Bank of America Corp DE Trims Position in Sonic Automotive, Inc. (NYSE:SAH)

Bank of America Corp DE cut its stake in Sonic Automotive, Inc. (NYSE:SAH - Free Report) by 64.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 94,133 shares of the company's stock after selling 169,381 shares during the quarter. Bank of America Corp DE owned approximately 0.28% of Sonic Automotive worth $5,963,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Sonic Automotive by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 1,557,344 shares of the company's stock valued at $98,658,000 after buying an additional 20,058 shares during the period. Northern Trust Corp raised its position in shares of Sonic Automotive by 6.7% during the 4th quarter. Northern Trust Corp now owns 291,133 shares of the company's stock valued at $18,443,000 after buying an additional 18,232 shares during the period. First Eagle Investment Management LLC raised its position in shares of Sonic Automotive by 12.4% during the 4th quarter. First Eagle Investment Management LLC now owns 132,106 shares of the company's stock valued at $8,369,000 after buying an additional 14,600 shares during the period. Ameriprise Financial Inc. raised its position in shares of Sonic Automotive by 5.0% during the 4th quarter. Ameriprise Financial Inc. now owns 111,738 shares of the company's stock valued at $7,079,000 after buying an additional 5,358 shares during the period. Finally, Denali Advisors LLC raised its position in shares of Sonic Automotive by 111.2% during the 4th quarter. Denali Advisors LLC now owns 87,100 shares of the company's stock valued at $5,518,000 after buying an additional 45,857 shares during the period. 46.92% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SAH. JPMorgan Chase & Co. dropped their target price on shares of Sonic Automotive from $80.00 to $65.00 and set an "overweight" rating for the company in a report on Thursday, March 27th. Benchmark began coverage on shares of Sonic Automotive in a report on Wednesday. They issued a "buy" rating and a $76.00 target price for the company. Citigroup began coverage on shares of Sonic Automotive in a report on Wednesday, April 23rd. They issued a "neutral" rating and a $64.00 target price for the company. Stephens lifted their target price on shares of Sonic Automotive from $83.00 to $92.00 and gave the company an "overweight" rating in a report on Thursday, February 13th. Finally, Wall Street Zen upgraded shares of Sonic Automotive from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Two analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $70.71.

Sonic Automotive Stock Down 1.1%

Shares of NYSE:SAH traded down $0.75 during trading on Thursday, hitting $69.22. The company's stock had a trading volume of 189,264 shares, compared to its average volume of 193,345. The business has a 50 day moving average price of $62.17 and a two-hundred day moving average price of $65.50. The company has a market capitalization of $2.35 billion, a PE ratio of 11.20 and a beta of 1.04. The company has a debt-to-equity ratio of 1.75, a quick ratio of 0.35 and a current ratio of 1.09. Sonic Automotive, Inc. has a fifty-two week low of $51.27 and a fifty-two week high of $76.78.

Sonic Automotive (NYSE:SAH - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The company reported $1.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.02. The business had revenue of $3.65 billion during the quarter, compared to analysts' expectations of $3.47 billion. Sonic Automotive had a net margin of 1.52% and a return on equity of 19.96%. The company's revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.36 EPS. As a group, research analysts expect that Sonic Automotive, Inc. will post 6.14 EPS for the current fiscal year.

Sonic Automotive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Friday, June 13th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.40 annualized dividend and a dividend yield of 2.02%. Sonic Automotive's dividend payout ratio (DPR) is currently 19.94%.

Sonic Automotive Company Profile

Sonic Automotive, Inc operates as an automotive retailer in the United States. It operates in three segments, Franchised Dealerships, EchoPark, and Powersports. The Franchised Dealerships segment is involved in the sale of new and used cars and light trucks, and replacement parts; provision of vehicle maintenance, manufacturer warranty repair, and paint and collision repair services; and arrangement of extended warranties, service contracts, financing, insurance, and other aftermarket products for its guests.