research note on Tuesday, February 27th.

Get Our Latest Research Report on SP

SP Plus Stock Performance

SP Plus stock opened at $53.99 on Thursday. SP Plus has a fifty-two week low of $34.17 and a fifty-two week high of $54.42. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of 35.52 and a beta of 1.22. The stock’s 50 day simple moving average is $51.90 and its two-hundred day simple moving average is $51.49. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.73 and a current ratio of 0.73.

SP Plus (NASDAQ:SPGet Free Report) last issued its quarterly earnings results on Tuesday, February 27th. The business services provider reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.85 by ($0.25). The firm had revenue of $217.20 million during the quarter, compared to analysts’ expectations of $235.44 million. SP Plus had a return on equity of 21.93% and a net margin of 1.68%. As a group, analysts expect that SP Plus will post 3.5 earnings per share for the current fiscal year.

Institutional Trading of SP Plus

Institutional investors and hedge funds have recently modified their holdings of the business. Swiss National Bank boosted its position in shares of SP Plus by 0.9% during the third quarter. Swiss National Bank now owns 43,200 shares of the business services provider’s stock valued at $1,560,000 after buying an additional 400 shares during the last quarter. Parallel Advisors LLC grew its stake in shares of SP Plus by 868.4% in the fourth quarter. Parallel Advisors LLC now owns 552 shares of the business services provider’s stock worth $28,000 after acquiring an additional 495 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of SP Plus by 13.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 5,598 shares of the business services provider’s stock valued at $293,000 after purchasing an additional 650 shares during the last quarter. Pacific Capital Wealth Advisors Inc. bought a new position in SP Plus during the fourth quarter valued at approximately $61,000. Finally, Citigroup Inc. boosted its holdings in SP Plus by 12.1% in the third quarter. Citigroup Inc. now owns 11,437 shares of the business services provider’s stock worth $413,000 after purchasing an additional 1,238 shares during the last quarter. Institutional investors own 93.98% of the company’s stock.

About SP Plus

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SP Plus Corporation provides mobility solutions, parking services, parking management, ground transportation, baggage handling, and other ancillary services. The company operates in Commercial and Aviation segments. It provides on-site parking management, valet parking, ground transportation, facility maintenance, event logistics, remote airline check-in, security, municipal meter revenue collection and enforcement, and consulting services, as well as shuttle bus vehicles and drivers; baggage services, including delivery of delayed luggage and baggage handling services; wheelchair assist services; baggage repair and replacement services; and on-street parking meter collection and other forms of parking enforcement services.

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