Sonic Automotive Inc (NYSE:SAH) announced a quarterly dividend on Thursday, July 30th, Zacks reports. Stockholders of record on Tuesday, September 15th will be given a dividend of 0.10 per share on Thursday, October 15th. This represents a $0.40 annualized dividend and a dividend yield of 1.04%. The ex-dividend date of this dividend is Monday, September 14th.
Sonic Automotive has raised its dividend payment by an average of 100.0% annually over the last three years and has increased its dividend annually for the last 4 consecutive years. Sonic Automotive has a payout ratio of 31.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Sonic Automotive to earn $3.22 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 12.4%.
SAH stock traded down $1.84 during midday trading on Friday, hitting $38.56. The stock had a trading volume of 165,884 shares, compared to its average volume of 431,573. The company has a current ratio of 1.06, a quick ratio of 0.26 and a debt-to-equity ratio of 1.63. The stock has a 50-day simple moving average of $34.33 and a 200 day simple moving average of $26.29. Sonic Automotive has a 52 week low of $9.00 and a 52 week high of $43.50. The firm has a market capitalization of $1.65 billion, a price-to-earnings ratio of 16.22 and a beta of 2.73.
In other news, CFO Heath Byrd sold 11,935 shares of the company’s stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $35.00, for a total transaction of $417,725.00. Following the completion of the sale, the chief financial officer now directly owns 141,801 shares in the company, valued at approximately $4,963,035. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Victor H. Doolan sold 5,000 shares of the company’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $28.46, for a total value of $142,300.00. Following the sale, the director now owns 32,088 shares of the company’s stock, valued at $913,224.48. The disclosure for this sale can be found here. Insiders sold a total of 49,500 shares of company stock valued at $1,824,876 over the last 90 days. 33.01% of the stock is currently owned by corporate insiders.
A number of analysts have recently weighed in on SAH shares. Morgan Stanley raised their target price on Sonic Automotive from $20.00 to $35.00 and gave the company an “equal weight” rating in a research note on Friday, July 10th. Benchmark raised their target price on Sonic Automotive from $27.50 to $39.00 and gave the stock a “buy” rating in a report on Wednesday, June 17th. JPMorgan Chase & Co. lifted their target price on Sonic Automotive from $38.00 to $39.00 and gave the company a “neutral” rating in a research report on Wednesday, July 8th. ValuEngine raised Sonic Automotive from a “strong sell” rating to a “sell” rating in a research report on Thursday, July 23rd. Finally, Zacks Investment Research reissued a “buy” rating on shares of Sonic Automotive in a research report on Thursday, July 2nd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. Sonic Automotive has a consensus rating of “Hold” and a consensus target price of $36.40.
Sonic Automotive Company Profile
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.
Featured Article: When can a hold rating present a buying opportunity?
Receive News & Ratings for Sonic Automotive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sonic Automotive and related companies with MarketBeat.com's FREE daily email newsletter.