Sonic Automotive (NYSE:SAH) Hits New 12-Month High After Dividend Announcement

Sonic Automotive, Inc. (NYSE:SAH)’s share price hit a new 52-week high during mid-day trading on Friday following a dividend announcement from the company. The company traded as high as $60.88 and last traded at $60.88, with a volume of 128011 shares traded. The stock had previously closed at $56.67.

The newly announced dividend which will be paid on Monday, July 15th. Shareholders of record on Friday, June 14th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.93%. The ex-dividend date is Friday, June 14th. Sonic Automotive’s dividend payout ratio is presently 24.59%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on SAH shares. TheStreet upgraded Sonic Automotive from a “c+” rating to a “b” rating in a report on Wednesday, March 6th. Bank of America upgraded Sonic Automotive from an “underperform” rating to a “buy” rating and raised their price target for the company from $55.00 to $68.00 in a report on Friday. StockNews.com cut Sonic Automotive from a “buy” rating to a “hold” rating in a report on Thursday, January 11th. Finally, Morgan Stanley raised their price target on Sonic Automotive from $35.00 to $40.00 and gave the company an “underweight” rating in a report on Thursday, February 29th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Sonic Automotive has an average rating of “Hold” and a consensus target price of $56.00.

Sonic Automotive Price Performance

The firm has a market capitalization of $2.12 billion, a P/E ratio of 12.77 and a beta of 1.82. The firm has a 50 day moving average price of $52.53 and a 200-day moving average price of $52.06. The company has a current ratio of 1.10, a quick ratio of 0.41 and a debt-to-equity ratio of 2.10.

Sonic Automotive (NYSE:SAH) last posted its quarterly earnings data on Wednesday, April 24th. The company reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.13. The business had revenue of $3.40 billion during the quarter, compared to analyst estimates of $3.45 billion. Sonic Automotive had a return on equity of 27.69% and a net margin of 1.21%. The company’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same period last year, the company earned $1.33 EPS. On average, analysts expect that Sonic Automotive, Inc. will post 5.62 earnings per share for the current year.

Institutional Investors Weigh In On Sonic Automotive

Several institutional investors have recently modified their holdings of SAH. Allspring Global Investments Holdings LLC bought a new stake in shares of Sonic Automotive during the 1st quarter worth approximately $30,000. TFO Wealth Partners LLC lifted its stake in shares of Sonic Automotive by 35,366.7% during the 4th quarter. TFO Wealth Partners LLC now owns 2,128 shares of the company’s stock worth $120,000 after acquiring an additional 2,122 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Sonic Automotive during the 3rd quarter worth approximately $135,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Sonic Automotive by 16.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,132 shares of the company’s stock worth $176,000 after acquiring an additional 447 shares during the last quarter. Finally, Quest Partners LLC bought a new stake in shares of Sonic Automotive during the 4th quarter worth approximately $185,000. 46.92% of the stock is owned by institutional investors.

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.