Verdence Capital Advisors LLC Cuts Stake in SP Plus Co. (NASDAQ:SP)

Verdence Capital Advisors LLC lowered its stake in shares of SP Plus Co. (NASDAQ:SP - Free Report) by 75.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 14,307 shares of the business services provider's stock after selling 44,410 shares during the quarter. Verdence Capital Advisors LLC owned approximately 0.07% of SP Plus worth $733,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. SG Americas Securities LLC acquired a new position in shares of SP Plus during the third quarter valued at $108,000. Knights of Columbus Asset Advisors LLC boosted its stake in shares of SP Plus by 2.8% in the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 66,454 shares of the business services provider's stock valued at $2,399,000 after purchasing an additional 1,835 shares during the last quarter. Principal Financial Group Inc. acquired a new stake in shares of SP Plus during the 3rd quarter worth approximately $207,000. LSV Asset Management raised its stake in shares of SP Plus by 31.8% during the third quarter. LSV Asset Management now owns 238,971 shares of the business services provider's stock worth $8,627,000 after buying an additional 57,593 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in SP Plus by 510.4% in the third quarter. Assenagon Asset Management S.A. now owns 72,265 shares of the business services provider's stock valued at $2,609,000 after buying an additional 60,427 shares during the period. Institutional investors and hedge funds own 93.98% of the company's stock.

SP Plus Stock Performance

NASDAQ SP traded down $0.47 on Monday, reaching $50.21. The stock had a trading volume of 350,101 shares, compared to its average volume of 195,258. SP Plus Co. has a 1-year low of $32.78 and a 1-year high of $52.56. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.71 and a quick ratio of 0.71. The company has a market cap of $994.16 million, a P/E ratio of 32.19 and a beta of 1.22. The firm has a fifty day moving average of $51.64 and a two-hundred day moving average of $51.29.

SP Plus (NASDAQ:SP - Get Free Report) last released its earnings results on Tuesday, February 27th. The business services provider reported $0.60 earnings per share for the quarter, missing analysts' consensus estimates of $0.85 by ($0.25). The company had revenue of $217.20 million for the quarter, compared to the consensus estimate of $235.44 million. SP Plus had a net margin of 1.74% and a return on equity of 22.49%. On average, equities research analysts anticipate that SP Plus Co. will post 3.42 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SP. TheStreet cut shares of SP Plus from a "b" rating to a "c+" rating in a report on Tuesday, February 27th. StockNews.com began coverage on SP Plus in a research report on Monday. They set a "hold" rating for the company.

About SP Plus

SP Plus Corporation provides mobility solutions, parking services, parking management, ground transportation, baggage handling, and other ancillary services. The company operates in Commercial and Aviation segments. It provides on-site parking management, valet parking, ground transportation, facility maintenance, event logistics, remote airline check-in, security, municipal meter revenue collection and enforcement, and consulting services, as well as shuttle bus vehicles and drivers; baggage services, including delivery of delayed luggage and baggage handling services; wheelchair assist services; baggage repair and replacement services; and on-street parking meter collection and other forms of parking enforcement services.