Driven Brands Holdings Inc. (NASDAQ:DRVN) Shares Sold by Bank of America Corp DE

Bank of America Corp DE reduced its stake in shares of Driven Brands Holdings Inc. (NASDAQ:DRVN - Free Report) by 25.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 348,634 shares of the company's stock after selling 119,715 shares during the period. Bank of America Corp DE owned 0.21% of Driven Brands worth $5,627,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in DRVN. BNP Paribas Financial Markets purchased a new stake in shares of Driven Brands during the 4th quarter valued at approximately $205,000. Ameriprise Financial Inc. lifted its holdings in Driven Brands by 25.4% in the fourth quarter. Ameriprise Financial Inc. now owns 41,622 shares of the company's stock valued at $672,000 after acquiring an additional 8,441 shares during the last quarter. Gallo Partners LP acquired a new position in Driven Brands in the fourth quarter valued at approximately $1,318,000. Northern Trust Corp lifted its holdings in Driven Brands by 7.0% in the fourth quarter. Northern Trust Corp now owns 578,215 shares of the company's stock valued at $9,332,000 after acquiring an additional 37,959 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Driven Brands by 20.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 23,760 shares of the company's stock valued at $384,000 after acquiring an additional 3,952 shares during the last quarter. 77.08% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently commented on DRVN. The Goldman Sachs Group upped their price objective on Driven Brands from $16.00 to $20.00 and gave the company a "neutral" rating in a report on Wednesday, May 7th. Piper Sandler boosted their target price on Driven Brands from $19.00 to $22.00 and gave the company an "overweight" rating in a research report on Wednesday, February 26th. Robert W. Baird set a $25.00 target price on Driven Brands in a research report on Thursday, March 13th. BMO Capital Markets boosted their target price on Driven Brands from $15.00 to $16.00 and gave the company a "market perform" rating in a research report on Wednesday, February 26th. Finally, Benchmark assumed coverage on Driven Brands in a research report on Friday, April 4th. They issued a "buy" rating and a $22.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Driven Brands has a consensus rating of "Moderate Buy" and an average target price of $20.78.

Driven Brands Stock Down 1.9%

Shares of Driven Brands stock traded down $0.34 during trading hours on Thursday, reaching $17.43. 451,101 shares of the company were exchanged, compared to its average volume of 776,580. Driven Brands Holdings Inc. has a 1 year low of $10.88 and a 1 year high of $21.00. The stock's fifty day moving average is $16.98 and its 200 day moving average is $16.57. The company has a debt-to-equity ratio of 2.84, a quick ratio of 1.72 and a current ratio of 1.90. The firm has a market cap of $2.86 billion, a PE ratio of 435.75, a PEG ratio of 0.79 and a beta of 1.10.

Driven Brands (NASDAQ:DRVN - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $0.27 earnings per share for the quarter, topping analysts' consensus estimates of $0.23 by $0.04. Driven Brands had a return on equity of 14.86% and a net margin of 0.27%. The business had revenue of $516.16 million for the quarter, compared to analyst estimates of $492.19 million. During the same quarter in the prior year, the company earned $0.23 earnings per share. The company's revenue was up 7.1% on a year-over-year basis. As a group, equities research analysts forecast that Driven Brands Holdings Inc. will post 0.85 earnings per share for the current year.

Driven Brands Company Profile

Driven Brands Holdings Inc, together with its subsidiaries, provides automotive services to retail and commercial customers in the United States, Canada, and internationally. It offers various services, such as paint, collision, glass, repair, car wash, oil change, and maintenance services. The company also distributes automotive parts, including radiators, air conditioning components, and exhaust products to automotive repair shops, auto parts stores, body shops, and other auto repair outlets; windshields and glass accessories through a network of distribution centers; and consumable products, such as oil filters and wiper blades, as well as training services to repair and maintenance, and paint and collision shops.