Non-Executive Director and co-founder of Stagecoach, Ann Gloag, on Friday sold 139,360 pounds-worth of shares in the transport firm, making the most of a recent rise in the share price following full-year results and positive comnments from broker Nomura earlier in the week.
Gloag sold 52,000 at 268.00p, reducing her stake to 62.5m ordinary shares, equivalent to a 10.85% stake in the company.
On Tuesday Nomura reiterated its 'buy' recommendation and 305p target price for the firm after its full-year figures came in 4% higher than forecasts.
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"Despite concerns around the UK bus business in the wake of the First Group profit warning, trading has been robust, with FY2012 ahead of our forecasts," the broker said in a research note on Tuesday morning. All major divisions except West Coast beat its forecasts.
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"The outlook statement once again reiterates robust trading in the UK bus business and most recent trading points to fare increases sticking as expected. This should give the market greater confidence that the First Group warning is largely FGP specific and profits can at least be maintained in this division."
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