65,695 Shares in Barrett Business Services, Inc. $BBSI Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 65,695 shares of Barrett Business Services in the second quarter, worth approximately $2.33 million and representing about 0.27% of the company. Institutional investors and hedge funds collectively own 86.76% of BBSI.
• BBSI recently traded at $30.26, well below its 52-week high of $45.53. The company reported quarterly EPS of $0.52, missing the $0.56 analyst consensus, while revenue of $319.27 million also fell short of estimates.
• Analyst sentiment is mixed, though the overall consensus remains “Moderate Buy” with a $41 price target. The company also pays a quarterly dividend of $0.08, equivalent to a 1.1% annual yield.

Bank of America Corp DE acquired a new stake in Barrett Business Services, Inc. (NASDAQ:BBSI - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 65,695 shares of the business services provider's stock, valued at approximately $2,333,000. Bank of America Corp DE owned approximately 0.27% of Barrett Business Services at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Barrett Business Services during the second quarter worth about $72,793,000. Dimensional Fund Advisors LP lifted its stake in Barrett Business Services by 4.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 661,181 shares of the business services provider's stock valued at $19,295,000 after buying an additional 25,221 shares in the last quarter. Trigran Investments Inc. lifted its stake in Barrett Business Services by 62.3% in the 4th quarter. Trigran Investments Inc. now owns 648,738 shares of the business services provider's stock valued at $23,491,000 after buying an additional 249,052 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in Barrett Business Services by 1.4% in the 1st quarter. Renaissance Technologies LLC now owns 639,462 shares of the business services provider's stock worth $18,660,000 after buying an additional 8,600 shares during the last quarter. Finally, GW&K Investment Management LLC increased its stake in Barrett Business Services by 8.0% during the 4th quarter. GW&K Investment Management LLC now owns 514,047 shares of the business services provider's stock worth $18,614,000 after buying an additional 37,947 shares in the last quarter. 86.76% of the stock is owned by institutional investors and hedge funds.

Barrett Business Services Price Performance

NASDAQ:BBSI opened at $30.26 on Thursday. The company's 50-day moving average is $34.34 and its two-hundred day moving average is $33.00. Barrett Business Services, Inc. has a 1-year low of $25.33 and a 1-year high of $45.53. The firm has a market capitalization of $733.50 million, a price-to-earnings ratio of 22.25, a PEG ratio of 1.14 and a beta of 0.92.

Barrett Business Services (NASDAQ:BBSI - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The business services provider reported $0.52 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.56 by ($0.04). Barrett Business Services had a return on equity of 20.95% and a net margin of 2.77%.The firm had revenue of $319.27 million for the quarter, compared to analyst estimates of $321.55 million. As a group, equities analysts anticipate that Barrett Business Services, Inc. will post 1.68 earnings per share for the current fiscal year.

Barrett Business Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 4th. Shareholders of record on Friday, August 21st were given a $0.08 dividend. The ex-dividend date was Friday, August 21st. This represents a $0.32 dividend on an annualized basis and a yield of 1.1%. Barrett Business Services's payout ratio is currently 23.53%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on BBSI shares. Roth Capital downgraded Barrett Business Services from a "buy" rating to a "neutral" rating and decreased their target price for the company from $42.00 to $38.00 in a research report on Thursday, August 6th. Zacks Research cut Barrett Business Services from a "hold" rating to a "strong sell" rating in a research report on Friday, August 7th. Citigroup reissued an "outperform" rating on shares of Barrett Business Services in a research note on Thursday, August 6th. Wall Street Zen upgraded Barrett Business Services from a "sell" rating to a "hold" rating in a report on Saturday, June 6th. Finally, Weiss Ratings raised shares of Barrett Business Services from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Barrett Business Services currently has a consensus rating of "Moderate Buy" and a consensus price target of $41.00.

Insider Buying and Selling

In related news, EVP James Potts sold 3,490 shares of the firm's stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $38.00, for a total transaction of $132,620.00. Following the completion of the sale, the executive vice president directly owned 32,035 shares of the company's stock, valued at approximately $1,217,330. This trade represents a 9.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.80% of the stock is owned by corporate insiders.

Barrett Business Services Company Profile

Barrett Business Services, Inc NASDAQ: BBSI provides business management solutions for small and mid-sized companies in the United States. The company combines professional employer organization (PEO) services with staffing and recruiting capabilities, allowing clients to outsource or supplement key human resources and administrative functions.

Its services include payroll administration, employee benefits support, workers' compensation management, human resources guidance, workplace safety and risk management, and regulatory compliance assistance.

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