Bank of America Corp DE Lowers Stock Position in Papa John's International, Inc. $PZZA

Key Points

• Bank of America reduced its Papa John’s stake by 4.6%, selling 71,458 shares and retaining 1.48 million shares, or approximately 4.5% of the company.
• PZZA shares traded at $24.09, near their 12-month low of $23.27 and well below their 50-day and 200-day moving averages. The stock has a market capitalization of about $793 million.
• Papa John’s narrowly beat quarterly earnings expectations with $0.46 EPS and $482.4 million in revenue, but revenue fell 8.8% year over year. Analysts remain cautious, with a consensus “Reduce” rating and an average price target of $33.25.

Bank of America Corp DE cut its stake in shares of Papa John's International, Inc. (NASDAQ:PZZA - Free Report) by 4.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,479,098 shares of the company's stock after selling 71,458 shares during the quarter. Bank of America Corp DE owned approximately 4.50% of Papa John's International worth $47,938,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Lazard Asset Management LLC purchased a new position in Papa John's International during the second quarter valued at approximately $59,000. Skylands Capital LLC purchased a new stake in shares of Papa John's International in the first quarter worth $65,000. Leonteq Securities AG bought a new stake in shares of Papa John's International during the 4th quarter valued at $71,000. PNC Financial Services Group Inc. raised its position in shares of Papa John's International by 42.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,230 shares of the company's stock valued at $72,000 after purchasing an additional 670 shares during the period. Finally, Kestra Advisory Services LLC purchased a new position in shares of Papa John's International during the 4th quarter valued at $73,000.

Papa John's International Trading Down 0.9%

NASDAQ:PZZA opened at $24.09 on Thursday. The business's 50-day moving average is $32.35 and its 200 day moving average is $33.51. Papa John's International, Inc. has a 12 month low of $23.27 and a 12 month high of $55.74. The company has a market capitalization of $793.04 million, a P/E ratio of 30.49, a P/E/G ratio of 2.48 and a beta of 1.13.

Papa John's International (NASDAQ:PZZA - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.01. The business had revenue of $482.40 million during the quarter, compared to analysts' expectations of $481.25 million. Papa John's International had a negative return on equity of 10.98% and a net margin of 1.34%.The firm's revenue for the quarter was down 8.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.41 EPS. On average, research analysts forecast that Papa John's International, Inc. will post 1.25 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on PZZA shares. Zacks Research cut Papa John's International from a "hold" rating to a "strong sell" rating in a research report on Monday, July 13th. Wall Street Zen raised Papa John's International from a "sell" rating to a "hold" rating in a report on Sunday, July 26th. Mizuho dropped their price target on Papa John's International from $33.00 to $32.00 and set a "neutral" rating for the company in a research note on Friday, July 31st. Piper Sandler cut their price objective on shares of Papa John's International from $30.00 to $26.00 and set a "neutral" rating for the company in a report on Friday, August 7th. Finally, Bank of America reiterated an "underperform" rating and set a $34.00 price objective (down from $42.00) on shares of Papa John's International in a research report on Monday, July 13th. Seven analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Reduce" and an average price target of $33.25.

Papa John's International Profile

Papa John's International, Inc is a leading American pizza restaurant chain known for its focus on high-quality ingredients and consistent product offerings. Founded in 1984 by John Schnatter in Jeffersonville, Indiana, the company has grown to operate thousands of restaurants across the United States and in more than 40 international markets. Papa John's restaurants are primarily franchised, supported by a network of corporate-owned outlets that together drive brand standards, operational guidance and marketing efforts.

The core menu at Papa John's centers on a variety of hand-tossed and pan pizzas made with a signature stone-baked crust and topped with real cheese, vine-ripened tomato sauce and premium meats and vegetables.

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