Greggs (LON:GRG) Trading 9.2% Higher - Here's Why

Greggs plc (LON:GRG - Get Free Report)'s share price traded up 9.2% during trading on Wednesday . The stock traded as high as GBX 2,237.88 ($30.28) and last traded at GBX 2,182 ($29.53). 1,496,559 shares changed hands during mid-day trading, a decline of 0% from the average session volume of 1,501,760 shares. The stock had previously closed at GBX 1,999 ($27.05).

Wall Street Analyst Weigh In

GRG has been the topic of several research reports. Berenberg Bank reiterated a "buy" rating and issued a GBX 3,250 ($43.98) price target on shares of Greggs in a report on Wednesday, May 21st. Shore Capital reissued a "buy" rating on shares of Greggs in a research note on Tuesday, May 20th.

Greggs Stock Performance

The firm has a 50-day moving average price of GBX 1,843.08 and a 200 day moving average price of GBX 2,192.27. The firm has a market capitalization of £2.09 billion, a PE ratio of 15.40, a price-to-earnings-growth ratio of 3.39 and a beta of 1.43. The company has a quick ratio of 0.88, a current ratio of 0.80 and a debt-to-equity ratio of 66.19.

Greggs (LON:GRG - Get Free Report) last released its earnings results on Tuesday, March 4th. The company reported GBX 150.70 ($2.04) earnings per share (EPS) for the quarter. Greggs had a return on equity of 26.79% and a net margin of 7.13%. Research analysts expect that Greggs plc will post 142.3763386 earnings per share for the current year.

Greggs Increases Dividend

The company also recently announced a dividend, which was paid on Thursday, March 27th. Stockholders of record on Thursday, March 20th were issued a GBX 100 ($1.35) dividend. This is an increase from Greggs's previous dividend of $50.00. This represents a dividend yield of 3.66%. The ex-dividend date of this dividend was Thursday, March 20th. Greggs's payout ratio is presently 48.21%.

Insider Activity

In related news, insider Roisin Currie acquired 721 shares of Greggs stock in a transaction on Tuesday, March 25th. The stock was purchased at an average cost of GBX 1,796 ($24.30) per share, with a total value of £12,949.16 ($17,522.54). Company 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.