Bank of New York Mellon Corp Buys 1,946,084 Shares of First Watch Restaurant Group, Inc. $FWRG

Key Points

• Bank of New York Mellon nearly doubled its First Watch Restaurant Group stake in the first quarter, buying 1.95 million additional shares and bringing its total holding to 3.96 million shares worth about $41.5 million.
• Several other institutional investors also increased or initiated positions, and institutional ownership now stands at 96.11% of the company’s stock.
• First Watch reported revenue growth of 17.3% year over year in its latest quarter, but earnings missed estimates with EPS of -$0.04 versus the expected -$0.02; analysts currently rate the stock Moderate Buy with a consensus price target of $18.78.

Bank of New York Mellon Corp lifted its stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 96.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,957,697 shares of the company's stock after purchasing an additional 1,946,084 shares during the period. Bank of New York Mellon Corp owned 6.42% of First Watch Restaurant Group worth $41,477,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Woodline Partners LP purchased a new stake in First Watch Restaurant Group in the 3rd quarter worth about $20,318,000. Riverbridge Partners LLC raised its position in shares of First Watch Restaurant Group by 90.8% in the first quarter. Riverbridge Partners LLC now owns 2,091,700 shares of the company's stock valued at $21,921,000 after purchasing an additional 995,671 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of First Watch Restaurant Group by 51.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,335,883 shares of the company's stock valued at $37,468,000 after buying an additional 796,191 shares in the last quarter. Hodges Capital Management Inc. lifted its stake in shares of First Watch Restaurant Group by 113.7% during the 1st quarter. Hodges Capital Management Inc. now owns 1,481,777 shares of the company's stock valued at $15,529,000 after buying an additional 788,436 shares in the last quarter. Finally, Balyasny Asset Management L.P. boosted its holdings in First Watch Restaurant Group by 2,796.3% in the 3rd quarter. Balyasny Asset Management L.P. now owns 813,051 shares of the company's stock worth $12,716,000 after buying an additional 784,979 shares during the period. Institutional investors own 96.11% of the company's stock.

First Watch Restaurant Group Stock Performance

NASDAQ FWRG opened at $12.12 on Friday. First Watch Restaurant Group, Inc. has a 1 year low of $9.97 and a 1 year high of $19.53. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.29 and a quick ratio of 0.25. The stock has a market capitalization of $747.20 million, a PE ratio of 43.29, a P/E/G ratio of 7.18 and a beta of 1.03. The company's 50 day simple moving average is $11.82 and its two-hundred day simple moving average is $13.00.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.02). The firm had revenue of $330.96 million during the quarter, compared to the consensus estimate of $329.35 million. First Watch Restaurant Group had a net margin of 1.38% and a return on equity of 2.85%. The firm's revenue for the quarter was up 17.3% on a year-over-year basis. During the same period in the previous year, the business earned ($0.01) earnings per share. Analysts predict that First Watch Restaurant Group, Inc. will post 0.2 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on FWRG shares. Stifel Nicolaus set a $14.00 target price on shares of First Watch Restaurant Group in a report on Tuesday, May 5th. DA Davidson reaffirmed a "buy" rating and issued a $17.00 price target on shares of First Watch Restaurant Group in a report on Tuesday, April 28th. Weiss Ratings cut First Watch Restaurant Group from a "sell (d+)" rating to a "sell (d)" rating in a research report on Monday, May 11th. Benchmark decreased their price objective on First Watch Restaurant Group from $24.00 to $22.00 and set a "buy" rating on the stock in a research note on Monday, April 20th. Finally, Wall Street Zen cut First Watch Restaurant Group from a "sell" rating to a "strong sell" rating in a report on Saturday, July 18th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $18.78.

First Watch Restaurant Group Profile

First Watch Restaurant Group, Inc NASDAQ: FWRG operates a specialty daytime dining concept focused on breakfast, brunch and lunch. The company's casual, full-service cafés emphasize fresh ingredients, made-to-order entrées and a seasonally driven menu that ranges from omelets and Benedicts to salads, skillets and afternoon sandwiches. First Watch positions itself as a daytime-only destination, with most locations opening early morning and closing by mid-afternoon.

Founded in 1983 by Ken Pendery and John Sullivan in Pacific Grove, California, First Watch began as a single café and gradually expanded through company-owned and select franchised locations.

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