Bank of America Corp DE Buys New Shares in Boyd Group Services Inc. $BGSI

Key Points

• Bank of America acquired 84,538 shares of Boyd Group Services during the second quarter, worth approximately $8 million and representing a 0.30% stake.
• Analysts maintain a generally positive outlook, with the stock receiving a “Moderate Buy” consensus rating and an average price target of $138.50; Mizuho initiated coverage with an “Outperform” rating and a $120 target.
• Boyd Group reported quarterly EPS of $0.80, below the $0.94 consensus estimate, while revenue of $1.01 billion also slightly missed forecasts. The company declared a C$0.16 quarterly dividend, yielding about 0.8%.

Bank of America Corp DE purchased a new stake in shares of Boyd Group Services Inc. (NYSE:BGSI - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 84,538 shares of the company's stock, valued at approximately $7,999,000. Bank of America Corp DE owned 0.30% of Boyd Group Services at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in BGSI. CIBC Asset Management Inc acquired a new stake in shares of Boyd Group Services in the fourth quarter worth $126,509,000. Dixon Mitchell Investment Counsel Inc. purchased a new stake in Boyd Group Services in the 4th quarter worth about $98,976,000. Capital World Investors purchased a new stake in Boyd Group Services in the 4th quarter worth about $70,325,000. Norges Bank acquired a new stake in Boyd Group Services during the 4th quarter worth about $56,502,000. Finally, Principal Financial Group Inc. boosted its position in Boyd Group Services by 5.7% during the 1st quarter. Principal Financial Group Inc. now owns 413,018 shares of the company's stock worth $52,654,000 after acquiring an additional 22,448 shares during the period. Hedge funds and other institutional investors own 0.17% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on BGSI shares. Zacks Research upgraded Boyd Group Services from a "strong sell" rating to a "hold" rating in a report on Tuesday, July 28th. Weiss Ratings upgraded shares of Boyd Group Services from a "sell (d)" rating to a "sell (d+)" rating in a report on Thursday, September 17th. Finally, Mizuho started coverage on shares of Boyd Group Services in a research report on Friday, September 18th. They set an "outperform" rating and a $120.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $138.50.

Boyd Group Services Price Performance

NYSE BGSI opened at $79.98 on Friday. The company has a quick ratio of 0.46, a current ratio of 0.60 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $2.23 billion, a PE ratio of 173.87 and a beta of 0.70. Boyd Group Services Inc. has a 12-month low of $77.85 and a 12-month high of $183.10. The company has a 50 day moving average price of $93.00 and a two-hundred day moving average price of $106.81.

Boyd Group Services (NYSE:BGSI - Get Free Report) last announced its quarterly earnings results on Wednesday, August 12th. The company reported $0.80 EPS for the quarter, missing the consensus estimate of $0.94 by ($0.14). Boyd Group Services had a return on equity of 5.21% and a net margin of 0.25%.The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.02 billion. As a group, equities analysts predict that Boyd Group Services Inc. will post 3.43 earnings per share for the current fiscal year.

Boyd Group Services Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 28th. Shareholders of record on Wednesday, September 30th will be given a dividend of C$0.16 per share. This represents a $0.62 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Wednesday, September 30th. Boyd Group Services's dividend payout ratio is presently 95.65%.

Boyd Group Services Profile

Boyd Group Services Inc is one of North America's largest operators of non-franchised collision repair centers. The company provides vehicle repair services following accidents, including body repair, painting, dent removal, frame and structural repair, and related services. It also offers automotive glass repair and replacement in selected markets.

Boyd Group operates primarily in the United States and Canada through the Gerber Collision & Glass brand and other locations. Its facilities serve vehicle owners, insurance companies, fleet operators and other commercial customers.

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