211,403 Shares in Wingstop Inc. $WING Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 211,403 Wingstop shares worth approximately $36.7 million, representing about 0.78% of the company. Several other institutional investors also initiated or increased positions during the second quarter.
• Wingstop reported quarterly EPS of $1.18, beating estimates of $1.02, while revenue rose 6.5% year over year to $185.56 million, slightly below expectations.
• The company raised its quarterly dividend to $0.33 per share, or $1.32 annually, while analyst sentiment remained a “Moderate Buy” with an average price target of $236.44 despite the stock trading near $107.33.

Bank of America Corp DE bought a new position in shares of Wingstop Inc. (NASDAQ:WING - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 211,403 shares of the restaurant operator's stock, valued at approximately $36,659,000. Bank of America Corp DE owned approximately 0.78% of Wingstop as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. Allworth Financial LP bought a new position in Wingstop in the second quarter valued at approximately $34,000. Harbor Investment Advisory LLC acquired a new stake in shares of Wingstop in the 2nd quarter valued at $46,000. Global Retirement Partners LLC acquired a new stake in shares of Wingstop in the 2nd quarter valued at $62,000. GAMMA Investing LLC increased its stake in shares of Wingstop by 35.9% in the 2nd quarter. GAMMA Investing LLC now owns 382 shares of the restaurant operator's stock valued at $66,000 after purchasing an additional 101 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. bought a new position in shares of Wingstop in the 2nd quarter valued at $69,000.

Wingstop Price Performance

WING opened at $107.33 on Tuesday. Wingstop Inc. has a fifty-two week low of $100.13 and a fifty-two week high of $302.80. The firm has a market capitalization of $2.92 billion, a price-to-earnings ratio of 25.49, a PEG ratio of 1.24 and a beta of 1.79. The company's 50 day moving average price is $120.28 and its two-hundred day moving average price is $149.86.

Wingstop (NASDAQ:WING - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The restaurant operator reported $1.18 earnings per share for the quarter, beating analysts' consensus estimates of $1.02 by $0.16. Wingstop had a negative return on equity of 16.31% and a net margin of 16.15%.The business had revenue of $185.56 million during the quarter, compared to the consensus estimate of $190.25 million. During the same period in the prior year, the business posted $1.00 earnings per share. Wingstop's quarterly revenue was up 6.5% on a year-over-year basis. As a group, equities research analysts predict that Wingstop Inc. will post 4.5 EPS for the current year.

Wingstop Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Saturday, September 5th. Shareholders of record on Saturday, August 15th were given a dividend of $0.33 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a $1.32 annualized dividend and a dividend yield of 1.2%. This is an increase from Wingstop's previous quarterly dividend of $0.30. Wingstop's payout ratio is 31.35%.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Robert W. Baird raised Wingstop to a "strong-buy" rating in a research note on Monday, August 24th. Weiss Ratings cut shares of Wingstop from a "hold (c-)" rating to a "sell (d+)" rating in a report on Monday, August 17th. Citigroup restated a "buy" rating on shares of Wingstop in a research note on Thursday. Piper Sandler set a $173.00 price target on shares of Wingstop in a report on Wednesday, July 29th. Finally, TD Cowen lowered their price objective on shares of Wingstop from $160.00 to $120.00 and set a "hold" rating for the company in a research report on Friday, September 11th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Wingstop presently has an average rating of "Moderate Buy" and an average target price of $236.44.

Wingstop Profile

Wingstop Inc is a fast-casual restaurant company specializing in cooked-to-order chicken wings and tenders. Its menu also includes fries, seasoned fries, dipping sauces, and beverages, with offerings built around a range of signature flavors and sauces. The company primarily operates through a franchise-based model.

Wingstop was founded in 1994 in Garland, Texas, and has expanded from its original location into a global restaurant brand. Its restaurants serve customers across the United States and in international markets through a network of franchised and company-operated locations.

Wingstop became a publicly traded company in 2015.

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