Del Frisco’s Restaurant Group (NASDAQ:DFRG) declared that its Board of Directors has initiated a share repurchase program, which allows the company to buyback $50.00 million in outstanding shares on Thursday, March 8th, EventVestor reports. This buyback authorization allows the restaurant operator to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
DFRG has been the subject of several recent research reports. Stephens raised Del Frisco’s Restaurant Group from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $15.10 to $18.00 in a report on Wednesday, January 10th. Zacks Investment Research upgraded Del Frisco’s Restaurant Group from a “hold” rating to a “buy” rating and set a $18.00 target price for the company in a report on Friday, January 12th. BidaskClub downgraded Del Frisco’s Restaurant Group from a “hold” rating to a “sell” rating in a report on Tuesday, March 13th. Canaccord Genuity reiterated a “hold” rating and set a $16.00 target price on shares of Del Frisco’s Restaurant Group in a research report on Friday, March 9th. Finally, Deutsche Bank upgraded Del Frisco’s Restaurant Group from a “hold” rating to a “buy” rating in a research report on Friday, March 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. Del Frisco’s Restaurant Group has a consensus rating of “Hold” and a consensus price target of $17.50.
Shares of DFRG stock opened at $14.40 on Wednesday. Del Frisco’s Restaurant Group has a twelve month low of $11.70 and a twelve month high of $18.85. The stock has a market capitalization of $308.74, a price-to-earnings ratio of 20.49, a P/E/G ratio of 1.95 and a beta of 0.93. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.76 and a quick ratio of 0.33.
In related news, CEO Norman J. Abdallah purchased 15,000 shares of Del Frisco’s Restaurant Group stock in a transaction dated Monday, March 12th. The shares were acquired at an average price of $16.13 per share, with a total value of $241,950.00. Following the completion of the transaction, the chief executive officer now owns 67,712 shares of the company’s stock, valued at approximately $1,092,194.56. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 2.70% of the company’s stock.
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About Del Frisco’s Restaurant Group
Del Frisco's Restaurant Group, Inc develops, owns, and operates restaurants in the United States. It owns and operates restaurants under the Del Frisco's Double Eagle Steak House, Sullivan's Steakhouse, and Del Frisco's Grille brand names. The company offers steaks, as well as other menu selections, such as chops and fresh seafood.
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