Fifth Third Bancorp Acquires 13,140 Shares of The Cheesecake Factory Incorporated $CAKE

Key Points

• Fifth Third Bancorp increased its Cheesecake Factory stake by 4,184.7% in the first quarter, acquiring 13,140 additional shares and bringing its holdings to 13,454 shares valued at approximately $737,000.
• Cheesecake Factory reported quarterly EPS of $1.05, surpassing estimates, while revenue rose 5.6% year over year to $978.83 million. Institutional investors own 94.48% of the company.
• CAKE shares opened at $87.03, near their 12-month high of $87.90, but analysts maintain a consensus “Hold” rating with an average price target of $70.00; insiders have also recently sold shares.

Fifth Third Bancorp boosted its holdings in The Cheesecake Factory Incorporated (NASDAQ:CAKE - Free Report) by 4,184.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,454 shares of the restaurant operator's stock after buying an additional 13,140 shares during the period. Fifth Third Bancorp's holdings in Cheesecake Factory were worth $737,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Sequoia Financial Advisors LLC acquired a new stake in shares of Cheesecake Factory in the first quarter worth $247,000. Money Concepts Capital Corp increased its position in Cheesecake Factory by 3.8% during the first quarter. Money Concepts Capital Corp now owns 5,802 shares of the restaurant operator's stock worth $318,000 after acquiring an additional 210 shares during the period. Abel Hall LLC raised its stake in Cheesecake Factory by 8.5% during the 1st quarter. Abel Hall LLC now owns 4,672 shares of the restaurant operator's stock valued at $256,000 after purchasing an additional 367 shares during the last quarter. Ascentis Independent Advisors acquired a new position in Cheesecake Factory during the 1st quarter valued at $65,000. Finally, Elevation Point Wealth Partners LLC bought a new stake in Cheesecake Factory in the 1st quarter valued at $719,000. 94.48% of the stock is currently owned by institutional investors and hedge funds.

Cheesecake Factory Price Performance

Shares of Cheesecake Factory stock opened at $87.03 on Tuesday. The firm has a market cap of $4.32 billion, a P/E ratio of 25.45, a price-to-earnings-growth ratio of 1.98 and a beta of 1.01. The firm's 50-day simple moving average is $74.55 and its 200-day simple moving average is $65.05. The Cheesecake Factory Incorporated has a twelve month low of $43.07 and a twelve month high of $87.90. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.53 and a current ratio of 0.59.

Cheesecake Factory (NASDAQ:CAKE - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The restaurant operator reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.02. The firm had revenue of $978.83 million during the quarter, compared to analyst estimates of $964.57 million. Cheesecake Factory had a net margin of 4.34% and a return on equity of 43.74%. The company's quarterly revenue was up 5.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.93 earnings per share. As a group, research analysts expect that The Cheesecake Factory Incorporated will post 4.03 EPS for the current fiscal year.

Insider Activity at Cheesecake Factory

In other news, Director Alexander L. Cappello sold 2,490 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $64.90, for a total value of $161,601.00. Following the completion of the transaction, the director directly owned 6,171 shares of the company's stock, valued at approximately $400,497.90. This represents a 28.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman David Overton sold 104,000 shares of the firm's stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $61.02, for a total value of $6,346,080.00. Following the transaction, the chairman owned 3,079,779 shares of the company's stock, valued at $187,928,114.58. This trade represents a 3.27% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 8.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CAKE. Robert W. Baird set a $65.00 price target on shares of Cheesecake Factory in a research report on Thursday, April 30th. Oppenheimer increased their target price on shares of Cheesecake Factory from $72.00 to $91.00 and gave the company an "outperform" rating in a research note on Monday. JPMorgan Chase & Co. upgraded shares of Cheesecake Factory from an "underweight" rating to a "neutral" rating and increased their target price for the company from $58.00 to $68.00 in a research note on Thursday, May 14th. Barclays lifted their target price on Cheesecake Factory from $58.00 to $60.00 and gave the stock an "underweight" rating in a research report on Thursday, April 30th. Finally, Northcoast Research lowered Cheesecake Factory from a "buy" rating to a "neutral" rating in a research note on Monday, June 15th. Five equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, Cheesecake Factory currently has a consensus rating of "Hold" and an average target price of $70.00.

Cheesecake Factory Profile

The Cheesecake Factory Incorporated NASDAQ: CAKE is an American restaurant company and distributor renowned for its full-service casual-dining concept and specialty cheesecakes. Headquartered in Calabasas Hills, California, the company operates more than 200 restaurants under The Cheesecake Factory® brand across the United States, Puerto Rico and select international markets. In addition to sit-down dining, Cheesecake Factory franchised locations offer catering and take-out services, while a separate manufacturing arm supplies branded cheesecakes and desserts to supermarkets, hotels and other foodservice operators.

The origins of the brand trace back to a small cheesecake bakery founded in Detroit in the 1940s.

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