News Summary
Recent developments in the investment landscape involving Texas Roadhouse, Inc. reveal a significant decrease in Truist Financial Corp’s stake. While Truist sold 10.9% of its shares, other firms like Brooklyn Investment Group and Park Place Capital Corp have increased their holdings. Texas Roadhouse’s stock performance remains strong, with a market cap of $11.06 billion and a recent quarterly earnings report showing a revenue growth of 12.7%. The company also declared a quarterly dividend, showcasing its commitment to investors amidst mixed analyst ratings.
Texas – Truist Financial Corporation has reduced its stake in Texas Roadhouse, Inc. (NASDAQ:TXRH) by 10.9% during the second quarter, according to a recent filing with the Securities and Exchange Commission (SEC). Following this reduction, Truist now holds 43,602 shares valued at approximately $8,172,000, which represents about 0.07% of the company.
While Truist has decreased its holdings, other institutional investors have been increasing their stakes in Texas Roadhouse. Brooklyn Investment Group saw the most significant increase, raising its stake by 478.6% in the first quarter, totaling 162 shares worth $27,000. Other notable increases include Bogart Wealth LLC, which acquired a new stake valued at $33,000, and WPG Advisers LLC, which purchased a stake worth $59,000. Furthermore, Farther Finance Advisors LLC raised its position by 22.8% in the second quarter, now owning 312 shares valued at $59,000. Park Place Capital Corp also exhibited a substantial increase of 459.1% in the first quarter with 369 shares worth $61,000.
Overall, approximately 94.82% of Texas Roadhouse’s stock is held by hedge funds and institutional investors, reflecting a trend in financial adjustments among major stakeholders in the company.
As for the company’s market performance, Texas Roadhouse shares opened at $166.49, contributing to a market capitalization of $11.06 billion. The company showcases a price-to-earnings ratio of 25.42 and a price-to-earnings-growth ratio of 2.28, along with a beta of 0.82. Over the last year, the stock has seen a low of $148.73 and a high of $206.04. The 50-day moving average is currently at $171.82, while the 200-day moving average stands at $177.14.
Texas Roadhouse recently reported its quarterly earnings on August 7th, revealing an earnings per share (EPS) of $1.86, which fell short of analysts’ consensus estimate of $1.95. The firm reported a net margin of 7.72% and a return on equity of 31.52%. Revenue surged to $1.51 billion for the quarter, surpassing the consensus estimate of $1.50 billion, marking an impressive year-over-year increase of 12.7%. Analysts currently anticipate Texas Roadhouse will post earnings per share of 7.23 for the ongoing fiscal year.
In terms of shareholder returns, Texas Roadhouse declared a quarterly dividend of $0.68 per share, which is set to be paid on September 30th. The annualized dividend amounts to $2.72, providing a yield of 1.6%. The firm also maintains a payout ratio of 41.53%.
Various brokerages have shared their ratings and price objectives for Texas Roadhouse, with Goldman Sachs reducing its target from $200.00 to $180.00 while keeping a “neutral” rating. Weiss Ratings has restated a “buy (b)” rating, with Deutsche Bank and Truist Financial maintaining their “buy” ratings alongside targets of $212.00. The consensus among analysts reflects one “Strong Buy,” eleven “Buy,” and eleven “Hold” ratings, with an overall consensus rating of “Moderate Buy.” The average target price set by analysts stands at $196.10.
Insider trading has also been notable, with corporate insiders selling 8,342 shares in the last quarter, valued at $1,443,704. Currently, insiders hold approximately 0.50% of Texas Roadhouse’s stock.
Founded in 1993, Texas Roadhouse has established itself as a prominent player in the casual dining restaurant sector, with operations both domestically and internationally. The continued adjustments by institutional investors and the company’s performance in the market reflect its ongoing relevance in the competitive restaurant landscape.
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