Mutual of America Capital Management 13F: Exits FWRG Stake

Mutual of America Capital Management closed out its position in First Watch Restaurant Group, Inc. by selling all 244,146 shares it held. The institutional investor disclosed the complete exit in a Form 13F filing filed with the SEC on October 23, 2026. The sale removed the fund's entire stake, which had previously stood at 244,146 shares.

FWRG First Watch Restaurant Group, Inc.

$10.89 ▼ -29.15% year to date

1M 3M YTD

Daily close · Oct 23, 2026

What Changed in Mutual of America Capital Management's First Watch Restaurant Group, Inc. Position

The fund sold out of its entire holding, cutting its position by 244,146 shares to leave an ending balance of zero. Because the fund completely liquidated the investment, the change represents a full exit from the restaurant operator.

Other Institutional Activity in First Watch Restaurant Group, Inc.

Other major institutional investors made mixed adjustments to their positions in the restaurant chain during the period. Manufacturers Life Insurance Co. grew its holdings by 466,077 shares, ending with 3,823,982 shares worth about $41,643,165. Bank Of New York Mellon Corporation reduced its stake by 238,649 shares, finishing with 3,719,038 shares valued at approximately $40,500,325. Millennium Management Llc cut its holdings by 1,039,517 shares to hold 2,192,811 shares worth about $23,879,712. Neuberger Berman Group, LLC lowered its position by 1,505,047 shares, leaving it with 2,069,037 shares valued at around $22,531,813. GW&K Investment Management, LLC grew its holdings by 47,998 shares, closing out the period with 2,007,096 shares worth about $21,857,276.

First Watch Restaurant Group, Inc. Stock Down 2.2%

First Watch shares closed at $10.89 on October 23, 2026, and recently traded around $10.89 as of October 24, 2026. The stock sits below its 50-day moving average of $11.48 and under its 200-day moving average of $12.56. Over the past 52 weeks, the shares have traded as low as $9.88 and as high as $18.80.

Recent Earnings

First Watch Restaurant Group, Inc. reported trailing twelve-month revenue of $1,318,004,992 alongside earnings of $0.28 per share. Year-over-year revenue growth reached 15.2%, while the firm posted a net profit margin of 1.4% and a return on equity of 2.9%. The next earnings report is scheduled for November 3, 2026.

Insider Buying and Selling at First Watch Restaurant Group, Inc.

Company insiders executed sales earlier in the year prior to the filing. Chief Operating Officer John Daniel Jones sold 1,697 shares on March 17, 2026, at an average price of $12.52 for a total value of $21,246. Officer Laura Anne Sorensen sold 1,697 shares on the same day at $12.52 per share, totaling $21,246. Officer Eric Richard Hartman sold 1,819 shares on March 17, 2026, at $12.52 per share for a total of $22,774. Chief Executive Officer Christopher Anthony Tomasso sold 25,062 shares on March 17, 2026, at $12.52 per share, generating $313,776.

Analysts Set New Price Targets

Wall Street firms updated their views on the stock ahead of the filing. On August 7, 2026, Guggenheim maintained a buy rating while lowering its price target to $20.00 from $21.00. DA Davidson maintained a buy rating on October 2, 2026, lowering its target to $15.00 from $17.00. Stephens & Co. kept an overweight rating on October 15, 2026, lowering its target from $21.00 to $18.00. Raymond James maintained a strong buy rating on October 16, 2026, lowering its target to $18.00 from $20.00. Citigroup kept a buy rating on October 21, 2026, lowering its price target to $19.00 from $20.00. Overall, the stock carries a consensus strong buy rating with a mean price target of $18.50 across 10 analyst opinions.

About First Watch Restaurant Group, Inc.

First Watch Restaurant Group, Inc. operates and franchises daytime dining restaurants across the United States. Headquartered in Bradenton, Florida, the company serves breakfast, brunch, and lunch under its namesake brand. Institutional portfolio shifts in the company underline how large investors manage exposure to consumer cyclical restaurant equities amid shifting market conditions.

Bottom Line

Investors will look to the company's upcoming earnings release on November 3, 2026, for further clues on operational performance and revenue growth. Future SEC filings will show whether other major funds follow Mutual of America in adjusting their stakes.