Bank of New York Mellon Corp Buys 2,033 Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Bank of New York Mellon Corp increased its stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 2.7% during the 4th quarter, Holdings Channel reports. The fund owned 78,621 shares of the company’s stock after acquiring an additional 2,033 shares during the period. Bank of New York Mellon Corp’s holdings in First Watch Restaurant Group were worth $1,463,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of FWRG. B. Metzler seel. Sohn & Co. Holding AG bought a new position in First Watch Restaurant Group during the third quarter worth $1,566,000. Commerce Bank bought a new position in First Watch Restaurant Group during the third quarter worth $208,000. Charles Schwab Investment Management Inc. lifted its stake in shares of First Watch Restaurant Group by 21.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 251,403 shares of the company’s stock valued at $3,922,000 after buying an additional 45,119 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of First Watch Restaurant Group in the third quarter valued at $342,000. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of First Watch Restaurant Group by 14.4% in the third quarter. The Manufacturers Life Insurance Company now owns 1,533,290 shares of the company’s stock valued at $23,919,000 after buying an additional 192,471 shares in the last quarter. 96.11% of the stock is owned by institutional investors.

First Watch Restaurant Group Stock Performance

NASDAQ FWRG opened at $16.34 on Friday. First Watch Restaurant Group, Inc. has a 52-week low of $12.90 and a 52-week high of $25.98. The company has a 50-day simple moving average of $19.48 and a 200 day simple moving average of $18.12. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.51 and a current ratio of 0.54. The company has a market capitalization of $991.84 million, a PE ratio of 49.52, a price-to-earnings-growth ratio of 3.38 and a beta of 0.91.

First Watch Restaurant Group (NASDAQ:FWRG) last posted its quarterly earnings data on Tuesday, March 11th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.01). First Watch Restaurant Group had a return on equity of 3.61% and a net margin of 2.09%. The company had revenue of $263.30 million for the quarter, compared to analysts’ expectations of $262.82 million. During the same quarter last year, the business posted $0.04 EPS. The business’s quarterly revenue was up 7.6% on a year-over-year basis. On average, research analysts predict that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have weighed in on FWRG. Sanford C. Bernstein set a $21.00 price objective on shares of First Watch Restaurant Group in a research note on Tuesday, March 11th. Stephens reaffirmed an “overweight” rating and issued a $24.00 price objective on shares of First Watch Restaurant Group in a research note on Thursday. Bank of America increased their target price on shares of First Watch Restaurant Group from $27.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday, March 12th. Barclays reiterated an “overweight” rating and issued a $21.00 target price (down previously from $24.00) on shares of First Watch Restaurant Group in a report on Tuesday, March 11th. Finally, TD Securities reiterated a “hold” rating and issued a $21.00 target price on shares of First Watch Restaurant Group in a report on Wednesday, March 12th. Three equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, First Watch Restaurant Group has a consensus rating of “Moderate Buy” and an average price target of $22.27.

Insider Buying and Selling

In other First Watch Restaurant Group news, insider Jay Anthony Wolszczak sold 5,743 shares of the stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $16.81, for a total transaction of $96,539.83. Following the completion of the transaction, the insider now owns 37,768 shares in the company, valued at $634,880.08. This trade represents a 13.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Christopher Anthony Tomasso sold 42,039 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total transaction of $706,675.59. Following the transaction, the chief executive officer now owns 389,832 shares of the company’s stock, valued at $6,553,075.92. This represents a 9.73 % decrease in their position. The disclosure for this sale can be found here. 5.00% of the stock is currently owned by corporate insiders.

First Watch Restaurant Group Company Profile

First Watch Restaurant Group, Inc, through its subsidiaries, operates and franchises restaurants under the First Watch trade name in the United States. The company was formerly known as AI Fresh Super Holdco, Inc and changed its name to First Watch Restaurant Group, Inc in December 2019. First Watch Restaurant Group, Inc was founded in 1983 and is based in Bradenton, Florida.