Comerica Bank Decreases Stake in Boyd Gaming Corporation $BYD

Key Points

• Comerica Bank has reduced its stake in Boyd Gaming Corporation by 37.9%, now owning 13,743 shares valued at $905,000 as a result of selling 8,397 shares in the first quarter.
• Insider activity shows that Chairman Marianne Boyd Johnson sold 100,000 shares for approximately $8.66 million, while CEO Keith Smith sold 25,000 shares for around $2.13 million.
• The company has announced a quarterly dividend of $0.18 per share, with an annualized yield of 0.8%, to be paid on October 15th, 2023.

Comerica Bank cut its position in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) by 37.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,743 shares of the company's stock after selling 8,397 shares during the quarter. Comerica Bank's holdings in Boyd Gaming were worth $905,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Louisiana State Employees Retirement System raised its stake in shares of Boyd Gaming by 1.1% in the first quarter. Louisiana State Employees Retirement System now owns 18,600 shares of the company's stock worth $1,224,000 after purchasing an additional 200 shares during the last quarter. State of Alaska Department of Revenue raised its stake in shares of Boyd Gaming by 0.4% in the first quarter. State of Alaska Department of Revenue now owns 47,753 shares of the company's stock worth $3,143,000 after purchasing an additional 205 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC raised its stake in shares of Boyd Gaming by 7.1% in the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 4,000 shares of the company's stock worth $263,000 after purchasing an additional 265 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its stake in shares of Boyd Gaming by 28.0% in the first quarter. Caitong International Asset Management Co. Ltd now owns 1,210 shares of the company's stock worth $80,000 after purchasing an additional 265 shares during the last quarter. Finally, Choreo LLC grew its holdings in shares of Boyd Gaming by 0.9% in the first quarter. Choreo LLC now owns 30,164 shares of the company's stock worth $1,991,000 after acquiring an additional 271 shares during the period. Hedge funds and other institutional investors own 76.81% of the company's stock.

Boyd Gaming Price Performance

Shares of NYSE BYD traded up $0.72 during mid-day trading on Thursday, reaching $85.99. The company's stock had a trading volume of 789,940 shares, compared to its average volume of 766,436. The firm has a market capitalization of $6.89 billion, a PE ratio of 13.23, a P/E/G ratio of 2.41 and a beta of 1.23. The company has a debt-to-equity ratio of 2.53, a current ratio of 0.86 and a quick ratio of 0.82. The stock has a fifty day moving average of $84.03 and a two-hundred day moving average of $75.60. Boyd Gaming Corporation has a 52 week low of $58.71 and a 52 week high of $87.83.

Boyd Gaming (NYSE:BYD - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The company reported $1.87 earnings per share for the quarter, topping analysts' consensus estimates of $1.67 by $0.20. The firm had revenue of $1.03 billion during the quarter, compared to analyst estimates of $976.81 million. Boyd Gaming had a return on equity of 40.65% and a net margin of 14.02%.The business's quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.58 earnings per share. As a group, sell-side analysts anticipate that Boyd Gaming Corporation will post 6.52 EPS for the current fiscal year.

Boyd Gaming Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Monday, September 15th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.8%. Boyd Gaming's dividend payout ratio is 11.08%.

Analyst Upgrades and Downgrades

BYD has been the subject of several research analyst reports. Truist Financial lifted their price objective on Boyd Gaming from $85.00 to $100.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Raymond James Financial reaffirmed an "outperform" rating on shares of Boyd Gaming in a report on Monday. Susquehanna lowered Boyd Gaming from a "positive" rating to a "neutral" rating and lifted their price objective for the stock from $76.00 to $86.00 in a report on Friday, July 11th. JPMorgan Chase & Co. initiated coverage on Boyd Gaming in a report on Monday, June 23rd. They issued a "neutral" rating and a $79.00 price objective for the company. Finally, Morgan Stanley reaffirmed a "sell" rating on shares of Boyd Gaming in a report on Friday, July 11th. Seven analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Boyd Gaming has a consensus rating of "Hold" and an average target price of $86.62.

Insider Transactions at Boyd Gaming

In other news, CEO Keith Smith sold 50,000 shares of the company's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $83.09, for a total value of $4,154,500.00. Following the completion of the transaction, the chief executive officer owned 1,096,689 shares of the company's stock, valued at $91,123,889.01. This represents a 4.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Ted Bogich sold 16,497 shares of the company's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $83.18, for a total value of $1,372,220.46. Following the completion of the transaction, the chief operating officer directly owned 45,116 shares of the company's stock, valued at approximately $3,752,748.88. This trade represents a 26.78% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 385,438 shares of company stock valued at $32,638,085. 27.94% of the stock is owned by corporate insiders.

Boyd Gaming Company Profile

Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. The company operates through Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online segments.