J & J Snack Foods Corp. $JJSF Shares Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its J & J Snack Foods stake by 19% in the first quarter, selling 48,872 shares and retaining 208,199 shares valued at approximately $16.5 million.
• J & J Snack Foods reported quarterly EPS of $1.96, exceeding estimates of $1.70, though revenue declined 6.3% year over year to $425.96 million.
• The company declared a quarterly dividend of $0.80 per share, representing a 3.6% yield, while analysts’ consensus rating remained “Hold” with a $110.50 target price.

Bank of America Corp DE decreased its stake in shares of J & J Snack Foods Corp. (NASDAQ:JJSF - Free Report) by 19.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 208,199 shares of the company's stock after selling 48,872 shares during the quarter. Bank of America Corp DE owned approximately 1.11% of J & J Snack Foods worth $16,504,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in shares of J & J Snack Foods by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 2,000,911 shares of the company's stock worth $180,822,000 after acquiring an additional 31,612 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of J & J Snack Foods by 14.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 624,021 shares of the company's stock worth $49,468,000 after acquiring an additional 79,093 shares in the last quarter. Geode Capital Management LLC lifted its stake in J & J Snack Foods by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 382,879 shares of the company's stock worth $34,607,000 after purchasing an additional 1,909 shares during the last quarter. Royce & Associates LP purchased a new stake in J & J Snack Foods during the fourth quarter worth approximately $29,596,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in J & J Snack Foods by 14.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 217,164 shares of the company's stock valued at $19,625,000 after purchasing an additional 26,665 shares in the last quarter. Institutional investors and hedge funds own 76.04% of the company's stock.

J & J Snack Foods Price Performance

Shares of NASDAQ JJSF opened at $88.44 on Friday. The stock has a market cap of $1.66 billion, a P/E ratio of 34.02 and a beta of 0.38. J & J Snack Foods Corp. has a twelve month low of $68.87 and a twelve month high of $116.32. The stock has a 50 day moving average of $79.40 and a two-hundred day moving average of $80.01. The company has a current ratio of 2.34, a quick ratio of 1.47 and a debt-to-equity ratio of 0.03.

J & J Snack Foods (NASDAQ:JJSF - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $1.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.70 by $0.26. The business had revenue of $425.96 million for the quarter, compared to analyst estimates of $427.65 million. J & J Snack Foods had a net margin of 3.23% and a return on equity of 8.93%. The company's revenue for the quarter was down 6.3% compared to the same quarter last year. During the same period last year, the firm posted $2.00 earnings per share. On average, research analysts forecast that J & J Snack Foods Corp. will post 3.98 earnings per share for the current year.

J & J Snack Foods Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 6th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.80 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $3.20 annualized dividend and a yield of 3.6%. J & J Snack Foods's dividend payout ratio is currently 123.08%.

Analysts Set New Price Targets

Several equities analysts have commented on JJSF shares. Jefferies Financial Group upgraded shares of J & J Snack Foods from a "hold" rating to a "buy" rating and increased their price target for the company from $81.00 to $101.00 in a research note on Thursday, August 6th. Weiss Ratings restated a "sell (d+)" rating on shares of J & J Snack Foods in a report on Wednesday, June 24th. Zacks Research downgraded shares of J & J Snack Foods from a "hold" rating to a "strong sell" rating in a research report on Thursday, May 7th. Finally, Benchmark cut their price target on shares of J & J Snack Foods from $130.00 to $120.00 and set a "buy" rating on the stock in a research note on Monday, May 11th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $110.50.

About J & J Snack Foods

J & J Snack Foods NASDAQ: JJSF is a U.S.-based manufacturer and distributor of branded snack foods and frozen beverages. Headquartered in Pennsauken, New Jersey, the company develops, produces and markets a broad array of proprietary and licensed products for retail, concession and foodservice customers. Its offerings span soft pretzels, frozen novelties, real Italian ice, churros and packaged beverages under well-known names such as ICEE, SuperPretzel, Luigi's and ChurroMan.

Founded in 1971 by Gerald B.

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