149,853 Shares in Dine Brands Global, Inc. $DIN Bought by Bank of America Corp DE

Key Points

• Bank of America initiated a stake in Dine Brands Global, purchasing 149,853 shares worth approximately $5.38 million, or 1.18% of the company. Overall, institutional investors own 92.83% of DIN.
• Dine Brands reported quarterly revenue of $240.9 million, up 4.4% year over year, but earnings per share of $1.16 missed analysts’ $1.20 estimate. The company declared a quarterly dividend of $0.19, equal to a 2.6% annualized yield.
• Analysts maintain a consensus “Hold” rating, with an average price target of $32.83, while DIN recently traded at $28.89.

Bank of America Corp DE bought a new position in shares of Dine Brands Global, Inc. (NYSE:DIN - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 149,853 shares of the restaurant operator's stock, valued at approximately $5,380,000. Bank of America Corp DE owned 1.18% of Dine Brands Global at the end of the most recent quarter.

A number of other large investors have also modified their holdings of DIN. Hsbc Holdings PLC purchased a new position in Dine Brands Global in the second quarter worth $837,000. Legal & General Group Plc acquired a new stake in Dine Brands Global in the second quarter valued at $43,000. Cibc World Market Inc. purchased a new stake in shares of Dine Brands Global during the 2nd quarter worth $25,212,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Dine Brands Global during the 2nd quarter worth $720,000. Finally, Quantbot Technologies LP acquired a new position in shares of Dine Brands Global during the 2nd quarter worth $318,000. 92.83% of the stock is owned by hedge funds and other institutional investors.

Dine Brands Global Price Performance

Shares of NYSE DIN opened at $28.89 on Tuesday. The firm's 50-day moving average is $32.83 and its two-hundred day moving average is $31.27. The company has a market capitalization of $365.72 million, a PE ratio of 61.47 and a beta of 0.94. Dine Brands Global, Inc. has a 12-month low of $23.23 and a 12-month high of $39.68.

Dine Brands Global (NYSE:DIN - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The restaurant operator reported $1.16 earnings per share for the quarter, missing analysts' consensus estimates of $1.20 by ($0.04). The business had revenue of $240.90 million for the quarter, compared to analysts' expectations of $237.28 million. Dine Brands Global had a negative return on equity of 20.34% and a net margin of 0.75%.The company's revenue for the quarter was up 4.4% on a year-over-year basis. During the same period last year, the business earned $1.17 earnings per share. On average, analysts forecast that Dine Brands Global, Inc. will post 4.25 EPS for the current fiscal year.

Dine Brands Global Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Wednesday, September 16th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend is Wednesday, September 16th. Dine Brands Global's payout ratio is 161.70%.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Weiss Ratings restated a "hold (c-)" rating on shares of Dine Brands Global in a research report on Friday, September 4th. Zacks Research raised Dine Brands Global from a "strong sell" rating to a "hold" rating in a research note on Tuesday, September 15th. Piper Sandler boosted their price target on Dine Brands Global from $28.00 to $37.00 and gave the stock a "neutral" rating in a research note on Monday, August 10th. Mizuho set a $38.00 price target on Dine Brands Global in a report on Thursday, August 6th. Finally, Benchmark reaffirmed a "hold" rating on shares of Dine Brands Global in a research note on Monday, August 10th. Nine research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $32.83.

About Dine Brands Global

Dine Brands Global, Inc is a full-service restaurant company that owns, franchises and operates restaurant brands. Its principal concepts are Applebee's Neighborhood Grill + Bar, a casual-dining chain known for burgers, steaks, beverages and other American dishes, and IHOP, which specializes in pancakes, breakfast foods and all-day dining.

The company also owns Fuzzy's Taco Shop, a fast-casual Mexican restaurant concept offering tacos, burritos, quesadillas and related menu items. Dine Brands primarily supports its brands through franchising and licensing, providing franchisees with brand management, restaurant development, marketing, training and operational support.

Through its franchise and licensing relationships, Dine Brands serves customers in the United States and select international markets.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.