Boyd Gaming Corporation $BYD Shares Acquired by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp boosted its stake in Boyd Gaming by 2,891% in the first quarter, buying an additional 42,614 shares and bringing its total holding to 44,088 shares worth about $3.62 million.
• Analyst sentiment on Boyd Gaming remains mixed: the stock has an average Hold rating, though Benchmark initiated coverage with a Buy and a $100 price target, while the consensus target is $94.15.
• Boyd Gaming recently reported Q1 earnings below expectations but also authorized a $500 million share repurchase program and paid a quarterly dividend of $0.20 per share.

Fifth Third Bancorp increased its position in Boyd Gaming Corporation (NYSE:BYD - Free Report) by 2,891.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 44,088 shares of the company's stock after purchasing an additional 42,614 shares during the quarter. Fifth Third Bancorp owned 0.06% of Boyd Gaming worth $3,623,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Blue Trust Inc. lifted its holdings in Boyd Gaming by 23.0% in the 1st quarter. Blue Trust Inc. now owns 653 shares of the company's stock worth $54,000 after buying an additional 122 shares in the last quarter. Optas LLC grew its stake in shares of Boyd Gaming by 4.1% during the first quarter. Optas LLC now owns 3,486 shares of the company's stock valued at $286,000 after acquiring an additional 138 shares in the last quarter. TD Private Client Wealth LLC grew its stake in shares of Boyd Gaming by 24.5% during the fourth quarter. TD Private Client Wealth LLC now owns 854 shares of the company's stock valued at $73,000 after acquiring an additional 168 shares in the last quarter. Advisors Asset Management Inc. increased its position in shares of Boyd Gaming by 56.8% during the first quarter. Advisors Asset Management Inc. now owns 541 shares of the company's stock worth $36,000 after acquiring an additional 196 shares during the last quarter. Finally, Interchange Capital Partners LLC increased its position in shares of Boyd Gaming by 9.0% during the fourth quarter. Interchange Capital Partners LLC now owns 2,996 shares of the company's stock worth $255,000 after acquiring an additional 247 shares during the last quarter. 76.81% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on BYD shares. Benchmark assumed coverage on Boyd Gaming in a report on Monday, June 22nd. They issued a "buy" rating and a $100.00 price target for the company. Citigroup upped their target price on Boyd Gaming from $86.00 to $90.00 and gave the company a "neutral" rating in a research report on Thursday, April 16th. Wells Fargo & Company increased their target price on Boyd Gaming from $81.00 to $88.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 14th. Barclays decreased their price target on shares of Boyd Gaming from $87.00 to $86.00 and set an "equal weight" rating for the company in a research report on Friday, April 24th. Finally, Weiss Ratings upgraded shares of Boyd Gaming from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $94.15.

Boyd Gaming Stock Up 0.2%

Shares of Boyd Gaming stock opened at $87.85 on Monday. The company has a quick ratio of 0.58, a current ratio of 0.60 and a debt-to-equity ratio of 0.90. The firm has a market cap of $6.53 billion, a P/E ratio of 3.85, a P/E/G ratio of 2.07 and a beta of 1.07. Boyd Gaming Corporation has a fifty-two week low of $76.33 and a fifty-two week high of $91.00. The business has a 50-day moving average price of $85.19 and a 200 day moving average price of $84.81.

Boyd Gaming (NYSE:BYD - Get Free Report) last released its earnings results on Thursday, April 23rd. The company reported $1.60 EPS for the quarter, missing analysts' consensus estimates of $1.76 by ($0.16). The firm had revenue of $997.36 million for the quarter, compared to the consensus estimate of $1.04 billion. Boyd Gaming had a return on equity of 25.63% and a net margin of 44.84%.The company's quarterly revenue was up .6% on a year-over-year basis. During the same period in the prior year, the business earned $1.62 EPS. On average, sell-side analysts forecast that Boyd Gaming Corporation will post 7.23 earnings per share for the current fiscal year.

Boyd Gaming Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Monday, June 15th. Boyd Gaming's dividend payout ratio (DPR) is presently 3.51%.

Boyd Gaming declared that its board has initiated a share buyback plan on Thursday, April 23rd that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to reacquire up to 7.7% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Insider Transactions at Boyd Gaming

In other Boyd Gaming news, CEO Keith Smith sold 100,000 shares of the firm's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $85.90, for a total value of $8,590,000.00. Following the transaction, the chief executive officer owned 996,981 shares of the company's stock, valued at $85,640,667.90. This trade represents a 9.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Marianne Boyd Johnson sold 62,914 shares of the company's stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $84.03, for a total value of $5,286,663.42. Following the transaction, the chairman directly owned 1,609,808 shares of the company's stock, valued at $135,272,166.24. This trade represents a 3.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 200,000 shares of company stock worth $17,038,987. Insiders own 22.82% of the company's stock.

About Boyd Gaming

Boyd Gaming Corporation NYSE: BYD is a diversified hospitality and gaming company headquartered in Las Vegas, Nevada. The company develops, owns and operates a portfolio of branded gaming and entertainment properties, including casinos, hotels, restaurants and meeting facilities. Boyd Gaming's offerings range from slot machines and table games to live entertainment, dining concepts and convention space, designed to appeal to both regional and destination visitors.

Founded in 1975 by its namesake, William S.

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