Bank of America Corp DE raised its stake in Sonic Automotive, Inc. (NYSE:SAH) by 23.8% during the first quarter, Holdings Channel reports. The fund owned 118,715 shares of the company’s stock after buying an additional 22,812 shares during the period. Bank of America Corp DE’s holdings in Sonic Automotive were worth $2,381,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bank of New York Mellon Corp raised its position in shares of Sonic Automotive by 67.1% in the first quarter. Bank of New York Mellon Corp now owns 835,575 shares of the company’s stock valued at $16,753,000 after buying an additional 335,459 shares during the last quarter. LSV Asset Management raised its position in shares of Sonic Automotive by 12.5% in the first quarter. LSV Asset Management now owns 2,403,776 shares of the company’s stock valued at $48,195,000 after buying an additional 267,492 shares during the last quarter. Oxford Asset Management acquired a new position in shares of Sonic Automotive during the first quarter valued at $1,824,000. Vanguard Group Inc. raised its position in shares of Sonic Automotive by 3.5% in the first quarter. Vanguard Group Inc. now owns 2,344,255 shares of the company’s stock valued at $47,002,000 after buying an additional 78,687 shares during the last quarter. Finally, Sanders Morris Harris Inc. acquired a new position in shares of Sonic Automotive during the first quarter valued at $1,491,000. Institutional investors own 63.25% of the company’s stock.

Shares of Sonic Automotive, Inc. (NYSE SAH) traded down 0.30% during mid-day trading on Friday, hitting $16.80. The stock had a trading volume of 82,629 shares. The stock has a market cap of $736.86 million, a P/E ratio of 11.31 and a beta of 1.51. Sonic Automotive, Inc. has a 12-month low of $16.45 and a 12-month high of $27.45. The company’s 50 day moving average price is $18.57 and its 200 day moving average price is $20.00.

Sonic Automotive (NYSE:SAH) last announced its quarterly earnings results on Friday, July 28th. The company reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.46 by $0.06. Sonic Automotive had a return on equity of 11.14% and a net margin of 0.69%. The business had revenue of $2.41 billion for the quarter, compared to analysts’ expectations of $2.44 billion. During the same period last year, the company posted $0.50 earnings per share. The firm’s revenue for the quarter was up 1.0% on a year-over-year basis. Equities research analysts predict that Sonic Automotive, Inc. will post $1.86 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 15th will be given a dividend of $0.05 per share. The ex-dividend date is Thursday, September 14th. This represents a $0.20 dividend on an annualized basis and a yield of 1.19%. Sonic Automotive’s dividend payout ratio (DPR) is 13.42%.

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Several research analysts recently weighed in on SAH shares. Jefferies Group LLC reiterated a “hold” rating and issued a $22.00 price objective on shares of Sonic Automotive in a research report on Wednesday, May 3rd. ValuEngine lowered Sonic Automotive from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 2nd. TheStreet lowered Sonic Automotive from a “b” rating to a “c+” rating in a research report on Tuesday, May 30th. Morgan Stanley lowered their price target on Sonic Automotive from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Friday, June 9th. Finally, BidaskClub lowered Sonic Automotive from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $21.75.

About Sonic Automotive

Sonic Automotive, Inc is an automotive retailer in the United States. The Company’s operating segments include Franchised Dealerships and EchoPark. Its Franchised Dealerships segment consists of retail automotive franchises that sell new vehicles and buy and sell used vehicles, sell replacement parts, perform vehicle repair and maintenance services, and arrange finance and insurance products.

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Institutional Ownership by Quarter for Sonic Automotive (NYSE:SAH)

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