Principal Financial Group Inc. Acquires Shares of 166,259 Driven Brands Holdings Inc. (NASDAQ:DRVN)

Principal Financial Group Inc. bought a new stake in shares of Driven Brands Holdings Inc. (NASDAQ:DRVN - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 166,259 shares of the company's stock, valued at approximately $2,850,000. Principal Financial Group Inc. owned about 0.10% of Driven Brands as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently modified their holdings of the company. LPL Financial LLC bought a new position in shares of Driven Brands in the 4th quarter worth $178,000. BNP Paribas Financial Markets purchased a new stake in shares of Driven Brands during the 4th quarter valued at $205,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Driven Brands during the 4th quarter valued at $216,000. ExodusPoint Capital Management LP purchased a new stake in shares of Driven Brands during the 4th quarter valued at $230,000. Finally, Moore Capital Management LP purchased a new stake in shares of Driven Brands during the 4th quarter valued at $242,000. Hedge funds and other institutional investors own 77.08% of the company's stock.

Driven Brands Stock Performance

DRVN traded down $0.21 on Friday, reaching $17.07. The company had a trading volume of 447,550 shares, compared to its average volume of 665,015. Driven Brands Holdings Inc. has a 1 year low of $12.66 and a 1 year high of $18.72. The stock has a market capitalization of $2.80 billion, a PE ratio of -9.43, a P/E/G ratio of 0.98 and a beta of 1.09. The company has a quick ratio of 1.33, a current ratio of 1.47 and a debt-to-equity ratio of 4.07. The stock has a 50-day moving average price of $17.62 and a 200-day moving average price of $16.82.

Driven Brands (NASDAQ:DRVN - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $0.27 EPS for the quarter, beating analysts' consensus estimates of $0.23 by $0.04. Driven Brands had a negative net margin of 12.75% and a positive return on equity of 19.61%. The company had revenue of $516.16 million for the quarter, compared to analyst estimates of $492.19 million. During the same period in the previous year, the business posted $0.23 earnings per share. Driven Brands's quarterly revenue was up 7.1% on a year-over-year basis. As a group, research analysts forecast that Driven Brands Holdings Inc. will post 0.85 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

DRVN has been the topic of several research reports. Canaccord Genuity Group upped their target price on Driven Brands from $23.00 to $24.00 and gave the company a "buy" rating in a research report on Friday, June 27th. The Goldman Sachs Group initiated coverage on Driven Brands in a research report on Tuesday, June 3rd. They issued a "neutral" rating and a $20.00 target price on the stock. BTIG Research began coverage on Driven Brands in a research report on Monday, June 30th. They issued a "buy" rating and a $22.00 target price on the stock. Benchmark began coverage on Driven Brands in a research report on Friday, April 4th. They set a "buy" rating and a $22.00 price target on the stock. Finally, Wall Street Zen raised Driven Brands from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Three analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $21.00.

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.