Share Repurchase Plan Authorized by Del Frisco’s Restaurant Group (NASDAQ:DFRG) Board of Directors

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Del Frisco’s Restaurant Group (NASDAQ:DFRG) declared that its Board of Directors has initiated a share repurchase plan, which allows the company to repurchase $50.00 million in outstanding shares on Thursday, March 8th. This repurchase authorization allows the restaurant operator to purchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

DFRG has been the topic of a number of recent research reports. Zacks Investment Research raised shares of Del Frisco’s Restaurant Group from a “hold” rating to a “buy” rating and set a $18.00 price objective on the stock in a research note on Friday, January 12th. Bank of America raised shares of Del Frisco’s Restaurant Group to a “buy” rating in a research note on Friday, March 2nd. BidaskClub cut shares of Del Frisco’s Restaurant Group from a “buy” rating to a “hold” rating in a research report on Saturday, February 17th. Credit Suisse Group reissued an “outperform” rating and set a $17.50 price target (down from $20.00) on shares of Del Frisco’s Restaurant Group in a research report on Tuesday, March 13th. Finally, Deutsche Bank raised shares of Del Frisco’s Restaurant Group from a “hold” rating to a “buy” rating in a research report on Friday, March 2nd. Two analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. Del Frisco’s Restaurant Group presently has a consensus rating of “Hold” and an average price target of $17.50.

Shares of NASDAQ DFRG traded up $0.25 during midday trading on Thursday, reaching $16.00. 129,584 shares of the stock were exchanged, compared to its average volume of 274,403. The stock has a market cap of $316.33, a price-to-earnings ratio of 21.27, a P/E/G ratio of 2.08 and a beta of 1.01. Del Frisco’s Restaurant Group has a 12 month low of $11.70 and a 12 month high of $18.85. The company has a quick ratio of 0.37, a current ratio of 0.71 and a debt-to-equity ratio of 0.13.

Del Frisco’s Restaurant Group (NASDAQ:DFRG) last posted its quarterly earnings data on Thursday, March 8th. The restaurant operator reported $0.39 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.04). The company had revenue of $121.89 million during the quarter, compared to the consensus estimate of $123.12 million. Del Frisco’s Restaurant Group had a negative net margin of 3.17% and a positive return on equity of 7.21%. The company’s revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.37 earnings per share. research analysts anticipate that Del Frisco’s Restaurant Group will post 0.68 EPS for the current fiscal year.

In related news, CEO Norman J. Abdallah acquired 15,000 shares of the business’s stock in a transaction that occurred on Monday, March 12th. The shares were acquired at an average cost of $16.13 per share, with a total value of $241,950.00. Following 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.40% of the company’s stock.

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Del Frisco’s Restaurant Group Company Profile

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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