SP Plus Corporation (NASDAQ:SP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.

According to Zacks, “SP Plus Corporation provides professional parking, ground transportation, facility maintenance, security and event logistics services to property owners and managers in all markets of the real estate industry. The Company also provides a range of ancillary services, such as airport shuttle operations, taxi and livery dispatch services and municipal meter revenue collection and enforcement services. Its clients include owners of office building complexes, shopping centers, sports complexes, hotels, hospitals, and various airports. SP Plus Corporation, formerly known as Standard Parking Corporation, is based in United States. “

SP has been the subject of several other research reports. BidaskClub downgraded SP Plus Corporation from a “buy” rating to a “hold” rating in a report on Thursday, July 13th. ValuEngine downgraded SP Plus Corporation from a “buy” rating to a “hold” rating in a report on Monday, October 2nd.

Shares of SP Plus Corporation (NASDAQ:SP) opened at 39.50 on Wednesday. The firm has a market capitalization of $876.98 million, a PE ratio of 22.94 and a beta of 1.00. The firm has a 50-day moving average of $38.48 and a 200-day moving average of $33.65. SP Plus Corporation has a 1-year low of $22.60 and a 1-year high of $41.25.

SP Plus Corporation (NASDAQ:SP) last released its quarterly earnings results on Tuesday, August 1st. The business services provider reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.11. SP Plus Corporation had a return on equity of 13.82% and a net margin of 2.36%. The firm had revenue of $415.40 million during the quarter, compared to the consensus estimate of $223.35 million. On average, equities research analysts anticipate that SP Plus Corporation will post $1.69 EPS for the current fiscal year.

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In related news, Director Robert S. Roath sold 70,000 shares of the stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $34.77, for a total value of $2,433,900.00. Following the sale, the director now owns 36,936 shares in the company, valued at approximately $1,284,264.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.40% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Bernzott Capital Advisors raised its stake in SP Plus Corporation by 4.7% in the 2nd quarter. Bernzott Capital Advisors now owns 945,720 shares of the business services provider’s stock valued at $28,892,000 after acquiring an additional 42,825 shares during the period. Vanguard Group Inc. raised its stake in SP Plus Corporation by 22.3% in the 2nd quarter. Vanguard Group Inc. now owns 942,891 shares of the business services provider’s stock valued at $28,805,000 after acquiring an additional 172,123 shares during the period. Dimensional Fund Advisors LP raised its stake in SP Plus Corporation by 19.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 914,092 shares of the business services provider’s stock valued at $27,926,000 after acquiring an additional 146,869 shares during the period. Investment Counselors of Maryland LLC raised its stake in SP Plus Corporation by 11.7% in the 2nd quarter. Investment Counselors of Maryland LLC now owns 712,112 shares of the business services provider’s stock valued at $21,755,000 after acquiring an additional 74,441 shares during the period. Finally, Wedge Capital Management L L P NC raised its stake in SP Plus Corporation by 18.7% in the 2nd quarter. Wedge Capital Management L L P NC now owns 623,290 shares of the business services provider’s stock valued at $19,042,000 after acquiring an additional 98,127 shares during the period. Institutional investors and hedge funds own 94.64% of the company’s stock.

About SP Plus Corporation

SP Plus Corporation (SP Plus) is a provider of parking management, ground transportation and other ancillary services to commercial, institutional and municipal clients in the United States, Puerto Rico and Canada. The Company’s segments include Region One (Urban), Region Two (Airport transportation), Region Three and Other.

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