Brokerages Set $43.00 Price Target for SP Plus Corp (SP)

Shares of SP Plus Corp (NASDAQ:SP) have been assigned a consensus broker rating score of 1.00 (Strong Buy) from the two brokers that cover the stock, Zacks Investment Research reports. Two equities research analysts have rated the stock with a strong buy recommendation.

Brokerages have set a 1-year consensus target price of $43.00 for the company and are expecting that the company will post $0.61 EPS for the current quarter, according to Zacks. Zacks has also given SP Plus an industry rank of 72 out of 255 based on the ratings given to its competitors.

Several research firms have recently weighed in on SP. BidaskClub lowered shares of SP Plus from a “hold” rating to a “sell” rating in a research report on Friday. Zacks Investment Research lowered shares of SP Plus from a “hold” rating to a “sell” rating in a research report on Tuesday, August 7th. Barrington Research raised their price objective on shares of SP Plus from $42.00 to $43.00 and gave the company an “outperform” rating in a research report on Monday, August 6th. Finally, ValuEngine upgraded shares of SP Plus from a “hold” rating to a “buy” rating in a research report on Wednesday, June 27th.

Shares of SP opened at $37.45 on Friday. The stock has a market capitalization of $863.72 million, a P/E ratio of 22.03, a P/E/G ratio of 1.68 and a beta of 1.06. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.87 and a quick ratio of 0.87. SP Plus has a 52-week low of $32.15 and a 52-week high of $41.70.

SP Plus (NASDAQ:SP) last posted its quarterly earnings data on Tuesday, July 31st. The business services provider reported $0.73 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.07. SP Plus had a net margin of 3.28% and a return on equity of 14.06%. The company had revenue of $362.20 million during the quarter, compared to analyst estimates of $191.95 million. equities research analysts expect that SP Plus will post 2.27 EPS for the current fiscal year.

In other SP Plus news, CEO G Marc Baumann sold 1,000 shares of the firm’s stock in a transaction dated Monday, July 2nd. The shares were sold at an average price of $36.95, for a total value of $36,950.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Thomas L. Hagerman sold 3,918 shares of the firm’s stock in a transaction dated Friday, August 3rd. The stock was sold at an average price of $39.25, for a total transaction of $153,781.50. The disclosure for this sale can be found here. Company insiders own 1.00% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the business. Hillsdale Investment Management Inc. purchased a new stake in shares of SP Plus in the first quarter worth approximately $107,000. SG Americas Securities LLC purchased a new stake in shares of SP Plus in the first quarter worth approximately $147,000. WINTON GROUP Ltd purchased a new stake in shares of SP Plus in the first quarter worth approximately $217,000. Citigroup Inc. lifted its position in shares of SP Plus by 61.4% in the first quarter. Citigroup Inc. now owns 6,972 shares of the business services provider’s stock worth $248,000 after purchasing an additional 2,652 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY lifted its position in shares of SP Plus by 30.5% in the second quarter. Metropolitan Life Insurance Co. NY now owns 7,462 shares of the business services provider’s stock worth $278,000 after purchasing an additional 1,744 shares in the last quarter. Institutional investors own 96.37% of the company’s stock.

About SP Plus

SP Plus Corporation provides parking management, ground transportation, and other ancillary services to commercial, institutional, and municipal clients in the United States, Puerto Rico, and Canada. It provides facility maintenance, event logistics, security services, training, scheduling, and supervising of service personnel; and customer services, marketing, and accounting and revenue control functions to facilitate the operation of its clients' facilities or events.

Further Reading: Book Value Per Share – BVPS

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