The Manufacturers Life Insurance Company Has $35.19 Million Stock Position in First Watch Restaurant Group, Inc. $FWRG

The Manufacturers Life Insurance Company raised its position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 81.4% during the first quarter, HoldingsChannel.com reports. The firm owned 3,357,950 shares of the company’s stock after buying an additional 1,507,074 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.05% of First Watch Restaurant Group worth $35,191,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Royal Bank of Canada raised its stake in shares of First Watch Restaurant Group by 67.3% during the 1st quarter. Royal Bank of Canada now owns 54,267 shares of the company’s stock worth $903,000 after purchasing an additional 21,830 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of First Watch Restaurant Group by 31.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,766 shares of the company’s stock valued at $379,000 after buying an additional 5,497 shares in the last quarter. Legal & General Group Plc grew its stake in shares of First Watch Restaurant Group by 1.6% in the 2nd quarter. Legal & General Group Plc now owns 45,531 shares of the company’s stock valued at $730,000 after buying an additional 724 shares in the last quarter. Rhumbline Advisers increased its holdings in First Watch Restaurant Group by 45.8% in the second quarter. Rhumbline Advisers now owns 73,882 shares of the company’s stock worth $1,185,000 after buying an additional 23,205 shares during the last quarter. Finally, American Century Companies Inc. increased its holdings in First Watch Restaurant Group by 43.4% in the second quarter. American Century Companies Inc. now owns 72,166 shares of the company’s stock worth $1,158,000 after buying an additional 21,846 shares during the last quarter. 96.11% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FWRG has been the topic of several recent research reports. Benchmark cut their price objective on shares of First Watch Restaurant Group from $24.00 to $22.00 and set a “buy” rating on the stock in a research report on Monday, April 20th. DA Davidson reissued a “buy” rating and issued a $17.00 target price on shares of First Watch Restaurant Group in a research report on Tuesday, April 28th. Stifel Nicolaus set a $14.00 price target on shares of First Watch Restaurant Group in a research note on Tuesday, May 5th. Stephens restated an “overweight” rating and set a $21.00 price target on shares of First Watch Restaurant Group in a report on Wednesday, May 6th. Finally, Weiss Ratings lowered shares of First Watch Restaurant Group from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $18.78.

First Watch Restaurant Group Stock Performance

Shares of NASDAQ FWRG opened at $12.85 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.25 and a current ratio of 0.29. The firm has a market cap of $792.20 million, a price-to-earnings ratio of 45.89, a P/E/G ratio of 7.90 and a beta of 1.03. The business’s 50-day simple moving average is $12.01 and its 200-day simple moving average is $12.91. First Watch Restaurant Group, Inc. has a 52 week low of $9.97 and a 52 week high of $19.53.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.02). First Watch Restaurant Group had a net margin of 1.38% and a return on equity of 2.85%. The company had revenue of $330.96 million during the quarter, compared to the consensus estimate of $329.35 million. During the same period in the previous year, the business posted ($0.01) earnings per share. The firm’s revenue was up 17.3% on a year-over-year basis. As a group, equities research analysts expect that First Watch Restaurant Group, Inc. will post 0.2 earnings per share for the current fiscal year.

First Watch Restaurant Group Profile

First Watch Restaurant Group, Inc (NASDAQ: FWRG) operates a specialty daytime dining concept focused on breakfast, brunch and lunch. The company’s casual, full-service cafés emphasize fresh ingredients, made-to-order entrées and a seasonally driven menu that ranges from omelets and Benedicts to salads, skillets and afternoon sandwiches. First Watch positions itself as a daytime-only destination, with most locations opening early morning and closing by mid-afternoon.

Founded in 1983 by Ken Pendery and John Sullivan in Pacific Grove, California, First Watch began as a single café and gradually expanded through company-owned and select franchised locations.