Comerica Bank cut its holdings in shares of Sonic Co. (NASDAQ:SONC) by 7.1% in the fourth quarter, HoldingsChannel.com reports. The firm owned 34,573 shares of the restaurant operator’s stock after selling 2,649 shares during the quarter. Comerica Bank’s holdings in Sonic were worth $923,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in SONC. Parametric Portfolio Associates LLC grew its holdings in shares of Sonic by 55.4% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 101,833 shares of the restaurant operator’s stock worth $2,698,000 after purchasing an additional 36,304 shares during the period. State Street Corp grew its holdings in shares of Sonic by 2.0% during the 2nd quarter. State Street Corp now owns 1,083,561 shares of the restaurant operator’s stock worth $28,707,000 after purchasing an additional 21,420 shares during the period. First Trust Advisors LP purchased a new position in shares of Sonic during the 3rd quarter worth $644,000. Crossmark Global Holdings Inc. purchased a new position in shares of Sonic during the 3rd quarter worth $239,000. Finally, Victory Capital Management Inc. grew its holdings in shares of Sonic by 73.7% during the 3rd quarter. Victory Capital Management Inc. now owns 32,063 shares of the restaurant operator’s stock worth $816,000 after purchasing an additional 13,599 shares during the period.
Sonic Co. (NASDAQ:SONC) opened at $24.76 on Wednesday. Sonic Co. has a twelve month low of $22.11 and a twelve month high of $30.05. The company has a market capitalization of $977.60, a PE ratio of 16.96, a P/E/G ratio of 1.14 and a beta of 1.59. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of -2.87.
The business also recently disclosed a quarterly dividend, which was paid on Friday, February 16th. Stockholders of record on Wednesday, February 7th were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 2.58%. The ex-dividend date was Tuesday, February 6th. Sonic’s payout ratio is presently 43.84%.
SONC has been the subject of a number of research analyst reports. BidaskClub upgraded Sonic from a “strong sell” rating to a “sell” rating in a report on Thursday, February 8th. Barclays raised their target price on Sonic from $27.00 to $28.00 and gave the company an “underweight” rating in a report on Tuesday, January 16th. Zacks Investment Research upgraded Sonic from a “hold” rating to a “buy” rating and set a $31.00 target price for the company in a report on Wednesday, January 10th. Cowen restated a “hold” rating and set a $29.00 target price on shares of Sonic in a report on Tuesday, January 9th. Finally, Canaccord Genuity restated a “hold” rating and set a $30.00 target price on shares of Sonic in a report on Friday, January 5th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $29.64.
In other news, Director Federico F. Pena sold 9,209 shares of Sonic stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $25.22, for a total value of $232,250.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Carolyn C. Cummins sold 2,347 shares of Sonic stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $25.43, for a total value of $59,684.21. The disclosure for this sale can be found here. Insiders sold a total of 130,687 shares of company stock valued at $3,586,167 in the last quarter. Company insiders own 8.28% of the company’s stock.
TRADEMARK VIOLATION WARNING: This report was originally published by Ticker Report and is owned by of Ticker Report. If you are viewing this report on another website, it was illegally stolen and republished in violation of US and international trademark & copyright laws. The original version of this report can be accessed at https://www.tickerreport.com/banking-finance/3227533/sonic-co-sonc-shares-sold-by-comerica-bank.html.
Sonic Company Profile
Sonic Corp. operates and franchises the chain of drive-thru restaurants (Sonic Drive-Ins) in the United States. As of August 31, 2016, 3,557 Sonic Drive-Ins were in operation from coast to coast in 45 states, consisting of 345 Company drive-thrus and 3,212 franchise drive-thrus. As of August 31, 2016, its restaurant design and construction consisted of a kitchen housed in a one-story building, which was approximately 1,500 square feet, flanked by canopy-covered rows of 16 to 24 parking spaces, with each space having its own payment terminal, intercom speaker system and menu board.
Want to see what other hedge funds are holding SONC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sonic Co. (NASDAQ:SONC).
Receive News & Ratings for Sonic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sonic and related companies with MarketBeat.com's FREE daily email newsletter.