Bank of America Corp DE Makes New Investment in TrueBlue, Inc. $TBI

Key Points

• Bank of America acquired 319,212 TrueBlue shares worth approximately $2.23 million during the second quarter, giving it about a 1.05% stake. Institutional investors collectively own 97.15% of the company.
• TrueBlue reported quarterly EPS of $0.06, beating the consensus estimate of a $0.10 loss, while revenue of $443 million exceeded analyst expectations of $417.84 million.
• Shares opened at $9.17 after falling 1.6%; analysts’ average rating remains Hold, with a consensus price target of $7.75.

Bank of America Corp DE acquired a new position in shares of TrueBlue, Inc. (NYSE:TBI - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 319,212 shares of the business services provider's stock, valued at approximately $2,225,000. Bank of America Corp DE owned about 1.05% of TrueBlue as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of TBI. Fifth Third Bancorp bought a new stake in shares of TrueBlue during the first quarter worth about $41,000. Ieq Capital LLC acquired a new stake in TrueBlue during the 2nd quarter worth approximately $78,000. Glenmede Trust Co. NA bought a new stake in TrueBlue during the 1st quarter worth approximately $53,000. Hsbc Holdings PLC acquired a new position in TrueBlue in the 2nd quarter valued at approximately $105,000. Finally, Deutsche Bank AG acquired a new position in TrueBlue in the 2nd quarter valued at approximately $195,000. 97.15% of the stock is currently owned by institutional investors.

TrueBlue Stock Down 1.6%

TBI stock opened at $9.17 on Thursday. The stock's 50 day simple moving average is $9.45 and its 200 day simple moving average is $7.03. TrueBlue, Inc. has a fifty-two week low of $3.18 and a fifty-two week high of $11.03. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.28 and a current ratio of 2.28. The company has a market cap of $279.20 million, a P/E ratio of -4.88, a price-to-earnings-growth ratio of 11.10 and a beta of 1.67.

TrueBlue (NYSE:TBI - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The business services provider reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.16. The business had revenue of $443.00 million for the quarter, compared to analyst estimates of $417.84 million. TrueBlue had a negative return on equity of 6.26% and a negative net margin of 3.35%. On average, research analysts expect that TrueBlue, Inc. will post 0.06 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Wall Street Zen upgraded shares of TrueBlue from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Robert W. Baird set a $9.50 price target on TrueBlue in a research report on Wednesday, August 5th. Finally, Weiss Ratings raised TrueBlue from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Thursday, July 2nd. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $7.75.

About TrueBlue

TrueBlue, Inc is a workforce solutions company that connects businesses with workers and provides staffing, recruiting and workforce management services. The company serves organizations across a range of industries, including manufacturing, logistics, construction, hospitality, retail and healthcare.

TrueBlue operates through brands that have included PeopleReady, which provides industrial and skilled staffing; PeopleManagement, which delivers on-site workforce management and contingent labor solutions; and PeopleScout, which provides recruitment process outsourcing and talent acquisition services.

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