SpartanNash (SPTN) Trading Up 8.3% Following Dividend Announcement
SpartanNash Co (NASDAQ:SPTN)’s share price was up 8.3% during mid-day trading on Friday following a dividend announcement from the company. The company traded as high as $19.05 and last traded at $18.37. Approximately 750,251 shares changed hands during trading, an increase of 140% from the average daily volume of 312,727 shares. The stock had previously closed at $16.96.
The newly announced dividend which will be paid on Thursday, March 29th. Investors of record on Friday, March 16th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 3.92%. This is a boost from SpartanNash’s previous quarterly dividend of $0.17. The ex-dividend date is Thursday, March 15th. SpartanNash’s payout ratio is presently -46.48%.
Several equities research analysts recently issued reports on SPTN shares. Pivotal Research reiterated a “sell” rating and issued a $18.00 price objective on shares of SpartanNash in a report on Wednesday, November 8th. TheStreet lowered shares of SpartanNash from a “b-” rating to a “c-” rating in a research note on Wednesday, November 8th. Barclays decreased their target price on shares of SpartanNash from $28.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Friday, November 10th. BidaskClub raised shares of SpartanNash from a “sell” rating to a “hold” rating in a research note on Saturday, December 2nd. Finally, ValuEngine lowered shares of SpartanNash from a “buy” rating to a “hold” rating in a research note on Sunday, December 31st. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $22.20.
SpartanNash (NASDAQ:SPTN) last released its earnings results on Wednesday, February 21st. The company reported $0.41 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.42 by ($0.01). SpartanNash had a positive return on equity of 10.08% and a negative net margin of 0.65%. The business had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.94 billion. During the same period last year, the business earned $0.53 earnings per share. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. analysts forecast that SpartanNash Co will post 2.25 EPS for the current fiscal year.
SpartanNash declared that its board has authorized a share buyback program on Thursday, November 16th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in SPTN. Janus Henderson Group PLC purchased a new position in SpartanNash in the 3rd quarter worth approximately $20,161,000. BlackRock Inc. raised its position in shares of SpartanNash by 2.2% during the 4th quarter. BlackRock Inc. now owns 4,781,861 shares of the company’s stock valued at $127,582,000 after buying an additional 102,108 shares during the period. Ameriprise Financial Inc. raised its position in shares of SpartanNash by 23.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 519,717 shares of the company’s stock valued at $13,706,000 after buying an additional 97,074 shares during the period. Assenagon Asset Management S.A. purchased a new stake in shares of SpartanNash during the 4th quarter valued at approximately $1,569,000. Finally, Schwab Charles Investment Management Inc. raised its position in shares of SpartanNash by 14.7% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 452,425 shares of the company’s stock valued at $12,071,000 after buying an additional 58,009 shares during the period. 86.69% of the stock is currently owned by institutional investors and hedge funds.
SpartanNash Company is a multi-regional grocery distributor and grocery retailer. The Company’s core businesses include distributing grocery products to independent grocery retailers (independent retailers), select national retailers, its corporate owned retail stores, and the United States military commissaries.
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