Truist Financial Corp Trims Stock Position in Texas Roadhouse, Inc. $TXRH

Key Points

• Truist Financial Corp cut its Texas Roadhouse stake by 49.6% in the fourth quarter, though it still held 21,342 shares valued at about $3.54 million.
• Insider selling has been notable, with President Regina A. Tobin and Director Gregory N. Moore among those selling shares; insiders sold 12,988 shares worth roughly $2.22 million over the last 90 days.
• Texas Roadhouse reported better-than-expected earnings of $1.87 per share and announced a quarterly dividend of $0.75 per share, while analysts currently rate the stock a consensus Hold with a $193.82 target price.

Truist Financial Corp cut its holdings in shares of Texas Roadhouse, Inc. (NASDAQ:TXRH - Free Report) by 49.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 21,342 shares of the restaurant operator's stock after selling 21,041 shares during the period. Truist Financial Corp's holdings in Texas Roadhouse were worth $3,543,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Capital World Investors lifted its holdings in shares of Texas Roadhouse by 580.2% in the 3rd quarter. Capital World Investors now owns 2,236,885 shares of the restaurant operator's stock valued at $371,658,000 after buying an additional 1,908,033 shares during the period. Balyasny Asset Management L.P. acquired a new stake in Texas Roadhouse during the third quarter worth about $157,310,000. Victory Capital Management Inc. raised its position in Texas Roadhouse by 770.6% during the third quarter. Victory Capital Management Inc. now owns 972,251 shares of the restaurant operator's stock valued at $161,540,000 after acquiring an additional 860,571 shares in the last quarter. Steadfast Capital Management LP raised its position in Texas Roadhouse by 99.2% during the third quarter. Steadfast Capital Management LP now owns 1,275,648 shares of the restaurant operator's stock valued at $211,949,000 after acquiring an additional 635,178 shares in the last quarter. Finally, UBS Group AG lifted its holdings in Texas Roadhouse by 60.4% in the fourth quarter. UBS Group AG now owns 1,387,454 shares of the restaurant operator's stock valued at $230,317,000 after acquiring an additional 522,509 shares during the period. 94.82% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Texas Roadhouse news, President Regina A. Tobin sold 4,450 shares of the business's stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $171.00, for a total value of $760,950.00. Following the transaction, the president directly owned 13,778 shares in the company, valued at $2,356,038. The trade was a 24.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Gregory N. Moore sold 1,700 shares of the stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $171.59, for a total transaction of $291,703.00. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 12,988 shares of company stock worth $2,218,144. Insiders own 0.50% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Wells Fargo & Company dropped their price objective on shares of Texas Roadhouse from $220.00 to $200.00 and set an "overweight" rating on the stock in a research note on Thursday, April 16th. BTIG Research reiterated a "buy" rating and issued a $200.00 target price on shares of Texas Roadhouse in a research note on Friday, February 20th. Citigroup dropped their price target on shares of Texas Roadhouse from $176.00 to $174.00 and set a "neutral" rating on the stock in a research report on Friday. Wall Street Zen upgraded shares of Texas Roadhouse from a "sell" rating to a "hold" rating in a research report on Sunday. Finally, KeyCorp reissued a "sector weight" rating on shares of Texas Roadhouse in a research note on Friday, February 20th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and fifteen have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $193.82.

Texas Roadhouse Stock Performance

Texas Roadhouse stock opened at $183.54 on Tuesday. The company's fifty day moving average price is $166.71 and its 200 day moving average price is $172.67. The stock has a market capitalization of $12.10 billion, a P/E ratio of 29.32, a P/E/G ratio of 2.03 and a beta of 0.77. Texas Roadhouse, Inc. has a 1 year low of $153.82 and a 1 year high of $199.99.

Texas Roadhouse (NASDAQ:TXRH - Get Free Report) last released its earnings results on Thursday, May 7th. The restaurant operator reported $1.87 EPS for the quarter, topping analysts' consensus estimates of $1.80 by $0.07. The business had revenue of $1.63 billion during the quarter, compared to analysts' expectations of $1.64 billion. Texas Roadhouse had a net margin of 6.85% and a return on equity of 27.86%. The company's quarterly revenue was up 10.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.70 earnings per share. Sell-side analysts predict that Texas Roadhouse, Inc. will post 6.33 EPS for the current year.

Texas Roadhouse Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 2nd will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Tuesday, June 2nd. This represents a $3.00 annualized dividend and a dividend yield of 1.6%. Texas Roadhouse's payout ratio is presently 47.92%.

Texas Roadhouse Company Profile

Texas Roadhouse, Inc is a casual dining restaurant chain specializing in hand‐cut steaks, fall‐off‐the‐bone ribs, chicken, seafood and house specialties. Each restaurant features a Western‐themed décor, open kitchens and a signature line dance presentation of fresh, made‐from‐scratch sides and breads. The company emphasizes an energetic dining experience, focusing on hospitality, value and a family‐friendly environment.

The concept was created in 1993 by founder Kent Taylor, who sought to combine high‐quality steaks with an approachable, community‐oriented atmosphere.

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