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

Bank of New York Mellon Corp raised its holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 2.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 78,621 shares of the company’s stock after purchasing an additional 2,033 shares during the period. Bank of New York Mellon Corp owned approximately 0.13% of First Watch Restaurant Group worth $1,463,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Venturi Wealth Management LLC bought a new stake in First Watch Restaurant Group in the 4th quarter valued at about $81,000. XTX Topco Ltd bought a new stake in First Watch Restaurant Group in the 3rd quarter valued at about $157,000. Commerce Bank bought a new stake in First Watch Restaurant Group in the 3rd quarter valued at about $208,000. Walleye Capital LLC bought a new stake in First Watch Restaurant Group in the 3rd quarter valued at about $215,000. Finally, SRH Advisors LLC boosted its holdings in First Watch Restaurant Group by 84.3% in the 4th quarter. SRH Advisors LLC now owns 12,185 shares of the company’s stock valued at $227,000 after purchasing an additional 5,575 shares during the period. Institutional investors own 96.11% of the company’s stock.

First Watch Restaurant Group Price Performance

FWRG stock opened at $16.34 on Friday. The company has a 50 day simple moving average of $19.48 and a 200 day simple moving average of $18.12. The stock has a market cap of $991.84 million, a price-to-earnings ratio of 49.52, a P/E/G ratio of 3.38 and a beta of 0.91. First Watch Restaurant Group, Inc. has a 1 year low of $12.90 and a 1 year high of $25.98. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.54 and a quick ratio of 0.51.

First Watch Restaurant Group (NASDAQ:FWRG) last released 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 analyst estimates of $262.82 million. During the same quarter in the prior year, the company earned $0.04 earnings per share. First Watch Restaurant Group’s revenue for the quarter was up 7.6% compared to the same quarter last year. Research analysts anticipate that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current fiscal year.

Insider Buying and Selling at First Watch Restaurant Group

In other news, insider Jay Anthony Wolszczak sold 5,743 shares of the company’s 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 sale, the insider now directly owns 37,768 shares of the company’s stock, valued at approximately $634,880.08. This represents a 13.20 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Christopher Anthony Tomasso sold 42,039 shares of the company’s stock in a transaction on Wednesday, March 12th. The shares were 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 in the company, valued at approximately $6,553,075.92. This represents a 9.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 5.00% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on FWRG shares. Barclays restated an “overweight” rating and issued a $21.00 target price (down from $24.00) on shares of First Watch Restaurant Group in a research report on Tuesday, March 11th. TD Securities restated a “hold” rating and issued a $21.00 target price on shares of First Watch Restaurant Group in a research report on Wednesday, March 12th. Benchmark restated a “buy” rating on shares of First Watch Restaurant Group in a research report on Wednesday, March 12th. Bank of America boosted 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 research report on Wednesday, March 12th. Finally, Stephens restated an “overweight” rating and issued a $24.00 target price on shares of First Watch Restaurant Group in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $22.27.

About First Watch Restaurant Group

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.