Bank of America Corp DE Takes Position in Boyd Gaming Corporation $BYD

Key Points

• Bank of America acquired 792,968 Boyd Gaming shares in the second quarter, worth approximately $70 million and representing a 1.09% stake. Institutional investors and hedge funds collectively own 76.81% of the company.
• Boyd Gaming reported quarterly EPS of $1.93, exceeding consensus estimates of $1.89, while revenue reached $1.03 billion. Analysts expect full-year EPS of $7.29.
• The company declared a quarterly dividend of $0.20 per share, or $0.80 annualized, yielding about 1.1%. Analysts maintain a consensus “Hold” rating with an average price target of $94.69.

Bank of America Corp DE acquired a new position in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 792,968 shares of the company's stock, valued at approximately $70,043,000. Bank of America Corp DE owned 1.09% of Boyd Gaming as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the business. Freestone Grove Partners LP acquired a new stake in Boyd Gaming during the second quarter valued at approximately $3,437,000. Man Group plc bought a new stake in Boyd Gaming during the 2nd quarter worth approximately $1,286,000. Jupiter Topco LLC acquired a new stake in shares of Boyd Gaming in the second quarter valued at $3,892,000. III Capital Management acquired a new stake in Boyd Gaming in the 2nd quarter valued at about $2,208,000. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Boyd Gaming in the second quarter valued at approximately $609,000. 76.81% of the stock is currently owned by institutional investors and hedge funds.

Boyd Gaming Price Performance

Boyd Gaming stock opened at $73.00 on Friday. The company has a current ratio of 0.77, a quick ratio of 0.74 and a debt-to-equity ratio of 1.05. The company has a market capitalization of $5.30 billion, a price-to-earnings ratio of 3.21, a PEG ratio of 1.30 and a beta of 1.06. The stock's 50 day moving average is $82.23 and its 200-day moving average is $83.68. Boyd Gaming Corporation has a 12 month low of $72.96 and a 12 month high of $91.41.

Boyd Gaming (NYSE:BYD - Get Free Report) last announced its earnings results on Thursday, July 23rd. The company reported $1.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.89 by $0.04. Boyd Gaming had a net margin of 44.34% and a return on equity of 22.52%. The company had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $1.04 billion. During the same quarter in the previous year, the business posted $1.87 earnings per share. Boyd Gaming's quarterly revenue was up .0% on a year-over-year basis. Equities research analysts expect that Boyd Gaming Corporation will post 7.29 EPS for the current year.

Boyd Gaming Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Tuesday, September 15th. Boyd Gaming's dividend payout ratio is 3.52%.

Insider Activity

In related news, CFO Josh Hirsberg sold 12,777 shares of the firm's stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $89.76, for a total value of $1,146,863.52. Following the transaction, the chief financial officer owned 422,969 shares in the company, valued at approximately $37,965,697.44. This trade represents a 2.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 22.82% of the company's stock.

Analyst Ratings Changes

Several analysts have weighed in on the company. Benchmark started coverage on Boyd Gaming in a report on Monday, June 22nd. They set a "buy" rating and a $100.00 price objective for the company. Texas Capital raised shares of Boyd Gaming to a "strong-buy" rating in a research report on Wednesday, June 3rd. Susquehanna raised their price objective on Boyd Gaming from $84.00 to $87.00 and gave the company a "neutral" rating in a report on Friday, July 24th. Stifel Nicolaus lifted their target price on Boyd Gaming from $91.00 to $92.00 and gave the company a "hold" rating in a research report on Friday, July 24th. Finally, Morgan Stanley dropped their target price on Boyd Gaming from $90.00 to $89.00 and set an "equal weight" rating on the stock in a report on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $94.69.

Boyd Gaming Company Profile

Boyd Gaming Corporation is a gaming and hospitality company that owns and operates casinos, hotels, restaurants, entertainment venues and related amenities. Its properties offer casino games such as slots, table games and poker, along with lodging, dining, convention and entertainment services.

Founded in 1975 by gaming executive Sam Boyd, the company is headquartered in Las Vegas, Nevada. Boyd Gaming operates regional gaming properties across several U.S. states, including Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Ohio and Pennsylvania.

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