Sonic Automotive, Inc. (SAH) to Issue Quarterly Dividend of $0.25 on July 15th

Sonic Automotive, Inc. (NYSE:SAHGet Rating) declared a quarterly dividend on Thursday, April 28th, Zacks reports. Stockholders of record on Wednesday, June 15th will be paid a dividend of 0.25 per share on Friday, July 15th. This represents a $1.00 annualized dividend and a dividend yield of 2.35%. The ex-dividend date is Tuesday, June 14th.

Sonic Automotive has raised its dividend by an average of 24.2% per year over the last three years and has raised its dividend every year for the last 2 years. Sonic Automotive has a dividend payout ratio of 10.9% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Sonic Automotive to earn $9.08 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 11.0%.

Shares of Sonic Automotive stock opened at $42.55 on Friday. The business’s fifty day simple moving average is $46.44 and its 200-day simple moving average is $48.44. Sonic Automotive has a 52 week low of $38.64 and a 52 week high of $58.00. The company has a quick ratio of 0.44, a current ratio of 1.10 and a debt-to-equity ratio of 1.53. The firm has a market cap of $1.71 billion, a PE ratio of 4.65 and a beta of 2.20.

Sonic Automotive (NYSE:SAHGet Rating) last posted its earnings results on Thursday, April 28th. The company reported $2.33 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.37 by ($0.04). Sonic Automotive had a return on equity of 37.99% and a net margin of 2.81%. The firm had revenue of $3.59 billion for the quarter, compared to analyst estimates of $3.70 billion. During the same period in the previous year, the company posted $1.23 EPS. Sonic Automotive’s revenue was up 28.7% on a year-over-year basis. As a group, equities analysts expect that Sonic Automotive will post 10.26 earnings per share for the current year.

In other Sonic Automotive news, major shareholder Paul P. Rusnak acquired 127,475 shares of the company’s stock in a transaction dated Wednesday, April 6th. The shares were acquired at an average price of $41.89 per share, for a total transaction of $5,339,927.75. Following the acquisition, the insider now owns 5,000,000 shares in the company, valued at approximately $209,450,000. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Jeff Dyke sold 2,769 shares of the stock in a transaction dated Monday, March 7th. The shares were sold at an average price of $52.00, for a total value of $143,988.00. The disclosure for this sale can be found here. 36.07% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Legal & General Group Plc increased its holdings in shares of Sonic Automotive by 1.4% in the 4th quarter. Legal & General Group Plc now owns 55,316 shares of the company’s stock valued at $2,735,000 after acquiring an additional 775 shares during the last quarter. California State Teachers Retirement System grew its stake in Sonic Automotive by 2.6% during the 4th quarter. California State Teachers Retirement System now owns 30,703 shares of the company’s stock worth $1,518,000 after buying an additional 775 shares during the last quarter. Geode Capital Management LLC grew its stake in Sonic Automotive by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 409,641 shares of the company’s stock worth $20,256,000 after buying an additional 3,283 shares during the last quarter. Guggenheim Capital LLC purchased a new position in Sonic Automotive during the 4th quarter worth approximately $215,000. Finally, CIBC World Markets Inc. purchased a new position in Sonic Automotive during the 4th quarter worth approximately $297,000. Institutional investors and hedge funds own 56.65% of the company’s stock.

Several equities analysts recently issued reports on the company. StockNews.com lowered Sonic Automotive from a “buy” rating to a “hold” rating in a research note on Friday, April 8th. Zacks Investment Research lowered Sonic Automotive from a “strong-buy” rating to a “hold” rating and set a $52.00 target price on the stock. in a research note on Thursday, March 10th. Morgan Stanley increased their price target on Sonic Automotive from $40.00 to $43.00 and gave the company an “underweight” rating in a research report on Tuesday, March 8th. JPMorgan Chase & Co. lowered Sonic Automotive from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $70.00 to $57.00 in a research report on Thursday, April 7th. Finally, Seaport Res Ptn lowered Sonic Automotive from a “buy” rating to a “neutral” rating in a research report on Friday. One analyst has rated the stock with a sell rating and four have given a hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $50.67.

Sonic Automotive Company Profile (Get Rating)

Sonic Automotive, Inc operates as an automotive retailer in the United States. It operates in two segments, Franchised Dealerships and EchoPark. 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.

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Dividend History for Sonic Automotive (NYSE:SAH)

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