Phocas Financial Corp. Acquires Shares of 62,335 Sonic Automotive, Inc. (NYSE:SAH)

Phocas Financial Corp. acquired a new position in shares of Sonic Automotive, Inc. (NYSE:SAH - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 62,335 shares of the company's stock, valued at approximately $3,645,000. Phocas Financial Corp. owned about 0.18% of Sonic Automotive as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Allspring Global Investments Holdings LLC bought a new stake in Sonic Automotive during the 1st quarter worth approximately $30,000. Innealta Capital LLC bought a new stake in shares of Sonic Automotive in the 2nd quarter valued at about $41,000. AM Squared Ltd acquired a new stake in shares of Sonic Automotive in the second quarter valued at about $82,000. Point72 DIFC Ltd raised its position in shares of Sonic Automotive by 6.9% during the second quarter. Point72 DIFC Ltd now owns 2,900 shares of the company's stock worth $158,000 after acquiring an additional 187 shares during the last quarter. Finally, Intech Investment Management LLC acquired a new position in shares of Sonic Automotive in the second quarter worth approximately $228,000. Institutional investors and hedge funds own 46.92% of the company's stock.

Wall Street Analyst Weigh In

SAH has been the topic of a number of analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Sonic Automotive from $63.00 to $75.00 and gave the company an "overweight" rating in a research note on Tuesday, September 10th. Needham & Company LLC boosted their price objective on Sonic Automotive from $73.00 to $74.00 and gave the company a "buy" rating in a research note on Friday, October 25th. Stephens began coverage on Sonic Automotive in a research note on Thursday, September 12th. They set an "equal weight" rating and a $64.00 target price for the company. Morgan Stanley upgraded Sonic Automotive from an "underweight" rating to an "equal weight" rating and increased their price target for the stock from $40.00 to $58.00 in a report on Wednesday, September 25th. Finally, Bank of America cut their target price on shares of Sonic Automotive from $67.00 to $66.00 and set a "buy" rating on the stock in a research note on Monday, October 14th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $67.40.

Sonic Automotive Price Performance

NYSE:SAH traded down $0.89 during trading hours on Tuesday, hitting $62.54. 35,835 shares of the company's stock traded hands, compared to its average volume of 196,384. Sonic Automotive, Inc. has a 52 week low of $47.82 and a 52 week high of $67.15. The business's fifty day simple moving average is $58.00 and its two-hundred day simple moving average is $57.67. The company has a quick ratio of 0.35, a current ratio of 1.11 and a debt-to-equity ratio of 1.87. The firm has a market cap of $2.14 billion, a P/E ratio of 11.21 and a beta of 1.61.

Sonic Automotive (NYSE:SAH - Get Free Report) last posted its quarterly earnings data on Thursday, October 24th. The company reported $1.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.43 by ($0.17). Sonic Automotive had a return on equity of 21.27% and a net margin of 1.41%. The company had revenue of $3.49 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same period in the prior year, the firm posted $2.02 earnings per share. The business's revenue was down 4.2% on a year-over-year basis. On average, research analysts anticipate that Sonic Automotive, Inc. will post 5.7 earnings per share for the current fiscal year.

Sonic Automotive Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Friday, December 13th will be given a dividend of $0.35 per share. This is a boost from Sonic Automotive's previous quarterly dividend of $0.30. This represents a $1.40 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date is Friday, December 13th. Sonic Automotive's dividend payout ratio (DPR) is presently 21.35%.

Sonic Automotive Company Profile

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.