Sonic Automotive, Inc. (NYSE:SAH) Shares Sold by Phocas Financial Corp.

Key Points

• Phocas Financial Corp. reduced its stake in Sonic Automotive by 5.3% in Q1, now owning 110,169 shares valued at approximately $6.3 million.
• Sonic Automotive recently increased its quarterly dividend from $0.35 to $0.38, which equates to an annual yield of 2.1% and will be payable on October 15th.
• Wall Street analysts have mixed ratings for Sonic Automotive, with an average rating of "Moderate Buy" and a consensus target price of $77.86.

Phocas Financial Corp. reduced its stake in Sonic Automotive, Inc. (NYSE:SAH - Free Report) by 5.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 110,169 shares of the company's stock after selling 6,174 shares during the period. Phocas Financial Corp. owned 0.32% of Sonic Automotive worth $6,275,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of SAH. Canada Pension Plan Investment Board bought a new stake in Sonic Automotive in the 4th quarter valued at about $51,000. Aster Capital Management DIFC Ltd increased its stake in shares of Sonic Automotive by 1,429.7% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,545 shares of the company's stock valued at $98,000 after purchasing an additional 1,444 shares during the period. KLP Kapitalforvaltning AS bought a new stake in shares of Sonic Automotive during the fourth quarter valued at approximately $185,000. Cetera Investment Advisers acquired a new position in shares of Sonic Automotive during the first quarter worth approximately $218,000. Finally, Mariner LLC bought a new position in Sonic Automotive in the 4th quarter worth approximately $225,000. 46.92% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, President Jeff Dyke sold 31,152 shares of the stock in a transaction on Friday, May 30th. The stock was sold at an average price of $70.05, for a total transaction of $2,182,197.60. Following the completion of the sale, the president owned 605,969 shares in the company, valued at approximately $42,448,128.45. This represents a 4.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 50,000 shares of company stock valued at $3,502,062 over the last quarter. 42.65% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Needham & Company LLC lifted their target price on Sonic Automotive from $74.00 to $95.00 and gave the company a "buy" rating in a research note on Friday, July 25th. Wall Street Zen cut shares of Sonic Automotive from a "strong-buy" rating to a "buy" rating in a research note on Saturday, June 21st. Stephens lowered shares of Sonic Automotive from an "overweight" rating to an "equal weight" rating and increased their target price for the company from $72.00 to $82.00 in a research report on Thursday, July 17th. Citigroup assumed coverage on shares of Sonic Automotive in a research note on Wednesday, April 23rd. They set a "neutral" rating and a $64.00 target price on the stock. Finally, Bank of America upped their price target on shares of Sonic Automotive from $80.00 to $94.00 and gave the stock a "buy" rating in a research note on Monday, June 16th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Sonic Automotive has an average rating of "Moderate Buy" and a consensus price target of $77.86.

Sonic Automotive Price Performance

NYSE:SAH opened at $71.52 on Friday. The company has a quick ratio of 0.24, a current ratio of 1.03 and a debt-to-equity ratio of 1.78. The business's 50-day moving average price is $78.00 and its 200 day moving average price is $69.76. Sonic Automotive, Inc. has a 52-week low of $52.00 and a 52-week high of $89.62. The firm has a market cap of $2.43 billion, a P/E ratio of 15.89 and a beta of 0.99.

Sonic Automotive (NYSE:SAH - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The company reported $2.19 earnings per share for the quarter, beating the consensus estimate of $1.63 by $0.56. Sonic Automotive had a net margin of 1.07% and a return on equity of 21.40%. The company had revenue of $3.66 billion during the quarter, compared to analyst estimates of $3.66 billion. During the same quarter last year, the firm posted $1.47 EPS. The business's revenue for the quarter was up 5.9% on a year-over-year basis. As a group, sell-side analysts predict that Sonic Automotive, Inc. will post 6.14 earnings per share for the current fiscal year.

Sonic Automotive Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Monday, September 15th will be issued a $0.38 dividend. This is an increase from Sonic Automotive's previous quarterly dividend of $0.35. This represents a $1.52 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Monday, September 15th. Sonic Automotive's dividend payout ratio is currently 31.11%.

About Sonic Automotive

Sonic Automotive, Inc operates as an automotive retailer in the United States. It operates in three segments, Franchised Dealerships, EchoPark, and Powersports. The Franchised Dealerships segment is involved in the sale of new and used cars and light trucks, and replacement parts; provision of vehicle maintenance, manufacturer warranty repair, and paint and collision repair services; and arrangement of extended warranties, service contracts, financing, insurance, and other aftermarket products for its guests.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.