Bank of America Corp DE Trims Stake in Boyd Gaming Co. (NYSE:BYD)

Bank of America Corp DE reduced its position in Boyd Gaming Co. (NYSE:BYD) by 0.7% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 735,906 shares of the company’s stock after selling 5,413 shares during the quarter. Bank of America Corp DE owned about 0.83% of Boyd Gaming worth $53,383,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BYD. Boston Partners boosted its holdings in Boyd Gaming by 36.9% during the fourth quarter. Boston Partners now owns 3,955,544 shares of the company’s stock worth $287,185,000 after buying an additional 1,065,887 shares in the last quarter. Norges Bank acquired a new stake in shares of Boyd Gaming in the 4th quarter worth approximately $55,553,000. Raymond James Financial Inc. purchased a new position in Boyd Gaming in the 4th quarter valued at approximately $43,273,000. Arrowstreet Capital Limited Partnership raised its holdings in Boyd Gaming by 51.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,296,863 shares of the company’s stock worth $94,074,000 after purchasing an additional 441,963 shares during the last quarter. Finally, Franklin Resources Inc. raised its holdings in Boyd Gaming by 37.2% during the fourth quarter. Franklin Resources Inc. now owns 964,051 shares of the company’s stock worth $69,932,000 after purchasing an additional 261,443 shares during the last quarter. Institutional investors and hedge funds own 76.81% of the company’s stock.

Boyd Gaming Trading Up 0.9%

Shares of Boyd Gaming stock opened at $75.48 on Wednesday. Boyd Gaming Co. has a 52-week low of $49.34 and a 52-week high of $80.50. The company has a debt-to-equity ratio of 1.85, a current ratio of 0.82 and a quick ratio of 0.79. The firm has a market capitalization of $6.14 billion, a PE ratio of 12.14, a price-to-earnings-growth ratio of 4.46 and a beta of 1.32. The company’s fifty day moving average price is $67.27 and its two-hundred day moving average price is $71.67.

Boyd Gaming (NYSE:BYD) last issued its quarterly earnings results on Thursday, April 24th. The company reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.52 by $0.10. The business had revenue of $991.57 million for the quarter, compared to analyst estimates of $976.38 million. Boyd Gaming had a return on equity of 35.97% and a net margin of 14.70%. The firm’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.51 earnings per share. On average, analysts expect that Boyd Gaming Co. will post 6.52 EPS for the current year.

Boyd Gaming Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 16th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date of this dividend is Monday, June 16th. Boyd Gaming’s dividend payout ratio (DPR) is presently 11.75%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BYD. Wells Fargo & Company raised their price objective on shares of Boyd Gaming from $82.00 to $88.00 and gave the stock an “overweight” rating in a research note on Friday, February 7th. JMP Securities reissued a “market perform” rating on shares of Boyd Gaming in a research report on Friday, February 7th. Truist Financial reduced their price objective on Boyd Gaming from $92.00 to $85.00 and set a “buy” rating on the stock in a research report on Tuesday, April 1st. Mizuho decreased their price objective on Boyd Gaming from $86.00 to $83.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. lifted their price objective on Boyd Gaming from $74.00 to $80.00 and gave the stock a “neutral” rating in a research report on Friday, January 24th. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $95.07.

Insider Buying and Selling at Boyd Gaming

In other news, Director Christine J. Spadafor sold 1,125 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $75.28, for a total transaction of $84,690.00. Following the sale, the director now owns 4,852 shares in the company, valued at $365,258.56. This represents a 18.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director William R. Boyd sold 15,000 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $79.32, for a total transaction of $1,189,800.00. Following the completion of the sale, the director now owns 1,472,970 shares of the company’s stock, valued at approximately $116,835,980.40. This represents a 1.01% decrease in their position. The disclosure for this sale can be found here. Company insiders own 27.94% of the company’s stock.

About Boyd Gaming

Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. The company operates through Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online segments.