Driven Brands Holdings Inc. $DRVN Shares Newly Bought by Bank of America Corp DE

Key Points

• Bank of America purchased 438,319 Driven Brands shares during the second quarter, worth approximately $6.11 million and representing about 0.27% of the company. Institutional investors collectively own 77.08% of the stock.
• Driven Brands reported quarterly earnings of $0.29 per share, with an 8.61% net margin and 24.13% return on equity. Analysts expect full-year earnings of approximately $1.12 per share.
• Analyst sentiment remains moderately positive, with a consensus rating of “Moderate Buy” and an average price target of $16.23, compared with the stock’s reported $12.31 opening price.

Bank of America Corp DE purchased a new stake in Driven Brands Holdings Inc. (NASDAQ:DRVN - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 438,319 shares of the company's stock, valued at approximately $6,110,000. Bank of America Corp DE owned approximately 0.27% of Driven Brands as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. SJS Investment Consulting Inc. lifted its position in shares of Driven Brands by 420.2% during the 1st quarter. SJS Investment Consulting Inc. now owns 4,500 shares of the company's stock valued at $57,000 after buying an additional 3,635 shares in the last quarter. ProShare Advisors LLC raised its position in shares of Driven Brands by 6.9% during the 4th quarter. ProShare Advisors LLC now owns 10,917 shares of the company's stock worth $162,000 after purchasing an additional 701 shares during the last quarter. Rockefeller Capital Management L.P. lifted its stake in Driven Brands by 3,373.1% in the 4th quarter. Rockefeller Capital Management L.P. now owns 10,975 shares of the company's stock valued at $163,000 after buying an additional 10,659 shares in the last quarter. Pictet Asset Management Holding SA purchased a new stake in Driven Brands during the 1st quarter worth approximately $159,000. Finally, Vise Technologies Inc. purchased a new position in shares of Driven Brands in the second quarter valued at approximately $248,000. Hedge funds and other institutional investors own 77.08% of the company's stock.

Driven Brands Price Performance

Shares of DRVN opened at $12.31 on Monday. The firm has a market cap of $2.03 billion, a P/E ratio of 11.84, a price-to-earnings-growth ratio of 2.12 and a beta of 0.94. Driven Brands Holdings Inc. has a 12-month low of $9.80 and a 12-month high of $17.30. The company's 50-day moving average price is $13.16 and its 200 day moving average price is $13.11. The company has a current ratio of 1.47, a quick ratio of 1.33 and a debt-to-equity ratio of 1.99.

Driven Brands (NASDAQ:DRVN - Get Free Report) last announced its earnings results on Monday, July 27th. The company reported $0.29 earnings per share for the quarter. Driven Brands had a net margin of 8.61% and a return on equity of 24.13%. On average, sell-side analysts forecast that Driven Brands Holdings Inc. will post 1.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

DRVN has been the topic of several research reports. Canaccord Genuity Group boosted their price target on shares of Driven Brands from $17.00 to $18.00 and gave the stock a "buy" rating in a research report on Thursday, September 10th. Bank of America assumed coverage on Driven Brands in a report on Thursday, September 10th. They set an "underperform" rating and a $12.00 target price on the stock. Royal Bank Of Canada lowered their price objective on Driven Brands from $17.00 to $16.00 and set an "outperform" rating on the stock in a research note on Friday, August 7th. BTIG Research reissued a "buy" rating and issued a $17.00 price objective on shares of Driven Brands in a report on Friday, June 12th. Finally, Wall Street Zen lowered shares of Driven Brands from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Driven Brands has an average rating of "Moderate Buy" and a consensus target price of $16.23.

About Driven Brands

Driven Brands Holdings Inc is an automotive services company that operates and franchises a network of businesses serving vehicle owners and commercial customers. Its services include routine vehicle maintenance, oil changes, automotive repair, collision repair, paint and glass services, and car washing.

The company's portfolio includes brands such as Take 5 Oil Change, Meineke Car Care Centers, MAACO, CARSTAR, and Fix Auto. Through these brands, Driven Brands provides services ranging from preventative maintenance and mechanical repairs to bodywork, paint repair, windshield replacement, and vehicle appearance care.

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