Driven Brands Holdings Inc. (NASDAQ:DRVN) Stake Raised by Bank of New York Mellon Corp

Bank of New York Mellon Corp raised its holdings in Driven Brands Holdings Inc. (NASDAQ:DRVN) by 44.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 254,542 shares of the company’s stock after acquiring an additional 78,252 shares during the quarter. Bank of New York Mellon Corp’s holdings in Driven Brands were worth $4,108,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in DRVN. Emeth Value Capital LLC bought a new stake in shares of Driven Brands in the 4th quarter worth approximately $41,452,000. Barclays PLC increased its holdings in shares of Driven Brands by 36.0% in the third quarter. Barclays PLC now owns 205,068 shares of the company’s stock valued at $2,928,000 after buying an additional 54,277 shares in the last quarter. Millrace Asset Group Inc. acquired a new stake in shares of Driven Brands during the 3rd quarter valued at $1,420,000. North Peak Capital Management LLC boosted its stake in shares of Driven Brands by 1.8% during the 3rd quarter. North Peak Capital Management LLC now owns 5,299,000 shares of the company’s stock worth $75,617,000 after acquiring an additional 95,529 shares in the last quarter. Finally, Stifel Financial Corp grew its holdings in shares of Driven Brands by 7.5% in the 3rd quarter. Stifel Financial Corp now owns 193,021 shares of the company’s stock worth $2,754,000 after acquiring an additional 13,510 shares during the last quarter. Institutional investors own 77.08% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on DRVN shares. Piper Sandler upped their target price on Driven Brands from $19.00 to $22.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. Robert W. Baird set a $25.00 target price on shares of Driven Brands in a report on Thursday, March 13th. Canaccord Genuity Group lifted their target price on shares of Driven Brands from $21.00 to $23.00 and gave the stock a “buy” rating in a research report on Wednesday, February 26th. JPMorgan Chase & Co. upped their price target on shares of Driven Brands from $14.50 to $17.00 and gave the company a “neutral” rating in a research report on Wednesday, February 26th. Finally, BMO Capital Markets lifted their price objective on shares of Driven Brands from $15.00 to $16.00 and gave the stock a “market perform” rating in a research report on Wednesday, February 26th. Three analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Driven Brands has an average rating of “Moderate Buy” and an average price target of $20.30.

Driven Brands Price Performance

Shares of NASDAQ:DRVN opened at $17.37 on Wednesday. The company has a current ratio of 1.90, a quick ratio of 1.72 and a debt-to-equity ratio of 2.84. Driven Brands Holdings Inc. has a 1 year low of $10.59 and a 1 year high of $18.01. The business has a fifty day simple moving average of $16.17 and a 200 day simple moving average of $15.67. The firm has a market cap of $2.85 billion, a price-to-earnings ratio of 434.25, a P/E/G ratio of 0.79 and a beta of 1.13.

Driven Brands (NASDAQ:DRVN) last announced its quarterly earnings results on Tuesday, February 25th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.13. Driven Brands had a return on equity of 14.86% and a net margin of 0.27%. The business had revenue of $564.12 million during the quarter, compared to analyst estimates of $572.95 million. During the same period in the previous year, the company earned $0.19 EPS. The firm’s revenue was up 1.9% on a year-over-year basis. As a group, sell-side analysts predict that Driven Brands Holdings Inc. will post 0.85 earnings per share for the current fiscal year.

About Driven Brands

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.