Bank of America Corp DE Sells 23,207 Shares of Boyd Group Services Inc. $BGSI

Key Points

• Bank of America cut its Boyd Group Services stake by 66.1% in the first quarter, selling 23,207 shares and retaining 11,881 shares valued at approximately $1.52 million.
• Boyd Group reported quarterly EPS of $0.80, below the $0.94 consensus estimate, while revenue of $1.01 billion also slightly missed expectations.
• The stock was trading at $90.29, despite analysts’ “Moderate Buy” consensus rating and an average price target of $157.00; the company also maintains a quarterly dividend of $0.156 per share.

Bank of America Corp DE trimmed its position in Boyd Group Services Inc. (NYSE:BGSI - Free Report) by 66.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,881 shares of the company's stock after selling 23,207 shares during the quarter. Bank of America Corp DE's holdings in Boyd Group Services were worth $1,519,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in BGSI. Vanguard Group Inc. purchased a new stake in Boyd Group Services in the fourth quarter worth about $187,263,000. UBS Group AG bought a new stake in shares of Boyd Group Services in the 4th quarter valued at about $2,071,000. Pictet Asset Management Holding SA purchased a new stake in shares of Boyd Group Services in the 4th quarter worth approximately $774,000. Principal Financial Group Inc. purchased a new stake in shares of Boyd Group Services in the 4th quarter worth approximately $62,264,000. Finally, K.J. Harrison & Partners Inc bought a new position in shares of Boyd Group Services during the fourth quarter valued at approximately $1,882,000. Institutional investors own 0.17% of the company's stock.

Boyd Group Services Trading Up 5.9%

NYSE:BGSI opened at $90.29 on Friday. The stock has a market capitalization of $2.51 billion, a price-to-earnings ratio of 196.29 and a beta of 0.70. Boyd Group Services Inc. has a 52 week low of $82.26 and a 52 week high of $183.10. 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 firm has a 50 day moving average of $97.27 and a 200 day moving average of $116.16.

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

Boyd Group Services Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 29th. Investors of record on Tuesday, June 30th were given a dividend of $0.156 per share. This represents a $0.62 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Tuesday, June 30th. Boyd Group Services's dividend payout ratio is currently 95.65%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on BGSI. Weiss Ratings reissued a "sell (d)" rating on shares of Boyd Group Services in a report on Wednesday, June 24th. Zacks Research upgraded Boyd Group Services from a "strong sell" rating to a "hold" rating in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $157.00.

About Boyd Group Services

Boyd Group Services Inc is a North American operator of collision repair centers that provides vehicle repair, paint and refinishing, and auto glass replacement services. Its locations perform mechanical and cosmetic collision repairs, parts sourcing, and related warranty work, serving retail customers as well as business clients such as insurers and fleet operators. The company’s operations typically include estimating, repair planning, paint and body work, and post-repair quality assurance and customer service.

Headquartered in Winnipeg, Manitoba, Canada, Boyd Group Services operates across both Canada and the United States through a network of company-owned collision repair facilities under various local and regional brand names.

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