Wesbanco Bank Inc. Purchases New Stake in Shake Shack, Inc. $SHAK

Wesbanco Bank Inc. purchased a new stake in shares of Shake Shack, Inc. (NYSE:SHAK) in the first quarter, Holdings Channel reports. The firm purchased 16,000 shares of the company’s stock, valued at approximately $1,416,000.

Other institutional investors have also recently bought and sold shares of the company. Hilton Head Capital Partners LLC bought a new position in shares of Shake Shack in the fourth quarter valued at $25,000. Geneos Wealth Management Inc. acquired a new stake in shares of Shake Shack in the 1st quarter worth about $26,000. Assetmark Inc. raised its holdings in shares of Shake Shack by 457.6% in the 4th quarter. Assetmark Inc. now owns 368 shares of the company’s stock worth $30,000 after acquiring an additional 302 shares during the last quarter. UMB Bank n.a. lifted its position in Shake Shack by 42.2% in the 4th quarter. UMB Bank n.a. now owns 391 shares of the company’s stock valued at $32,000 after acquiring an additional 116 shares in the last quarter. Finally, Advisory Services Network LLC bought a new position in Shake Shack in the 3rd quarter valued at about $38,000. Institutional investors and hedge funds own 86.07% of the company’s stock.

Shake Shack Stock Up 2.8%

SHAK opened at $56.76 on Friday. Shake Shack, Inc. has a twelve month low of $51.60 and a twelve month high of $144.65. The company’s 50-day moving average price is $70.46 and its two-hundred day moving average price is $83.48. The stock has a market cap of $2.43 billion, a price-to-earnings ratio of 57.92, a PEG ratio of 2.52 and a beta of 1.63. The company has a quick ratio of 1.66, a current ratio of 1.69 and a debt-to-equity ratio of 0.45.

Insiders Place Their Bets

In other Shake Shack news, Director Daniel Harris Meyer purchased 32,258 shares of the stock in a transaction dated Friday, May 15th. The shares were bought at an average price of $61.88 per share, with a total value of $1,996,125.04. Following the completion of the transaction, the director directly owned 378,670 shares in the company, valued at approximately $23,432,099.60. This trade represents a 9.31% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Josh Silverman acquired 8,290 shares of the business’s stock in a transaction that occurred on Friday, May 15th. The stock was acquired at an average cost of $60.38 per share, with a total value of $500,550.20. Following the completion of the acquisition, the director owned 8,290 shares in the company, valued at $500,550.20. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders purchased a total of 50,616 shares of company stock worth $3,109,782 in the last ninety days. 8.32% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Oppenheimer set a $82.00 price objective on Shake Shack and gave the stock an “outperform” rating in a report on Tuesday, June 2nd. Morgan Stanley reaffirmed an “equal weight” rating and set a $76.00 target price (down from $115.00) on shares of Shake Shack in a research report on Wednesday, June 3rd. Jefferies Financial Group reiterated a “hold” rating and set a $66.00 price target on shares of Shake Shack in a report on Tuesday, June 2nd. Weiss Ratings lowered Shake Shack from a “sell (d+)” rating to a “sell (d)” rating in a research report on Monday, June 8th. Finally, Bank of America upgraded Shake Shack from an “underperform” rating to a “neutral” rating and raised their price objective for the company from $88.00 to $101.00 in a research note on Tuesday, March 31st. Fifteen analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $91.00.

Shake Shack Company Profile

Shake Shack, Inc (NYSE: SHAK) is a publicly traded hospitality company known for its modern take on the classic American roadside burger stand. The company operates a chain of quick-casual restaurants offering premium hamburgers, hot dogs, crinkle-cut fries, frozen custard, milkshakes and a curated selection of beer and wine. Shake Shack emphasizes high-quality ingredients, including 100% all-natural Angus beef with no hormones or antibiotics, and works with local suppliers where possible to maintain its commitment to fresh, responsibly sourced food.

Shake Shack traces its origins to a hot dog cart opened in New York City’s Madison Square Park in 2001 by Danny Meyer’s Union Square Hospitality Group.