SSP Group (LON:SSPG) Stock Price Up 14.8% After Dividend Announcement

SSP Group plc (LON:SSPG) shot up 14.8% on Thursday after the company announced a dividend. The stock traded as high as GBX 170.70 and last traded at GBX 170. 7,672,920 shares traded hands during trading, an increase of 124% from the average session volume of 3,417,947 shares. The stock had previously closed at GBX 148.10.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft decreased their price target on SSP Group from GBX 285 to GBX 262 and set a “buy” rating for the company in a report on Thursday, September 25th. Berenberg Bank reaffirmed a “buy” rating and set a GBX 190 target price on shares of SSP Group in a research note on Tuesday, October 14th. Peel Hunt reiterated a “buy” rating and issued a GBX 275 target price on shares of SSP Group in a report on Friday, October 10th. JPMorgan Chase & Co. cut their price target on SSP Group from GBX 190 to GBX 170 and set a “neutral” rating on the stock in a report on Friday. Finally, Citigroup reaffirmed a “buy” rating and set a GBX 310 price objective (down previously from GBX 330) on shares of SSP Group in a research report on Monday, October 13th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of GBX 232.83.

SSP Group Stock Performance

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

SSP Group announced that its board has initiated a stock repurchase plan on Thursday, October 9th that allows the company to repurchase 0 shares. This repurchase authorization allows the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

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

About SSP Group

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.