Bank of America Corp DE Takes $113.99 Million Position in Texas Roadhouse, Inc. $TXRH

Key Points

• Bank of America initiated a $113.99 million position in Texas Roadhouse during the second quarter, acquiring 589,933 shares, or approximately 0.90% of the company. Institutional investors collectively own 94.82% of TXRH.
• Texas Roadhouse exceeded quarterly expectations, reporting $1.85 in EPS and $1.68 billion in revenue, with sales up 11.1% year over year. The company also declared a quarterly dividend of $0.75, representing a 1.8% yield.
• Analyst sentiment remains positive, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $209.40, although insiders sold roughly $4.14 million of shares during the latest quarter.

Bank of America Corp DE purchased a new position in shares of Texas Roadhouse, Inc. (NASDAQ:TXRH - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 589,933 shares of the restaurant operator's stock, valued at approximately $113,993,000. Bank of America Corp DE owned about 0.90% of Texas Roadhouse as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of Texas Roadhouse in the 2nd quarter valued at about $1,273,173,000. Norges Bank bought a new position in Texas Roadhouse in the fourth quarter worth about $145,734,000. Park Presidio Capital LLC acquired a new position in Texas Roadhouse in the second quarter valued at approximately $102,977,000. Bank of New York Mellon Corp acquired a new position in Texas Roadhouse in the second quarter valued at approximately $95,158,000. Finally, Capital World Investors grew its holdings in shares of Texas Roadhouse by 13.4% during the fourth quarter. Capital World Investors now owns 2,537,290 shares of the restaurant operator's stock valued at $421,190,000 after purchasing an additional 300,405 shares during the last quarter. 94.82% of the stock is owned by institutional investors.

Texas Roadhouse Trading Up 0.5%

NASDAQ:TXRH opened at $167.56 on Friday. Texas Roadhouse, Inc. has a 12 month low of $153.82 and a 12 month high of $216.30. The company's 50 day moving average is $196.07 and its 200-day moving average is $180.66. The company has a quick ratio of 0.39, a current ratio of 0.46 and a debt-to-equity ratio of 0.03. The firm has a market cap of $11.00 billion, a price-to-earnings ratio of 26.81, a P/E/G ratio of 1.65 and a beta of 0.78.

Texas Roadhouse (NASDAQ:TXRH - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The restaurant operator reported $1.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.83 by $0.02. The company had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.67 billion. Texas Roadhouse had a return on equity of 27.20% and a net margin of 6.63%.The firm's revenue was up 11.1% compared to the same quarter last year. During the same period last year, the business posted $1.86 earnings per share. Equities analysts anticipate that Texas Roadhouse, Inc. will post 6.64 EPS for the current year.

Texas Roadhouse Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 1st will be paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Tuesday, September 1st. Texas Roadhouse's dividend payout ratio (DPR) is presently 48.00%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on TXRH shares. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $235.00 price objective on shares of Texas Roadhouse in a research note on Monday, August 3rd. Stephens boosted their target price on shares of Texas Roadhouse from $180.00 to $205.00 and gave the company an "equal weight" rating in a research note on Friday, August 7th. Piper Sandler upped their target price on shares of Texas Roadhouse from $192.00 to $208.00 and gave the stock a "neutral" rating in a research report on Monday, August 10th. Robert W. Baird raised Texas Roadhouse to a "strong-buy" rating in a report on Monday, August 24th. Finally, TD Cowen lifted their price target on Texas Roadhouse from $205.00 to $230.00 and gave the company a "buy" rating in a report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $209.40.

Insider Buying and Selling at Texas Roadhouse

In related news, Director Donna E. Epps sold 820 shares of the firm's stock in a transaction on Monday, August 17th. The stock was sold at an average price of $206.56, for a total value of $169,379.20. Following the completion of the transaction, the director directly owned 4,042 shares of the company's stock, valued at $834,915.52. This trade represents a 16.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Lloyd Marshall sold 500 shares of Texas Roadhouse stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $204.65, for a total transaction of $102,325.00. Following the sale, the insider owned 9,826 shares in the company, valued at $2,010,890.90. This represents a 4.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 20,396 shares of company stock valued at $4,143,825 over the last quarter. Company insiders own 0.50% of the company's stock.

About Texas Roadhouse

Texas Roadhouse, Inc is a casual-dining restaurant company that operates and franchises restaurants under the Texas Roadhouse, Bubba's 33 and Jaggers brands. Its restaurants are known for hand-cut steaks, ribs, chicken, burgers and other American-style meals, along with made-from-scratch sides and fresh-baked bread.

Texas Roadhouse restaurants generally emphasize a relaxed, family-friendly atmosphere and an experience centered on affordable, high-quality food. The company's concepts include Texas Roadhouse steakhouses, Bubba's 33 sports-themed restaurants and Jaggers fast-casual locations focused on burgers, chicken and fries.

Founded in 1993, Texas Roadhouse has expanded through a combination of company-operated and franchised restaurants.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.