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

M&T Bank Corp bought a new position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor bought 32,887 shares of the company's stock, valued at approximately $514,000. M&T Bank Corp owned 0.05% of First Watch Restaurant Group at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of FWRG. Rocky Mountain Advisers LLC grew its holdings in First Watch Restaurant Group by 180.1% in the third quarter. Rocky Mountain Advisers LLC now owns 6,610 shares of the company's stock worth $103,000 after purchasing an additional 4,250 shares during the period. SG Americas Securities LLC bought a new stake in shares of First Watch Restaurant Group in the 3rd quarter worth approximately $119,000. XTX Topco Ltd bought a new stake in shares of First Watch Restaurant Group in the 3rd quarter worth approximately $157,000. Versor Investments LP purchased a new stake in shares of First Watch Restaurant Group in the 3rd quarter worth approximately $201,000. Finally, Commerce Bank bought a new position in First Watch Restaurant Group during the 3rd quarter valued at approximately $208,000. 96.11% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on FWRG shares. Benchmark reissued a "buy" rating and issued a $23.00 target price on shares of First Watch Restaurant Group in a report on Wednesday, October 16th. Piper Sandler upped their price target on shares of First Watch Restaurant Group from $22.00 to $23.00 and gave the stock an "overweight" rating in a research note on Monday, November 11th. TD Cowen raised their price objective on shares of First Watch Restaurant Group from $18.00 to $21.00 and gave the company a "hold" rating in a research note on Friday, November 8th. Stephens lifted their target price on shares of First Watch Restaurant Group from $20.00 to $25.00 and gave the stock an "overweight" rating in a report on Friday, November 8th. Finally, Raymond James raised their price target on shares of First Watch Restaurant Group from $22.00 to $25.00 and gave the company a "strong-buy" rating in a research report on Friday, November 8th. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $23.30.

First Watch Restaurant Group Stock Performance

First Watch Restaurant Group stock traded down $1.01 during midday trading on Wednesday, reaching $18.53. 574,851 shares of the company traded hands, compared to its average volume of 626,252. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.54 and a quick ratio of 0.51. First Watch Restaurant Group, Inc. has a 12 month low of $12.90 and a 12 month high of $25.98. The firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of 56.15, a price-to-earnings-growth ratio of 5.77 and a beta of 0.89. The business has a 50 day moving average of $17.91 and a two-hundred day moving average of $16.89.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last released its quarterly earnings results 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). The firm had revenue of $251.61 million for the quarter, compared to the consensus estimate of $256.17 million. First Watch Restaurant Group had a net margin of 2.09% and a return on equity of 3.61%. First Watch Restaurant Group's quarterly revenue was up 14.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.09 earnings per share. As a group, research analysts predict that First Watch Restaurant Group, Inc. will post 0.31 earnings per share for the current year.

Insiders Place Their Bets

In other First Watch Restaurant Group news, major shareholder Advent Partners Gpe Viii Limit sold 8,000,000 shares of the business's stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $19.76, for a total transaction of $158,080,000.00. Following the completion of the sale, the insider now owns 19,189,784 shares of the company's stock, valued at approximately $379,190,131.84. The trade was a 29.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 5.00% of the company's stock.

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.