SP Plus (SP) Rating Increased to Buy at Zacks Investment Research

SP Plus (NASDAQ:SP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Saturday. The brokerage presently has a $39.00 price target on the business services provider’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 8.33% from the stock’s previous close.

According to Zacks, “SP Plus Corporation provides professional parking, ground transportation, facility maintenance, security and event logistics services to property owners and managers in all markets of the real estate industry. The Company also provides a range of ancillary services, such as airport shuttle operations, taxi and livery dispatch services and municipal meter revenue collection and enforcement services. Its clients include owners of office building complexes, shopping centers, sports complexes, hotels, hospitals, and various airports. SP Plus Corporation, formerly known as Standard Parking Corporation, is based in United States. “

Separately, BidaskClub cut shares of SP Plus from a “buy” rating to a “hold” rating in a report on Saturday, November 4th.

SP Plus (NASDAQ:SP) opened at $36.00 on Friday. SP Plus has a fifty-two week low of $28.10 and a fifty-two week high of $41.70. The company has a market cap of $832.72, a P/E ratio of 19.67, a PEG ratio of 1.59 and a beta of 1.07. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.50.

SP Plus (NASDAQ:SP) last announced its earnings results on Wednesday, February 21st. The business services provider reported $0.40 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.40. SP Plus had a net margin of 2.55% and a return on equity of 13.11%. The company had revenue of $392.40 million for the quarter, compared to analysts’ expectations of $223.40 million. research analysts predict that SP Plus will post 2.21 EPS for the current fiscal year.

In related news, CEO G Marc Baumann sold 1,000 shares of SP Plus stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $38.00, for a total value of $38,000.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Gerard M. Klaisle sold 7,500 shares of SP Plus stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $38.15, for a total transaction of $286,125.00. The disclosure for this sale can be found here. Company insiders own 1.40% of the company’s stock.

A number of large investors have recently made changes to their positions in SP. Zions Bancorporation bought a new position in SP Plus in the third quarter valued at approximately $108,000. Envestnet Asset Management Inc. bought a new position in SP Plus in the fourth quarter valued at approximately $120,000. SG Americas Securities LLC bought a new position in SP Plus in the third quarter valued at approximately $141,000. California Public Employees Retirement System bought a new position in SP Plus in the second quarter valued at approximately $214,000. Finally, Magnetar Financial LLC bought a new position in SP Plus in the third quarter valued at approximately $271,000. 96.12% of the stock is currently owned by institutional investors and hedge funds.

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About SP Plus

SP Plus Corporation (SP Plus) is a provider of parking management, ground transportation and other ancillary services to commercial, institutional and municipal clients in the United States, Puerto Rico and Canada. The Company’s segments include Region One (Urban), Region Two (Airport transportation), Region Three and Other.

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