Raymond James Financial Inc. Makes New $1.67 Million Investment in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Raymond James Financial Inc. purchased a new stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 89,969 shares of the company's stock, valued at approximately $1,674,000. Raymond James Financial Inc. owned about 0.15% of First Watch Restaurant Group as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also bought and sold shares of FWRG. Jane Street Group LLC lifted its position in shares of First Watch Restaurant Group by 1.1% during the 3rd quarter. Jane Street Group LLC now owns 49,358 shares of the company's stock worth $770,000 after buying an additional 551 shares in the last quarter. Barclays PLC raised its holdings in First Watch Restaurant Group by 505.3% during the 3rd quarter. Barclays PLC now owns 172,515 shares of the company's stock valued at $2,690,000 after buying an additional 144,014 shares during the last quarter. Franklin Resources Inc. increased its position in shares of First Watch Restaurant Group by 14.0% during the third quarter. Franklin Resources Inc. now owns 1,114,974 shares of the company's stock valued at $16,022,000 after buying an additional 136,871 shares during the period. JPMorgan Chase & Co. lifted its position in First Watch Restaurant Group by 22.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,986,425 shares of the company's stock valued at $30,988,000 after acquiring an additional 366,227 shares during the period. Finally, Diversified Trust Co raised its position in shares of First Watch Restaurant Group by 84.5% in the 4th quarter. Diversified Trust Co now owns 29,051 shares of the company's stock worth $541,000 after purchasing an additional 13,301 shares during the last quarter. 96.11% of the stock is owned by institutional investors.

Insider Activity at First Watch Restaurant Group

In other First Watch Restaurant Group news, insider Jay Anthony Wolszczak sold 5,743 shares of the company's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $16.81, for a total transaction of $96,539.83. Following the completion of the sale, the insider now directly owns 37,768 shares in the company, valued at $634,880.08. This represents a 13.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Christopher Anthony Tomasso sold 42,039 shares of the business's stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $16.81, for a total transaction of $706,675.59. Following the sale, the chief executive officer now owns 389,832 shares in the company, valued at approximately $6,553,075.92. This trade represents a 9.73 % decrease in their position. The disclosure for this sale can be found here. 6.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. TD Securities raised shares of First Watch Restaurant Group from a "hold" rating to a "buy" rating and increased their price objective for the stock from $21.00 to $22.00 in a research note on Tuesday, April 1st. Benchmark restated a "buy" rating on shares of First Watch Restaurant Group in a research note on Wednesday, March 12th. Barclays upped their price target on shares of First Watch Restaurant Group from $21.00 to $24.00 and gave the company an "overweight" rating in a report on Tuesday, April 22nd. TD Cowen upgraded First Watch Restaurant Group from a "hold" rating to a "buy" rating and set a $22.00 target price on the stock in a research report on Tuesday, April 1st. Finally, Stephens reiterated an "overweight" rating and issued a $24.00 target price on shares of First Watch Restaurant Group in a research report on Thursday, April 24th. One analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, First Watch Restaurant Group presently has a consensus rating of "Buy" and an average price target of $22.73.

First Watch Restaurant Group Stock Performance

NASDAQ:FWRG traded up $0.30 during trading hours on Friday, hitting $18.59. 1,060,196 shares of the company traded hands, compared to its average volume of 696,782. The stock has a market capitalization of $1.13 billion, a price-to-earnings ratio of 56.34, a P/E/G ratio of 3.38 and a beta of 1.02. The company has a current ratio of 0.54, a quick ratio of 0.51 and a debt-to-equity ratio of 0.32. First Watch Restaurant Group, Inc. has a twelve month low of $12.90 and a twelve month high of $25.63. The firm has a 50-day moving average of $18.04 and a 200 day moving average of $18.77.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last announced its quarterly earnings results on Tuesday, March 11th. The company reported $0.01 EPS for the quarter, missing analysts' consensus estimates of $0.02 by ($0.01). The company had revenue of $263.30 million during the quarter, compared to the consensus estimate of $262.82 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The business's revenue was up 7.6% compared to the same quarter last year. During the same period last year, the company earned $0.04 earnings per share. On average, analysts forecast that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current year.

About First Watch Restaurant Group

First Watch Restaurant Group, Inc, through its subsidiaries, operates and franchises restaurants under the First Watch trade name in the United States. The company was formerly known as AI Fresh Super Holdco, Inc and changed its name to First Watch Restaurant Group, Inc in December 2019. First Watch Restaurant Group, Inc was founded in 1983 and is based in Bradenton, Florida.