Sonic Co. (NASDAQ:SONC) declared a quarterly dividend on Friday, January 12th, RTT News reports. Stockholders of record on Wednesday, February 7th will be paid a dividend of 0.16 per share by the restaurant operator on Friday, February 16th. This represents a $0.64 annualized dividend and a dividend yield of 2.38%.

Shares of Sonic (NASDAQ SONC) traded down $0.32 during mid-day trading on Friday, hitting $26.87. The stock had a trading volume of 1,143,600 shares, compared to its average volume of 1,567,475. The firm has a market cap of $1,030.00, a PE ratio of 18.40, a PEG ratio of 1.38 and a beta of 1.73. The company has a current ratio of 1.81, a quick ratio of 1.48 and a debt-to-equity ratio of -2.87. Sonic has a fifty-two week low of $22.11 and a fifty-two week high of $30.05.

Sonic (NASDAQ:SONC) last issued its quarterly earnings data on Thursday, January 4th. The restaurant operator reported $0.30 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.05. The business had revenue of $105.40 million during the quarter, compared to analysts’ expectations of $106.86 million. Sonic had a negative return on equity of 28.95% and a net margin of 13.68%. The company’s revenue for the quarter was down 18.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.24 EPS. research analysts expect that Sonic will post 1.39 EPS for the current year.

Several equities analysts have recently issued reports on the company. Oppenheimer reissued a “buy” rating and issued a $29.00 price objective on shares of Sonic in a report on Friday, October 6th. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $31.00 price target (up previously from $27.00) on shares of Sonic in a report on Friday, January 5th. Citigroup started coverage on Sonic in a report on Monday, September 18th. They issued a “buy” rating and a $28.00 price target for the company. Zacks Investment Research cut Sonic from a “buy” rating to a “hold” rating in a report on Wednesday, September 27th. Finally, Cowen reaffirmed a “neutral” rating on shares of Sonic in a report on Tuesday, October 17th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $29.36.

In other Sonic news, VP Carolyn C. Cummins sold 2,347 shares of the business’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $25.43, for a total transaction of $59,684.21. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frank E. Richardson III sold 3,670 shares of the business’s stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $28.21, for a total value of $103,530.70. Following the sale, the director now owns 1,061,699 shares of the company’s stock, valued at $29,950,528.79. The disclosure for this sale can be found here. Insiders sold a total of 167,587 shares of company stock valued at $4,537,647 in the last ninety days. 8.28% of the stock is currently owned by insiders.

Sonic declared that its Board of Directors has initiated a stock buyback plan on Thursday, October 26th that authorizes the company to repurchase $160.00 million in shares. This repurchase authorization authorizes the restaurant operator to buy up to 14.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

WARNING: This article was posted by American Banking News and is the sole property of of American Banking News. If you are viewing this article on another website, it was copied illegally and reposted in violation of U.S. & international trademark and copyright legislation. The original version of this article can be accessed at https://www.americanbankingnews.com/2018/01/12/sonic-co-sonc-plans-0-16-quarterly-dividend.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.

Dividend History for Sonic (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.