Fifth Third Bancorp Acquires 28,849 Shares of Cracker Barrel Old Country Store, Inc. $CBRL

Key Points

• Fifth Third Bancorp increased its Cracker Barrel stake by 5,188.7% in the first quarter, purchasing 28,849 additional shares and bringing its total holdings to 29,405 shares worth approximately $827,000.
• Cracker Barrel reported quarterly earnings of $0.29 per share, beating the consensus estimate of a $0.45 loss, while revenue of $797.37 million also exceeded expectations despite declining 2.9% year over year.
• Analysts maintain a generally neutral outlook, with the stock receiving an average “Hold” rating and a $48.14 average price target. The company also declared a quarterly dividend of $0.25, equivalent to a 1.9% yield.

Fifth Third Bancorp raised its holdings in Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL - Free Report) by 5,188.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 29,405 shares of the restaurant operator's stock after purchasing an additional 28,849 shares during the quarter. Fifth Third Bancorp owned 0.13% of Cracker Barrel Old Country Store worth $827,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of CBRL. Newbridge Financial Services Group Inc. lifted its position in shares of Cracker Barrel Old Country Store by 16.6% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 2,808 shares of the restaurant operator's stock worth $71,000 after buying an additional 400 shares during the last quarter. Captrust Financial Advisors grew its position in Cracker Barrel Old Country Store by 8.4% in the second quarter. Captrust Financial Advisors now owns 6,690 shares of the restaurant operator's stock valued at $409,000 after acquiring an additional 519 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Cracker Barrel Old Country Store by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,138 shares of the restaurant operator's stock valued at $510,000 after acquiring an additional 546 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in Cracker Barrel Old Country Store during the second quarter worth about $37,000. Finally, Caitong International Asset Management Co. Ltd acquired a new position in Cracker Barrel Old Country Store during the third quarter worth about $26,000. Institutional investors own 96.01% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on CBRL shares. Weiss Ratings upgraded shares of Cracker Barrel Old Country Store from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, July 8th. Bank of America upped their price objective on shares of Cracker Barrel Old Country Store from $34.00 to $40.00 in a research report on Monday, June 15th. UBS Group increased their price objective on shares of Cracker Barrel Old Country Store from $31.00 to $37.00 and gave the company a "neutral" rating in a research note on Wednesday, June 10th. Wall Street Zen upgraded shares of Cracker Barrel Old Country Store from a "strong sell" rating to a "hold" rating in a research report on Saturday, June 13th. Finally, Benchmark restated a "hold" rating on shares of Cracker Barrel Old Country Store in a research report on Wednesday, June 10th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $48.14.

Cracker Barrel Old Country Store Stock Performance

Shares of CBRL stock opened at $53.71 on Monday. The business's 50-day moving average price is $44.21 and its 200-day moving average price is $35.24. Cracker Barrel Old Country Store, Inc. has a 12 month low of $24.85 and a 12 month high of $67.64. The firm has a market capitalization of $1.20 billion, a price-to-earnings ratio of 46.30 and a beta of 1.20. The company has a current ratio of 0.50, a quick ratio of 0.19 and a debt-to-equity ratio of 0.72.

Cracker Barrel Old Country Store (NASDAQ:CBRL - Get Free Report) last released its quarterly earnings results on Tuesday, June 9th. The restaurant operator reported $0.29 earnings per share for the quarter, topping the consensus estimate of ($0.45) by $0.74. The company had revenue of $797.37 million for the quarter, compared to analysts' expectations of $776.69 million. Cracker Barrel Old Country Store had a return on equity of 2.78% and a net margin of 0.79%.The business's quarterly revenue was down 2.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.56 earnings per share. Equities research analysts forecast that Cracker Barrel Old Country Store, Inc. will post -0.4 EPS for the current year.

Cracker Barrel Old Country Store Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 12th. Shareholders of record on Friday, July 17th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.9%. The ex-dividend date is Friday, July 17th. Cracker Barrel Old Country Store's dividend payout ratio is 86.21%.

Cracker Barrel Old Country Store Profile

Cracker Barrel Old Country Store, Inc operates a distinctive combination of country-themed restaurants and retail stores across the United States. Since its founding in 1969, the company has focused on providing a nostalgic dining experience reminiscent of Southern hospitality, serving breakfast, lunch and dinner with an emphasis on traditional comfort foods.

The restaurant segment offers an extensive menu featuring signature items such as buttermilk pancakes, country ham, biscuits and gravy, meatloaf and pot roast.

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