Spirit Airlines (NYSE:SAVE) Sees Strong Trading Volume After Dividend Announcement

Spirit Airlines, Inc. (NYSE:SAVE) saw strong trading volume on Wednesday after the company announced a dividend. 2,214,347 shares were traded during mid-day trading, an increase of 15% from the previous session’s volume of 1,920,563 shares.The stock last traded at $10.94 and had previously closed at $9.95.

The newly announced dividend which will be paid on Thursday, November 30th. Stockholders of record on Friday, November 24th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, November 22nd.

Analyst Ratings Changes

A number of brokerages recently issued reports on SAVE. Susquehanna dropped their target price on shares of Spirit Airlines from $17.00 to $15.00 and set a “neutral” rating for the company in a research report on Wednesday, October 11th. TheStreet cut shares of Spirit Airlines from a “c-” rating to a “d” rating in a research report on Monday, September 18th. Evercore ISI lowered their price objective on shares of Spirit Airlines from $25.00 to $20.00 and set an “in-line” rating for the company in a research report on Monday, September 18th. StockNews.com started coverage on shares of Spirit Airlines in a research report on Wednesday, August 23rd. They issued a “sell” rating for the company. Finally, Citigroup lowered their price target on shares of Spirit Airlines from $16.50 to $13.00 and set a “neutral” rating for the company in a research report on Wednesday, November 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, Spirit Airlines presently has a consensus rating of “Hold” and an average target price of $16.40.

Spirit Airlines Stock Performance

The firm’s 50 day moving average is $14.73 and its two-hundred day moving average is $16.10. The company has a debt-to-equity ratio of 2.31, a quick ratio of 0.91 and a current ratio of 0.91.

Spirit Airlines (NYSE:SAVE) last released its quarterly earnings data on Thursday, October 26th. The company reported ($1.37) earnings per share for the quarter, topping the consensus estimate of ($1.47) by $0.10. The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.26 billion. Spirit Airlines had a negative net margin of 9.84% and a negative return on equity of 13.33%. Spirit Airlines’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.03 EPS. Analysts expect that Spirit Airlines, Inc. will post -3.42 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. SkyView Investment Advisors LLC raised its position in Spirit Airlines by 4.0% during the third quarter. SkyView Investment Advisors LLC now owns 80,992 shares of the company’s stock worth $1,336,000 after acquiring an additional 3,115 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of Spirit Airlines by 124.8% in the third quarter. Ameriprise Financial Inc. now owns 654,626 shares of the company’s stock valued at $10,801,000 after purchasing an additional 363,424 shares during the period. Cary Street Partners Investment Advisory LLC bought a new position in shares of Spirit Airlines in the third quarter valued at about $50,000. Northern Trust Corp raised its position in shares of Spirit Airlines by 0.3% in the third quarter. Northern Trust Corp now owns 899,024 shares of the company’s stock valued at $14,834,000 after purchasing an additional 2,878 shares during the period. Finally, FMR LLC raised its position in shares of Spirit Airlines by 1.3% in the third quarter. FMR LLC now owns 5,296,283 shares of the company’s stock valued at $87,389,000 after purchasing an additional 67,977 shares during the period. Institutional investors and hedge funds own 65.22% of the company’s stock.

About Spirit Airlines

Spirit Airlines, Inc provides airline services. The company provides front seats, including wider seats with extra legroom, carry-on and checked baggage, assigned seats, travel insurance, and onboard beverages and snacks, as well as hotels, cars, vacation packages, and cruises services. It serves 92 destinations in 16 countries in the United States, Latin America, and the Caribbean.