Truist Financial Trims Jack in the Box (NASDAQ:JACK) Target Price to $70.00

Jack in the Box (NASDAQ:JACK) had its target price reduced by Truist Financial from $83.00 to $70.00 in a research note released on Wednesday morning, Benzinga reports. They currently have a buy rating on the restaurant operator’s stock.

Other equities analysts have also issued reports about the company. Barclays reduced their price target on Jack in the Box from $80.00 to $60.00 and set an equal weight rating on the stock in a research report on Wednesday, May 15th. Royal Bank of Canada reissued an outperform rating and set a $75.00 price objective on shares of Jack in the Box in a research note on Friday, June 7th. TD Cowen dropped their price objective on Jack in the Box from $59.00 to $57.00 and set a hold rating for the company in a research note on Wednesday. Morgan Stanley dropped their price objective on Jack in the Box from $70.00 to $60.00 and set an equal weight rating for the company in a research note on Tuesday, July 16th. Finally, Loop Capital dropped their price objective on Jack in the Box from $118.00 to $112.00 and set a buy rating for the company in a research note on Wednesday, May 15th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Hold and a consensus target price of $71.61.

Jack in the Box Stock Up 1.8 %

Shares of NASDAQ JACK traded up $0.97 during trading hours on Wednesday, reaching $53.53. 445,378 shares of the stock traded hands, compared to its average volume of 490,386. The company’s 50-day simple moving average is $53.26 and its two-hundred day simple moving average is $61.40. The company has a market capitalization of $1.04 billion, a P/E ratio of 9.42, a price-to-earnings-growth ratio of 0.76 and a beta of 1.91. Jack in the Box has a 52-week low of $46.10 and a 52-week high of $88.36.

Jack in the Box (NASDAQ:JACK) last posted its quarterly earnings results on Tuesday, August 6th. The restaurant operator reported $1.65 EPS for the quarter, topping the consensus estimate of $1.51 by $0.14. Jack in the Box had a net margin of 7.07% and a negative return on equity of 16.97%. The firm had revenue of $369.17 million for the quarter, compared to the consensus estimate of $371.81 million. During the same period last year, the firm posted $1.45 earnings per share. The business’s revenue was down 7.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Jack in the Box will post 6.29 earnings per share for the current fiscal year.

Jack in the Box Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Friday, August 30th will be given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date is Friday, August 30th. Jack in the Box’s dividend payout ratio is presently 30.99%.

Insider Transactions at Jack in the Box

In other news, CEO Darin S. Harris sold 598 shares of the company’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $51.64, for a total value of $30,880.72. Following the sale, the chief executive officer now directly owns 90,887 shares of the company’s stock, valued at approximately $4,693,404.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 800 shares of company stock valued at $41,514 in the last three months. 1.60% of the stock is currently owned by company insiders.

Institutional Trading of Jack in the Box

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Envestnet Asset Management Inc. grew its position in Jack in the Box by 6.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 98,975 shares of the restaurant operator’s stock valued at $5,042,000 after purchasing an additional 6,064 shares during the last quarter. Headlands Technologies LLC grew its position in Jack in the Box by 347.7% during the 2nd quarter. Headlands Technologies LLC now owns 6,349 shares of the restaurant operator’s stock valued at $323,000 after purchasing an additional 4,931 shares during the last quarter. Quest Partners LLC grew its position in Jack in the Box by 39.4% during the 2nd quarter. Quest Partners LLC now owns 14,095 shares of the restaurant operator’s stock valued at $718,000 after purchasing an additional 3,986 shares during the last quarter. Victory Capital Management Inc. grew its position in Jack in the Box by 261.5% during the 2nd quarter. Victory Capital Management Inc. now owns 557,667 shares of the restaurant operator’s stock valued at $28,408,000 after purchasing an additional 403,423 shares during the last quarter. Finally, Hussman Strategic Advisors Inc. purchased a new stake in Jack in the Box during the 2nd quarter valued at about $1,070,000. 99.79% of the stock is owned by hedge funds and other institutional investors.

About Jack in the Box

Jack in the Box Inc operates and franchises Jack in the Box and Del Taco quick-service restaurants in the United States. The company was founded in 1951 and is headquartered in San Diego, California.