PNC Financial Services Group Inc. Acquires 8,413 Shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

PNC Financial Services Group Inc. increased its holdings in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 107.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,235 shares of the company’s stock after acquiring an additional 8,413 shares during the period. PNC Financial Services Group Inc.’s holdings in First Watch Restaurant Group were worth $302,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Assetmark Inc. lifted its stake in shares of First Watch Restaurant Group by 68.7% in the fourth quarter. Assetmark Inc. now owns 2,455 shares of the company’s stock worth $46,000 after buying an additional 1,000 shares in the last quarter. Venturi Wealth Management LLC bought a new position in shares of First Watch Restaurant Group in the fourth quarter worth approximately $81,000. XTX Topco Ltd bought a new position in shares of First Watch Restaurant Group in the third quarter worth approximately $157,000. Oppenheimer Asset Management Inc. bought a new position in shares of First Watch Restaurant Group in the fourth quarter worth approximately $204,000. Finally, Commerce Bank bought a new position in shares of First Watch Restaurant Group in the third quarter worth approximately $208,000. Institutional investors own 96.11% of the company’s stock.

First Watch Restaurant Group Stock Down 3.0 %

Shares of FWRG stock opened at $16.34 on Friday. First Watch Restaurant Group, Inc. has a 12 month low of $12.90 and a 12 month high of $25.98. The stock has a market cap of $991.84 million, a P/E ratio of 49.52, a P/E/G ratio of 3.38 and a beta of 0.91. The company has a current ratio of 0.54, a quick ratio of 0.51 and a debt-to-equity ratio of 0.32. The company has a 50 day simple moving average of $19.48 and a two-hundred day simple moving average of $18.10.

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

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. 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 research note on Tuesday, March 11th. Sanford C. Bernstein set a $21.00 target price on shares of First Watch Restaurant Group in a research note on Tuesday, March 11th. Benchmark reiterated a “buy” rating on shares of First Watch Restaurant Group in a research note on Wednesday, March 12th. Bank of America boosted their price objective 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. Finally, Stephens reissued an “overweight” rating and set a $24.00 price objective on shares of First Watch Restaurant Group in a report on Thursday. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $22.27.

Insider Buying and Selling at First Watch Restaurant Group

In other news, insider Jay Anthony Wolszczak sold 5,743 shares of the stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $16.81, for a total value of $96,539.83. Following the completion of the sale, the insider now directly owns 37,768 shares of the company’s stock, valued at $634,880.08. This represents a 13.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Christopher Anthony Tomasso sold 42,039 shares of the stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total transaction of $706,675.59. Following the completion of the sale, the chief executive officer now directly owns 389,832 shares of the company’s stock, valued at approximately $6,553,075.92. This trade represents a 9.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.00% of the stock is 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.