Bank of New York Mellon Corp Buys New Position in SunocoCorp LLC $SUNC

Key Points

• Bank of New York Mellon initiated a SunocoCorp position of 179,762 shares valued at approximately $12.2 million, representing about 0.35% of the company. Several other institutional investors also increased or initiated holdings.
• Analyst sentiment is broadly positive, with an average rating of “Moderate Buy” and an average price target of $81.00, although Zacks Research downgraded the stock to “Strong Sell.”
• SunocoCorp reported quarterly EPS of $0.76 on $14.26 billion in revenue and raised its quarterly dividend to $1.0023 per share, implying a 5.1% annualized yield; the stock recently traded near its 52-week high at $78.63.

Bank of New York Mellon Corp bought a new stake in SunocoCorp LLC (NYSE:SUNC - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 179,762 shares of the company's stock, valued at approximately $12,164,000. Bank of New York Mellon Corp owned approximately 0.35% of SunocoCorp at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of SUNC. Caitong International Asset Management Co. Ltd purchased a new stake in shares of SunocoCorp in the fourth quarter valued at $43,000. Walnut Private Equity Partners LLC lifted its position in SunocoCorp by 11.8% during the second quarter. Walnut Private Equity Partners LLC now owns 9,500 shares of the company's stock worth $643,000 after buying an additional 1,000 shares during the period. Waverly Advisors LLC lifted its position in SunocoCorp by 1.4% during the first quarter. Waverly Advisors LLC now owns 95,419 shares of the company's stock worth $5,883,000 after buying an additional 1,324 shares during the period. SG Americas Securities LLC purchased a new position in SunocoCorp during the first quarter worth about $112,000. Finally, Deutsche Bank AG acquired a new stake in SunocoCorp in the 4th quarter worth about $92,000.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Mizuho assumed coverage on SunocoCorp in a report on Friday, July 24th. They set an "outperform" rating and a $83.00 price objective for the company. Barclays boosted their price target on SunocoCorp from $78.00 to $80.00 and gave the company an "overweight" rating in a research report on Wednesday, August 5th. Zacks Research lowered SunocoCorp from a "hold" rating to a "strong sell" rating in a research note on Friday, July 24th. Citigroup raised their price objective on SunocoCorp from $73.00 to $81.00 and gave the stock a "buy" rating in a report on Friday, August 7th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and issued a $80.00 price objective on shares of SunocoCorp in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $81.00.

SunocoCorp Stock Performance

NYSE:SUNC opened at $78.63 on Wednesday. The firm has a market capitalization of $4.05 billion and a P/E ratio of 27.21. SunocoCorp LLC has a one year low of $47.00 and a one year high of $78.85. The stock has a 50-day moving average price of $73.36. The company has a quick ratio of 0.83, a current ratio of 1.29 and a debt-to-equity ratio of 1.60.

SunocoCorp (NYSE:SUNC - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $0.76 earnings per share (EPS) for the quarter. The firm had revenue of $14.26 billion for the quarter.

SunocoCorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 19th. Investors of record on Friday, August 7th were paid a dividend of $1.0023 per share. This represents a $4.01 annualized dividend and a yield of 5.1%. This is a positive change from SunocoCorp's previous quarterly dividend of $0.99. The ex-dividend date was Friday, August 7th. SunocoCorp's dividend payout ratio (DPR) is currently 138.75%.

SunocoCorp Company Profile

Sunoco LP is an energy infrastructure and fuel distribution master limited partnership. Sunoco LP is based in DALLAS.

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