M&T Bank Corp Buys Shares of 32,887 First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

M&T Bank Corp acquired a new position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) during the third quarter, HoldingsChannel.com reports. The institutional investor acquired 32,887 shares of the company’s stock, valued at approximately $514,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Rocky Mountain Advisers LLC increased its stake in First Watch Restaurant Group by 180.1% during the 3rd quarter. Rocky Mountain Advisers LLC now owns 6,610 shares of the company’s stock valued at $103,000 after buying an additional 4,250 shares during the period. SG Americas Securities LLC bought a new position in First Watch Restaurant Group during the third quarter valued at about $119,000. XTX Topco Ltd acquired a new position in First Watch Restaurant Group during the third quarter worth about $157,000. Versor Investments LP bought a new stake in First Watch Restaurant Group in the third quarter worth about $201,000. Finally, Commerce Bank acquired a new stake in First Watch Restaurant Group in the 3rd quarter valued at about $208,000. Institutional investors own 96.11% of the company’s stock.

Insider Activity

In related news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of the stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $19.76, for a total value of $158,080,000.00. Following the transaction, the insider now owns 19,189,784 shares in the company, valued at approximately $379,190,131.84. This represents a 29.42 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 5.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

FWRG has been the subject of several recent research reports. Piper Sandler increased their target price on shares of First Watch Restaurant Group from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Stephens lifted their target price on First Watch Restaurant Group from $20.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Raymond James upped their target price on First Watch Restaurant Group from $22.00 to $25.00 and gave the company a “strong-buy” rating in a report on Friday, November 8th. TD Cowen lifted their price target on First Watch Restaurant Group from $18.00 to $21.00 and gave the stock a “hold” rating in a research note on Friday, November 8th. Finally, Barclays boosted their price objective on First Watch Restaurant Group from $18.00 to $22.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $23.30.

First Watch Restaurant Group Trading Down 1.5 %

NASDAQ:FWRG opened at $19.54 on Wednesday. The stock has a market cap of $1.18 billion, a PE ratio of 59.21, a price-to-earnings-growth ratio of 5.77 and a beta of 0.89. First Watch Restaurant Group, Inc. has a fifty-two week low of $12.90 and a fifty-two week 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. The stock’s 50-day moving average is $17.91 and its two-hundred day moving average is $16.89.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.02). The company had revenue of $251.61 million for the quarter, compared to analysts’ expectations of $256.17 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The business’s revenue for the quarter was up 14.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.09 earnings per share. As a group, equities research analysts forecast that First Watch Restaurant Group, Inc. will post 0.31 earnings per share for the current fiscal year.

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.