PNC Financial Services Group Inc. Increases Position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

PNC Financial Services Group Inc. lifted its position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 107.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,235 shares of the company’s stock after purchasing an additional 8,413 shares during the period. PNC Financial Services Group Inc.’s holdings in First Watch Restaurant Group were worth $302,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. boosted its position in shares of First Watch Restaurant Group by 22.6% during the third quarter. JPMorgan Chase & Co. now owns 1,986,425 shares of the company’s stock worth $30,988,000 after acquiring an additional 366,227 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of First Watch Restaurant Group by 14.4% during the third quarter. The Manufacturers Life Insurance Company now owns 1,533,290 shares of the company’s stock worth $23,919,000 after acquiring an additional 192,471 shares during the last quarter. Franklin Resources Inc. boosted 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 worth $16,022,000 after acquiring an additional 136,871 shares during the last quarter. WCM Investment Management LLC boosted its position in shares of First Watch Restaurant Group by 44.2% during the fourth quarter. WCM Investment Management LLC now owns 947,240 shares of the company’s stock worth $17,552,000 after acquiring an additional 290,173 shares during the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of First Watch Restaurant Group by 7.9% during the third quarter. Wellington Management Group LLP now owns 813,670 shares of the company’s stock worth $12,693,000 after acquiring an additional 59,508 shares during the last quarter. 96.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of 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 report on Wednesday, March 12th. Sanford C. Bernstein set a $21.00 price objective on shares of First Watch Restaurant Group in a research report on Tuesday, March 11th. Benchmark reiterated a “buy” rating on shares of First Watch Restaurant Group in a research report on Wednesday, March 12th. TD Securities reiterated a “hold” rating and set a $21.00 price objective on shares of First Watch Restaurant Group in a research report on Wednesday, March 12th. Finally, Barclays reiterated an “overweight” rating and set a $21.00 price objective (down previously from $24.00) on shares of First Watch Restaurant Group in a research report on Tuesday, March 11th. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $22.27.

Insider Activity

In related news, CEO Christopher Anthony Tomasso sold 42,039 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $16.81, for a total value of $706,675.59. Following the transaction, the chief executive officer now owns 389,832 shares of the company’s stock, valued at $6,553,075.92. This trade represents a 9.73 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jay Anthony Wolszczak sold 5,743 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $16.81, for a total transaction of $96,539.83. Following the completion of the transaction, the insider now directly owns 37,768 shares in the company, valued at $634,880.08. This represents a 13.20 % decrease in their position. The disclosure for this sale can be found here. Insiders own 5.00% of the company’s stock.

First Watch Restaurant Group Trading Down 3.0 %

Shares of FWRG opened at $16.34 on Friday. First Watch Restaurant Group, Inc. has a twelve month low of $12.90 and a twelve month high of $25.98. The company has a market cap of $991.84 million, a P/E ratio of 49.52, a P/E/G ratio of 3.38 and a beta of 0.91. 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’s fifty day simple moving average is $19.48 and its 200-day simple moving average is $18.10.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its earnings results on Tuesday, March 11th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.01). First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The firm had revenue of $263.30 million during the quarter, compared to analysts’ expectations of $262.82 million. During the same period in the prior year, the company posted $0.04 EPS. The company’s revenue was up 7.6% compared to the same quarter last year. As a group, analysts expect that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current year.

First Watch Restaurant Group 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.