Northern Trust Corp Grows Holdings in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Northern Trust Corp grew its stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 16.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 303,829 shares of the company’s stock after acquiring an additional 42,444 shares during the period. Northern Trust Corp owned about 0.50% of First Watch Restaurant Group worth $5,654,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Assetmark Inc. raised its stake in shares of First Watch Restaurant Group by 68.7% in the 4th quarter. Assetmark Inc. now owns 2,455 shares of the company’s stock valued at $46,000 after acquiring an additional 1,000 shares during the period. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of First Watch Restaurant Group in the 4th quarter valued at approximately $51,000. Venturi Wealth Management LLC purchased a new stake in shares of First Watch Restaurant Group in the 4th quarter valued at approximately $81,000. American Century Companies Inc. purchased a new stake in First Watch Restaurant Group during the 4th quarter worth approximately $200,000. Finally, Oppenheimer Asset Management Inc. purchased a new stake in First Watch Restaurant Group during the 4th quarter worth approximately $204,000. 96.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on FWRG. Bank of America upped their target price on shares of First Watch Restaurant Group from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Wednesday, March 12th. Raymond James reaffirmed a “strong-buy” rating and set a $21.00 target price (down from $25.00) on shares of First Watch Restaurant Group in a research note on Wednesday, May 7th. Sanford C. Bernstein set a $21.00 target price on shares of First Watch Restaurant Group in a research note on Tuesday, March 11th. Guggenheim cut their target price on shares of First Watch Restaurant Group from $23.00 to $22.00 and set a “buy” rating on the stock in a research note on Thursday, May 8th. Finally, Stifel Nicolaus set a $17.00 target price on shares of First Watch Restaurant Group in a research note on Wednesday, May 7th. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, First Watch Restaurant Group presently has a consensus rating of “Buy” and a consensus price target of $21.36.

First Watch Restaurant Group Trading Down 2.0%

Shares of NASDAQ:FWRG opened at $16.38 on Wednesday. First Watch Restaurant Group, Inc. has a 52 week low of $12.90 and a 52 week high of $22.71. The company’s 50 day moving average is $17.47 and its two-hundred day moving average is $18.73. The company has a current ratio of 0.54, a quick ratio of 0.51 and a debt-to-equity ratio of 0.32. The company has a market cap of $999.07 million, a PE ratio of 49.64, a P/E/G ratio of 3.38 and a beta of 1.01.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its earnings results on Tuesday, May 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.05). First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The company had revenue of $282.24 million during the quarter, compared to analyst estimates of $282.98 million. During the same quarter in the previous year, the company posted $0.12 EPS. The company’s quarterly revenue was up 16.4% on a year-over-year basis. Equities analysts predict that First Watch Restaurant Group, Inc. will post 0.32 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Jay Anthony Wolszczak sold 5,743 shares of the stock in a transaction on 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 owns 37,768 shares in the company, valued at $634,880.08. This represents a 13.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Christopher Anthony Tomasso sold 42,039 shares of the stock in a transaction on Wednesday, March 12th. The stock was 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 of the company’s stock, valued at approximately $6,553,075.92. This represents a 9.73% decrease in their position. The disclosure for this sale can be found here. Company insiders own 6.00% of the company’s stock.

First Watch Restaurant Group Company Profile

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.