Bank of America Corp DE Sells 229,308 Shares of Denny's Co. (NASDAQ:DENN)

Bank of America Corp DE lowered its stake in Denny's Co. (NASDAQ:DENN - Free Report) by 7.2% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 2,936,236 shares of the restaurant operator's stock after selling 229,308 shares during the quarter. Bank of America Corp DE owned 5.72% of Denny's worth $17,764,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Ameriprise Financial Inc. lifted its position in Denny's by 31.6% in the fourth quarter. Ameriprise Financial Inc. now owns 248,815 shares of the restaurant operator's stock valued at $1,505,000 after purchasing an additional 59,785 shares during the last quarter. Quarry LP increased its stake in shares of Denny's by 178.4% during the fourth quarter. Quarry LP now owns 9,618 shares of the restaurant operator's stock valued at $58,000 after buying an additional 6,163 shares during the period. Boothbay Fund Management LLC purchased a new position in shares of Denny's during the fourth quarter valued at approximately $120,000. Two Sigma Securities LLC purchased a new position in shares of Denny's during the fourth quarter valued at approximately $121,000. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of Denny's by 4.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 63,166 shares of the restaurant operator's stock valued at $383,000 after buying an additional 2,408 shares during the period. Institutional investors own 85.07% of the company's stock.

Denny's Price Performance

DENN stock traded up $0.02 during midday trading on Friday, hitting $3.81. The stock had a trading volume of 520,407 shares, compared to its average volume of 921,653. The firm has a market cap of $195.27 million, a price-to-earnings ratio of 9.29 and a beta of 1.63. The business has a 50-day moving average of $3.69 and a two-hundred day moving average of $5.11. Denny's Co. has a 52-week low of $2.85 and a 52-week high of $7.73.

Denny's (NASDAQ:DENN - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The restaurant operator reported $0.08 earnings per share for the quarter, hitting the consensus estimate of $0.08. The company had revenue of $111.64 million for the quarter, compared to analysts' expectations of $110.11 million. Denny's had a negative return on equity of 50.01% and a net margin of 4.77%. The firm's revenue for the quarter was up 1.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.11 earnings per share. Research analysts predict that Denny's Co. will post 0.5 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Stephen C. Dunn bought 9,815 shares of the company's stock in a transaction on Wednesday, February 26th. The shares were acquired at an average cost of $5.08 per share, with a total value of $49,860.20. Following the completion of the acquisition, the executive vice president now owns 113,666 shares of the company's stock, valued at $577,423.28. The trade was a 9.45% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 4.20% of the company's stock.

Analysts Set New Price Targets

DENN has been the topic of several research analyst reports. Oppenheimer reduced their target price on Denny's from $7.00 to $6.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 6th. Citigroup reduced their target price on Denny's from $7.00 to $6.25 and set a "buy" rating on the stock in a research note on Thursday, April 24th. Wedbush reduced their target price on Denny's from $10.00 to $8.50 and set an "outperform" rating on the stock in a research note on Thursday, February 13th. Finally, Piper Sandler reduced their target price on Denny's from $7.00 to $6.00 and set a "neutral" rating on the stock in a research note on Tuesday, February 18th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $7.46.

Denny's Company Profile

Denny's Corp. engages in the operation of restaurants and franchised, and licensed restaurants. It operates through the Denny's and Other segments. The Denny's segment includes the results of all company and franchised and licensed Denny's restaurants. The Other segment refers to the results of all company and franchise restaurants.