SunocoCorp LLC $SUNC Position Trimmed by Bank of America Corp DE

Bank of America Corp DE lowered its stake in shares of SunocoCorp LLC (NYSE:SUNC) by 55.3% in the first quarter, HoldingsChannel reports. The institutional investor owned 1,600,757 shares of the company’s stock after selling 1,978,525 shares during the period. Bank of America Corp DE’s holdings in SunocoCorp were worth $98,687,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Energy Income Partners LLC acquired a new position in SunocoCorp in the first quarter worth approximately $12,742,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new stake in SunocoCorp in the fourth quarter worth approximately $606,000. UBS Group AG bought a new stake in SunocoCorp in the fourth quarter worth approximately $49,908,000. Miller Howard Investments Inc. NY acquired a new position in shares of SunocoCorp during the 1st quarter worth $5,463,000. Finally, Truist Financial Corp acquired a new position in shares of SunocoCorp during the 4th quarter worth $2,004,000.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on SUNC. Zacks Research downgraded SunocoCorp from a “hold” rating to a “strong sell” rating in a research note on Friday, July 24th. Raymond James Financial restated a “strong-buy” rating and issued a $80.00 price objective on shares of SunocoCorp in a research note on Wednesday, May 6th. Citigroup upped their price objective on shares of SunocoCorp from $73.00 to $81.00 and gave the stock a “buy” rating in a report on Friday. Mizuho assumed coverage on shares of SunocoCorp in a research note on Friday, July 24th. They issued an “outperform” rating and a $83.00 target price on the stock. Finally, Barclays lifted their target price on shares of SunocoCorp from $78.00 to $80.00 and gave the stock an “overweight” rating in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $81.00.

SunocoCorp Stock Performance

Shares of SUNC stock opened at $70.46 on Friday. SunocoCorp LLC has a 52 week low of $47.00 and a 52 week high of $77.57. The company has a market capitalization of $3.63 billion and a PE ratio of 33.08. The company has a quick ratio of 0.92, a current ratio of 1.40 and a debt-to-equity ratio of 1.67. The business’s fifty day simple moving average is $69.63.

SunocoCorp (NYSE:SUNC) last released its quarterly earnings results on Tuesday, August 4th. The company reported $0.76 earnings per share (EPS) for the quarter. The business had revenue of $14.26 billion during the quarter.

SunocoCorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 19th. Shareholders of record on Friday, August 7th will be paid a $1.0023 dividend. The ex-dividend date of this dividend is Friday, August 7th. This is a boost from SunocoCorp’s previous quarterly dividend of $0.99. This represents a $4.01 dividend on an annualized basis and a yield of 5.7%. SunocoCorp’s payout ratio is 185.92%.

SunocoCorp Company Profile

Sunoco LP is an energy infrastructure and fuel distribution master limited partnership. Sunoco LP is based in DALLAS.