M&T Bank Corp Makes New $514,000 Investment in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

M&T Bank Corp purchased a new stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 32,887 shares of the company’s stock, valued at approximately $514,000. M&T Bank Corp owned approximately 0.05% of First Watch Restaurant Group as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in FWRG. Rocky Mountain Advisers LLC grew its stake in First Watch Restaurant Group by 180.1% in the 3rd quarter. Rocky Mountain Advisers LLC now owns 6,610 shares of the company’s stock valued at $103,000 after acquiring an additional 4,250 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of First Watch Restaurant Group in the third quarter valued at about $119,000. XTX Topco Ltd acquired a new stake in shares of First Watch Restaurant Group in the third quarter valued at approximately $157,000. Versor Investments LP purchased a new position in shares of First Watch Restaurant Group during the 3rd quarter worth approximately $201,000. Finally, Commerce Bank acquired a new position in shares of First Watch Restaurant Group during the 3rd quarter worth approximately $208,000. Institutional investors and hedge funds own 96.11% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Guggenheim reduced their target price on shares of First Watch Restaurant Group from $24.00 to $20.00 and set a “buy” rating on the stock in a report on Friday, October 4th. Stephens boosted their price target on First Watch Restaurant Group from $20.00 to $25.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Piper Sandler raised their target price on shares of First Watch Restaurant Group from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Benchmark reissued a “buy” rating and set a $23.00 price target on shares of First Watch Restaurant Group in a research report on Wednesday, October 16th. Finally, Barclays upped their target price on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $23.30.

Insider Activity at First Watch Restaurant Group

In related news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of the stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $19.76, for a total transaction of $158,080,000.00. Following the sale, the insider now owns 19,189,784 shares in the company, valued at $379,190,131.84. This represents a 29.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 5.00% of the company’s stock.

First Watch Restaurant Group Price Performance

FWRG opened at $19.54 on Wednesday. The company has a market capitalization of $1.18 billion, a P/E ratio of 59.21, a PEG ratio of 5.77 and a beta of 0.89. The company has a 50-day moving average of $17.91 and a 200-day moving average of $16.89. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.51 and a current ratio of 0.54. First Watch Restaurant Group, Inc. has a 1-year low of $12.90 and a 1-year high of $25.98.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.02). First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. The firm had revenue of $251.61 million during the quarter, compared to the consensus estimate of $256.17 million. During the same period in the prior year, the firm earned $0.09 earnings per share. The firm’s quarterly revenue was up 14.8% compared to the same quarter last year. Equities analysts expect that First Watch Restaurant Group, Inc. will post 0.31 EPS for the current fiscal year.

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.