SSP Group (LON:SSPG) Stock Price Up 14.4% After Dividend Announcement

Shares of SSP Group plc (LON:SSPG) rose 14.4% during trading on Thursday after the company announced a dividend. The company traded as high as GBX 170.70 and last traded at GBX 169.43. Approximately 7,367,625 shares were traded during mid-day trading, an increase of 116% from the average daily volume of 3,416,653 shares. The stock had previously closed at GBX 148.10.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on SSPG shares. JPMorgan Chase & Co. dropped their price target on SSP Group from GBX 190 to GBX 170 and set a “neutral” rating on the stock in a research report on Friday. Citigroup reissued a “buy” rating and set a GBX 310 target price (down from GBX 330) on shares of SSP Group in a report on Monday, October 13th. Berenberg Bank restated a “buy” rating and issued a GBX 190 price target on shares of SSP Group in a research report on Tuesday, October 14th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of SSP Group from GBX 285 to GBX 262 and set a “buy” rating for the company in a report on Thursday, September 25th. Finally, Peel Hunt reiterated a “buy” rating and set a GBX 275 price objective on shares of SSP Group in a research note on Friday, October 10th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, SSP Group has a consensus rating of “Moderate Buy” and a consensus target price of GBX 232.83.

SSP Group Trading Up 14.8%

The firm’s fifty day moving average price is GBX 156.06 and its 200-day moving average price is GBX 162.64. The company has a market cap of £1.36 billion, a price-to-earnings ratio of -56.67, a P/E/G ratio of -0.77 and a beta of 1.88. The company has a debt-to-equity ratio of 852.29, a current ratio of 0.44 and a quick ratio of 0.66.

SSP Group announced that its board has authorized a share buyback program on Thursday, October 9th that permits the company to repurchase 0 outstanding shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at SSP Group

In other SSP Group news, insider Patrick Coveney sold 69,007 shares of the company’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of GBX 173, for a total value of £119,382.11. 1.00% of the stock is owned by insiders.

SSP Group Company Profile

SSP is a leading operator of food and beverage outlets in travel locations worldwide, with c.37,000 colleagues in over 600 locations across 36 countries. We operate sit-down and quick service restaurants, cafes, lounges and food-led convenience stores, principally in airports and train stations, with a portfolio of more than 550 international, national and local brands.