Truist Financial Corp Sells 2,064 Shares of The Cheesecake Factory Incorporated (NASDAQ:CAKE)

Truist Financial Corp lowered its stake in The Cheesecake Factory Incorporated (NASDAQ:CAKE) by 17.9% in the 2nd quarter, Holdings Channel reports. The firm owned 9,462 shares of the restaurant operator’s stock after selling 2,064 shares during the quarter. Truist Financial Corp’s holdings in Cheesecake Factory were worth $372,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the stock. Earnest Partners LLC boosted its stake in Cheesecake Factory by 2.8% in the 2nd quarter. Earnest Partners LLC now owns 2,831,381 shares of the restaurant operator’s stock worth $111,245,000 after purchasing an additional 76,578 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Cheesecake Factory by 3.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,241,272 shares of the restaurant operator’s stock valued at $48,772,000 after acquiring an additional 43,128 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Cheesecake Factory by 31.1% during the 2nd quarter. American Century Companies Inc. now owns 942,694 shares of the restaurant operator’s stock valued at $37,038,000 after acquiring an additional 223,497 shares during the last quarter. William Blair Investment Management LLC boosted its position in shares of Cheesecake Factory by 8.0% during the 2nd quarter. William Blair Investment Management LLC now owns 819,328 shares of the restaurant operator’s stock valued at $32,191,000 after acquiring an additional 60,545 shares during the last quarter. Finally, Natixis Advisors LLC boosted its position in shares of Cheesecake Factory by 0.7% during the 2nd quarter. Natixis Advisors LLC now owns 530,497 shares of the restaurant operator’s stock valued at $20,843,000 after acquiring an additional 3,872 shares during the last quarter. Institutional investors own 94.48% of the company’s stock.

Cheesecake Factory Price Performance

Shares of Cheesecake Factory stock opened at $42.12 on Friday. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.43 and a quick ratio of 0.32. The business’s 50 day simple moving average is $38.97 and its two-hundred day simple moving average is $37.85. The stock has a market capitalization of $2.15 billion, a P/E ratio of 19.32, a price-to-earnings-growth ratio of 1.13 and a beta of 1.49. The Cheesecake Factory Incorporated has a one year low of $29.27 and a one year high of $42.82.

Cheesecake Factory (NASDAQ:CAKE) last announced its quarterly earnings results on Wednesday, July 31st. The restaurant operator reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.09. The business had revenue of $904.04 million for the quarter, compared to analysts’ expectations of $909.19 million. Cheesecake Factory had a return on equity of 43.62% and a net margin of 3.32%. The business’s quarterly revenue was up 4.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.88 EPS. Analysts forecast that The Cheesecake Factory Incorporated will post 3.21 EPS for the current year.

Cheesecake Factory Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Wednesday, August 14th were paid a $0.27 dividend. The ex-dividend date was Wednesday, August 14th. This represents a $1.08 dividend on an annualized basis and a yield of 2.56%. Cheesecake Factory’s dividend payout ratio (DPR) is currently 49.54%.

Analyst Ratings Changes

A number of analysts have recently issued reports on CAKE shares. Wells Fargo & Company lifted their price target on Cheesecake Factory from $36.00 to $38.00 and gave the company an “equal weight” rating in a research report on Thursday, August 1st. JPMorgan Chase & Co. dropped their price target on Cheesecake Factory from $40.00 to $38.00 and set an “underweight” rating for the company in a research report on Tuesday, August 6th. Wedbush reiterated an “outperform” rating and set a $45.00 price target on shares of Cheesecake Factory in a research report on Thursday, August 1st. Robert W. Baird raised their price objective on Cheesecake Factory from $37.00 to $40.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Finally, Citigroup raised their price objective on Cheesecake Factory from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, October 4th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Cheesecake Factory currently has a consensus rating of “Hold” and a consensus target price of $41.55.

About Cheesecake Factory

The Cheesecake Factory Incorporated operates and licenses restaurants in the United States and Canada. The company operates bakeries that produce cheesecakes and other baked products for its restaurants, international licensees, third-party bakery customers, external foodservice operators, retailers, and distributors.