Greggs (LON:GRG) Shares Up 9.2% - Here's Why

Greggs plc (LON:GRG - Get Free Report) rose 9.2% during mid-day trading on Wednesday . The company traded as high as GBX 2,237.88 ($30.04) and last traded at GBX 2,182 ($29.29). Approximately 1,496,559 shares were traded during mid-day trading, a decline of 0% from the average daily volume of 1,501,760 shares. The stock had previously closed at GBX 1,999 ($26.83).

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on GRG shares. Berenberg Bank reiterated a "buy" rating and issued a GBX 3,250 ($43.62) price objective on shares of Greggs in a report on Wednesday. Shore Capital reiterated a "buy" rating on shares of Greggs in a research note on Tuesday.

Greggs Stock Performance

The company has a market cap of £2.14 billion, a price-to-earnings ratio of 15.76, a P/E/G ratio of 3.39 and a beta of 1.43. The company has a debt-to-equity ratio of 66.19, a current ratio of 0.80 and a quick ratio of 0.88. The firm has a fifty day simple moving average of GBX 1,838.56 and a 200 day simple moving average of GBX 2,205.58.

Greggs (LON:GRG - Get Free Report) last announced its earnings results on Tuesday, March 4th. The company reported GBX 150.70 ($2.02) EPS for the quarter. Greggs had a net margin of 7.13% and a return on equity of 26.79%. On average, sell-side analysts expect that Greggs plc will post 142.3763386 earnings per share for the current fiscal year.

Greggs Increases Dividend

The business also recently announced a dividend, which was paid on Thursday, March 27th. Investors of record on Thursday, March 20th were paid a dividend of GBX 100 ($1.34) per share. This is a boost from Greggs's previous dividend of $50.00. This represents a yield of 3.66%. The ex-dividend date of this dividend was Thursday, March 20th. Greggs's dividend payout ratio is presently 48.21%.

Insider Buying and Selling at Greggs

In other news, insider Roisin Currie acquired 721 shares of Greggs stock in a transaction on Tuesday, March 25th. The stock was bought at an average price of GBX 1,796 ($24.11) per share, for a total transaction of £12,949.16 ($17,381.42). Insiders own 5.89% of the company's stock.

Greggs Company Profile

Greggs is a leading UK food-on-the-go retailer with more than 2,600 shops nationwide and approximately 33,000 employees across the business. As a food-on-the-go retailer, Greggs specialises in daily fresh shop-made sandwiches, and savouries baked fresh in the shop ovens throughout the day. These are further complemented by popular products and ranges including freshly ground coffee, breakfast, confectionery and evening menu items.