Bank of America Corp DE Acquires 137,511 Shares of BJ's Restaurants, Inc. $BJRI

Key Points

• Bank of America increased its BJ’s Restaurants stake by 73.5% in the first quarter, purchasing 137,511 additional shares and bringing its holdings to 324,588 shares valued at approximately $11.4 million.
• Institutional investors and hedge funds own 99.95% of BJRI, while company insiders sold 131,601 shares worth $8.0 million during the most recent quarter.
• BJRI reported quarterly EPS of $0.94, exceeding estimates of $0.90, while revenue rose 6.4% year over year to $388.9 million. Despite a $66.76 share price, analysts maintain a consensus “Hold” rating with an average price target of $56.88.

Bank of America Corp DE increased its holdings in BJ's Restaurants, Inc. (NASDAQ:BJRI - Free Report) by 73.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 324,588 shares of the restaurant operator's stock after purchasing an additional 137,511 shares during the period. Bank of America Corp DE owned approximately 1.54% of BJ's Restaurants worth $11,393,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of BJRI. CWM LLC raised its holdings in BJ's Restaurants by 187.7% in the 4th quarter. CWM LLC now owns 699 shares of the restaurant operator's stock worth $28,000 after acquiring an additional 456 shares during the period. Quarry LP increased its stake in shares of BJ's Restaurants by 1,618.3% in the third quarter. Quarry LP now owns 1,031 shares of the restaurant operator's stock worth $31,000 after purchasing an additional 971 shares during the period. Kemnay Advisory Services Inc. bought a new position in shares of BJ's Restaurants in the fourth quarter worth about $63,000. US Bancorp DE lifted its position in shares of BJ's Restaurants by 14.5% during the 3rd quarter. US Bancorp DE now owns 3,305 shares of the restaurant operator's stock worth $101,000 after purchasing an additional 418 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its position in shares of BJ's Restaurants by 77.5% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,317 shares of the restaurant operator's stock worth $103,000 after purchasing an additional 1,012 shares during the last quarter. 99.95% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Kendra D. Miller sold 19,261 shares of the stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $55.60, for a total transaction of $1,070,911.60. Following the sale, the executive vice president directly owned 28,599 shares in the company, valued at $1,590,104.40. This represents a 40.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Gregory S. Lynds sold 25,350 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $67.47, for a total value of $1,710,364.50. Following the sale, the executive vice president owned 46,474 shares in the company, valued at $3,135,600.78. The trade was a 35.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 131,601 shares of company stock valued at $8,033,014 over the last quarter. 2.40% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

BJRI has been the topic of a number of research reports. William Blair raised shares of BJ's Restaurants from a "market perform" rating to an "outperform" rating in a research report on Friday, July 17th. Barclays reduced their price target on shares of BJ's Restaurants from $42.00 to $38.00 and set an "underweight" rating for the company in a report on Wednesday, May 6th. DA Davidson set a $65.00 price target on shares of BJ's Restaurants in a research report on Friday, July 31st. Benchmark boosted their price objective on shares of BJ's Restaurants from $68.00 to $80.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Finally, Mizuho set a $74.00 price objective on shares of BJ's Restaurants in a research report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $56.88.

BJ's Restaurants Stock Up 3.9%

Shares of NASDAQ:BJRI opened at $66.76 on Friday. BJ's Restaurants, Inc. has a 52 week low of $28.46 and a 52 week high of $74.60. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.22 and a current ratio of 0.29. The company's fifty day moving average is $63.10 and its 200-day moving average is $48.11. The company has a market capitalization of $1.42 billion, a PE ratio of 35.70, a P/E/G ratio of 2.01 and a beta of 1.32.

BJ's Restaurants (NASDAQ:BJRI - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The restaurant operator reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.04. The firm had revenue of $388.89 million during the quarter, compared to the consensus estimate of $377.07 million. BJ's Restaurants had a net margin of 2.86% and a return on equity of 12.93%. The firm's quarterly revenue was up 6.4% on a year-over-year basis. During the same period last year, the firm posted $0.97 EPS. Equities research analysts predict that BJ's Restaurants, Inc. will post 2.37 earnings per share for the current fiscal year.

BJ's Restaurants Company Profile

BJ's Restaurants, Inc is a publicly traded casual dining chain known for its deep‐dish pizzas, California‐style thin crust offerings and in‐house craft beer selections. Operating under the BJ's Restaurant & Brewhouse brand, the company combines a microbrewery concept with full‐service dining, offering an extensive menu that includes appetizers, salads, pasta dishes, sandwiches and the signature Pizookie dessert.

Founded in 1978 in Orange County, California, BJ's Restaurants began as BJ's Chicago Pizzeria, bringing a Chicago‐style pizza experience to the West Coast.

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