Sonic Shares Up 5.2% After Dividend Announcement (SONC)
Sonic (NASDAQ:SONC) shot up 5.2% during trading on Friday after the company announced a dividend, Analyst Ratings Network.com reports. The stock traded as high as $22.18 and last traded at $22.15, with a volume of 438,934 shares traded. The stock had previously closed at $21.06.
The newly announced dividend is scheduled for Friday, November 21st. Investors of record on Wednesday, November 12th will be given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 1.71%.
SONC has been the subject of a number of recent research reports. Analysts at Barrington Research initiated coverage on shares of Sonic in a research note on Friday, June 27th. They set a “market perform” rating on the stock. Separately, analysts at Jefferies Group raised their price target on shares of Sonic from $20.00 to $22.00 in a research note on Wednesday, June 25th. Finally, analysts at Susquehanna raised their price target on shares of Sonic from $21.00 to $22.00 in a research note on Tuesday, June 24th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $22.45.
The stock has a 50-day moving average of $21.74 and a 200-day moving average of $20.74. The company has a market cap of $1.190 billion and a P/E ratio of 29.25.
Sonic (NASDAQ:SONC) last announced its earnings results on Monday, June 23rd. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.01. The company had revenue of $152.20 million for the quarter, compared to the consensus estimate of $148.55 million. During the same quarter in the previous year, the company posted $0.26 earnings per share. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. Analysts expect that Sonic will post $0.83 EPS for the current fiscal year.
In other Sonic news, Director Frank E. Richardson III sold 1,450 shares of the company’s stock on the open market in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $21.50, for a total value of $31,175.00. The transaction was disclosed in a document filed with the SEC, which is available at this link.
Sonic Corp. (NASDAQ:SONC) operates and franchises chain of drive-in restaurants (Sonic Drive-Ins) in the United States.
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