Whittier Trust Co. of Nevada Inc. Purchases New Stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Whittier Trust Co. of Nevada Inc. acquired a new position in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,745 shares of the company’s stock, valued at approximately $51,000.

Other large investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. increased 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 in the last quarter. ArrowMark Colorado Holdings LLC bought a new stake in First Watch Restaurant Group during the 3rd quarter worth approximately $5,120,000. Point72 Asset Management L.P. purchased a new stake in shares of First Watch Restaurant Group in the third quarter worth approximately $4,719,000. WCM Investment Management LLC lifted its holdings in shares of First Watch Restaurant Group by 44.2% in the fourth quarter. WCM Investment Management LLC now owns 947,240 shares of the company’s stock valued at $17,552,000 after purchasing an additional 290,173 shares in the last quarter. Finally, 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 valued at $23,919,000 after buying an additional 192,471 shares during the last quarter. 96.11% of the stock is owned by institutional investors.

Insider Activity at First Watch Restaurant Group

In related news, CEO Christopher Anthony Tomasso sold 42,039 shares of the stock in a transaction dated 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jay Anthony Wolszczak sold 5,743 shares of First Watch Restaurant Group stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $16.81, for a total value of $96,539.83. Following the transaction, the insider now directly owns 37,768 shares of the company’s stock, valued at $634,880.08. The trade was a 13.20 % decrease in their position. The disclosure for this sale can be found here. 5.00% of the stock is currently owned by corporate insiders.

First Watch Restaurant Group Price Performance

First Watch Restaurant Group stock opened at $17.46 on Tuesday. First Watch Restaurant Group, Inc. has a 12 month low of $12.90 and a 12 month high of $25.98. 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 business’s 50 day simple moving average is $19.46 and its 200 day simple moving average is $18.15. The company has a market cap of $1.06 billion, a price-to-earnings ratio of 52.91, a PEG ratio of 3.38 and a beta of 0.91.

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

Analysts Set New Price Targets

A number of research firms recently commented on FWRG. Benchmark reissued a “buy” rating on shares of First Watch Restaurant Group in a research report on Wednesday, March 12th. TD Securities reissued a “hold” rating and set a $21.00 price target on shares of First Watch Restaurant Group in a research report on Wednesday, March 12th. Stephens reaffirmed an “overweight” rating and issued a $24.00 price objective on shares of First Watch Restaurant Group in a research report on Thursday, March 20th. Bank of America increased their price objective on shares of First Watch Restaurant Group from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Wednesday, March 12th. Finally, Sanford C. Bernstein set a $21.00 target price on First Watch Restaurant Group in a research note on Tuesday, March 11th. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $22.27.

About First Watch Restaurant Group

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.