First Watch Restaurant Group, Inc. $FWRG Stock Holdings Increased by Bank of America Corp DE

Bank of America Corp DE raised its position in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 76.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,052,426 shares of the company's stock after buying an additional 456,976 shares during the quarter. Bank of America Corp DE owned about 1.71% of First Watch Restaurant Group worth $11,029,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in FWRG. California State Teachers Retirement System raised its position in shares of First Watch Restaurant Group by 67.9% during the 1st quarter. California State Teachers Retirement System now owns 77,373 shares of the company's stock valued at $811,000 after acquiring an additional 31,281 shares in the last quarter. Royal Bank of Canada boosted its holdings in First Watch Restaurant Group by 35.2% in the first quarter. Royal Bank of Canada now owns 48,381 shares of the company's stock worth $506,000 after purchasing an additional 12,598 shares during the period. Empowered Funds LLC bought a new stake in First Watch Restaurant Group during the first quarter valued at $1,746,000. The Manufacturers Life Insurance Company increased its stake in First Watch Restaurant Group by 81.4% during the first quarter. The Manufacturers Life Insurance Company now owns 3,357,950 shares of the company's stock valued at $35,191,000 after purchasing an additional 1,507,074 shares during the last quarter. Finally, Quantinno Capital Management LP raised its holdings in shares of First Watch Restaurant Group by 1,448.5% during the first quarter. Quantinno Capital Management LP now owns 183,171 shares of the company's stock worth $1,920,000 after purchasing an additional 171,342 shares during the period. Institutional investors and hedge funds own 96.11% of the company's stock.

First Watch Restaurant Group Stock Performance

NASDAQ FWRG opened at $13.03 on Monday. The firm's 50 day moving average price is $12.44 and its two-hundred day moving average price is $12.47. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.22 and a current ratio of 0.27. First Watch Restaurant Group, Inc. has a twelve month low of $9.97 and a twelve month high of $19.53. The stock has a market cap of $804.08 million, a price-to-earnings ratio of 44.93, a PEG ratio of 21.72 and a beta of 1.03.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.05 by ($0.01). First Watch Restaurant Group had a net margin of 1.35% and a return on equity of 2.85%. The business had revenue of $354.67 million during the quarter, compared to analysts' expectations of $351.57 million. During the same quarter in the previous year, the company earned $0.03 EPS. First Watch Restaurant Group's revenue for the quarter was up 15.2% on a year-over-year basis. Equities analysts anticipate that First Watch Restaurant Group, Inc. will post 0.15 EPS for the current year.

Analysts Set New Price Targets

FWRG has been the topic of several analyst reports. Freedom Capital raised First Watch Restaurant Group to a "strong-buy" rating in a research report on Wednesday, July 1st. Stifel Nicolaus set a $14.00 target price on First Watch Restaurant Group in a research report on Tuesday, May 5th. Guggenheim cut their price target on shares of First Watch Restaurant Group from $21.00 to $20.00 and set a "buy" rating for the company in a report on Friday, August 7th. Wall Street Zen raised First Watch Restaurant Group from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 8th. Finally, Weiss Ratings upgraded First Watch Restaurant Group from a "sell (d)" rating to a "sell (d+)" rating in a report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $18.56.

First Watch Restaurant Group Company 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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