BlackRock Inc. Purchases Shares of 2,049,358 Barrett Business Services, Inc. $BBSI

BlackRock Inc. acquired a new position in Barrett Business Services, Inc. (NASDAQ:BBSI - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 2,049,358 shares of the business services provider's stock, valued at approximately $72,793,000. BlackRock Inc. owned about 8.34% of Barrett Business Services as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in BBSI. Kestra Advisory Services LLC bought a new stake in shares of Barrett Business Services in the 4th quarter valued at about $39,000. Bard Associates Inc. purchased a new position in Barrett Business Services in the 4th quarter worth approximately $50,000. Farther Finance Advisors LLC increased its stake in Barrett Business Services by 63.0% in the 4th quarter. Farther Finance Advisors LLC now owns 1,456 shares of the business services provider's stock worth $53,000 after purchasing an additional 563 shares during the period. Tripletail Wealth Management LLC lifted its position in Barrett Business Services by 152.6% in the fourth quarter. Tripletail Wealth Management LLC now owns 1,920 shares of the business services provider's stock valued at $70,000 after purchasing an additional 1,160 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its position in Barrett Business Services by 270.2% in the second quarter. NewEdge Advisors LLC now owns 1,999 shares of the business services provider's stock valued at $83,000 after purchasing an additional 1,459 shares during the last quarter. Hedge funds and other institutional investors own 86.76% of the company's stock.

Insider Transactions at Barrett Business Services

In other news, EVP James R. Potts sold 3,490 shares of the business's stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $38.00, for a total value of $132,620.00. Following the sale, the executive vice president directly owned 32,035 shares of the company's stock, valued at $1,217,330. The trade was a 9.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Anthony Meeker sold 12,000 shares of the company's stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $37.85, for a total value of $454,200.00. Following the completion of the sale, the director owned 44,945 shares in the company, valued at $1,701,168.25. The trade was a 21.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 20,779 shares of company stock worth $786,233. Corporate insiders own 4.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on BBSI. Citigroup restated an "outperform" rating on shares of Barrett Business Services in a report on Thursday, August 6th. Weiss Ratings upgraded shares of Barrett Business Services from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, July 13th. Barrington Research set a $44.00 price target on shares of Barrett Business Services in a research report on Thursday, August 6th. Zacks Research cut shares of Barrett Business Services from a "hold" rating to a "strong sell" rating in a research report on Friday, August 7th. Finally, Roth Capital cut shares of Barrett Business Services from a "buy" rating to a "neutral" rating and decreased their price objective for the company from $42.00 to $38.00 in a research report on Thursday, August 6th. One investment 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 assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $41.00.

Barrett Business Services Stock Performance

BBSI opened at $34.37 on Monday. The company has a market cap of $833.13 million, a price-to-earnings ratio of 25.27, a price-to-earnings-growth ratio of 1.28 and a beta of 0.94. The stock has a fifty day simple moving average of $36.42 and a two-hundred day simple moving average of $32.56. Barrett Business Services, Inc. has a 12-month low of $25.33 and a 12-month high of $49.65.

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

Barrett Business Services Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 4th. Investors of record on Friday, August 21st will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, August 21st. This represents a $0.32 annualized dividend and a yield of 0.9%. Barrett Business Services's payout ratio is presently 23.53%.

Barrett Business Services Company Profile

Barrett Business Services, Inc NASDAQ: BBSI is a professional employer organization (PEO) headquartered in Northridge, California. Founded in 1971 by Barrett K. Levesque, the company provides comprehensive human resources outsourcing solutions to small and mid-sized businesses. Through its consultative model, Barrett Business Services helps clients streamline administrative processes, mitigate regulatory risk and focus on core operations.

The company's core offerings include payroll administration, employee benefits management, workers' compensation and risk management services.

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