PNC Financial Services Group Inc. increased its stake in shares of Cheesecake Factory Inc (NASDAQ:CAKE) by 33.6% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 7,294 shares of the restaurant operator’s stock after acquiring an additional 1,834 shares during the period. PNC Financial Services Group Inc.’s holdings in Cheesecake Factory were worth $401,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in the stock. Wells Fargo & Company MN grew its holdings in Cheesecake Factory by 0.6% in the first quarter. Wells Fargo & Company MN now owns 887,351 shares of the restaurant operator’s stock worth $42,788,000 after purchasing an additional 5,652 shares during the period. Schwab Charles Investment Management Inc. grew its holdings in Cheesecake Factory by 8.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 384,893 shares of the restaurant operator’s stock worth $18,560,000 after purchasing an additional 31,574 shares during the period. US Bancorp DE grew its holdings in Cheesecake Factory by 113.9% in the first quarter. US Bancorp DE now owns 23,400 shares of the restaurant operator’s stock worth $1,129,000 after purchasing an additional 12,459 shares during the period. Cambridge Investment Research Advisors Inc. purchased a new stake in Cheesecake Factory in the first quarter worth about $289,000. Finally, BlackRock Inc. grew its holdings in Cheesecake Factory by 0.8% in the first quarter. BlackRock Inc. now owns 4,779,466 shares of the restaurant operator’s stock worth $230,465,000 after purchasing an additional 38,397 shares during the period.
In other news, Director Edie A. Ames purchased 500 shares of the business’s stock in a transaction dated Wednesday, August 22nd. The shares were purchased at an average price of $52.83 per share, for a total transaction of $26,415.00. Following the completion of the acquisition, the director now directly owns 1,430 shares in the company, valued at approximately $75,546.90. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Cheryl Slomann sold 1,005 shares of the stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $52.94, for a total transaction of $53,204.70. Following the sale, the insider now owns 12,106 shares in the company, valued at approximately $640,891.64. The disclosure for this sale can be found here. Corporate insiders own 8.80% of the company’s stock.
Cheesecake Factory (NASDAQ:CAKE) last posted its quarterly earnings results on Tuesday, July 31st. The restaurant operator reported $0.65 EPS for the quarter, missing the Zacks’ consensus estimate of $0.81 by ($0.16). Cheesecake Factory had a net margin of 6.00% and a return on equity of 17.87%. The firm had revenue of $593.20 million for the quarter, compared to analysts’ expectations of $592.40 million. During the same quarter in the previous year, the company earned $0.78 EPS. The company’s quarterly revenue was up 4.1% compared to the same quarter last year. equities analysts predict that Cheesecake Factory Inc will post 2.43 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, August 28th. Stockholders of record on Wednesday, August 15th were issued a dividend of $0.33 per share. This is a boost from Cheesecake Factory’s previous quarterly dividend of $0.29. The ex-dividend date was Tuesday, August 14th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.49%. Cheesecake Factory’s dividend payout ratio is presently 50.77%.
A number of brokerages have weighed in on CAKE. Robert W. Baird upped their price objective on shares of Cheesecake Factory from $55.00 to $58.00 and gave the stock a “neutral” rating in a report on Wednesday, July 25th. ValuEngine upgraded shares of Cheesecake Factory from a “hold” rating to a “buy” rating in a report on Wednesday, July 11th. Zacks Investment Research cut shares of Cheesecake Factory from a “hold” rating to a “strong sell” rating in a report on Friday, August 3rd. Maxim Group cut shares of Cheesecake Factory from a “buy” rating to a “hold” rating and set a $60.00 price objective on the stock. in a report on Friday, June 22nd. Finally, BidaskClub upgraded shares of Cheesecake Factory from a “hold” rating to a “buy” rating in a report on Friday, August 17th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $51.73.
Cheesecake Factory Company Profile
The Cheesecake Factory Incorporated operates restaurants in the United States. The company produces cheesecakes and other baked products for own restaurants and international licensees, as well as external foodservice operators, retailers, and distributors. As of August 21, 2018, it operated 215 company-owned restaurants, including 199 restaurants under The Cheesecake Factory brand; 14 restaurants under the Grand Lux Cafe brand; and 2 restaurants under the RockSugar Southeast Asian Kitchen brand, as well as 21 The Cheesecake Factory branded restaurants under licensing agreements internationally.
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