Comerica Bank Cuts Holdings 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 decreased its stake in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) by 37.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm 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 SEC filing.

Several other large investors also recently bought and sold shares of BYD. Northern Trust Corp increased its holdings in Boyd Gaming by 14.9% during the 4th quarter. Northern Trust Corp now owns 597,431 shares of the company's stock worth $43,338,000 after purchasing an additional 77,619 shares during the period. AXA S.A. purchased a new stake in Boyd Gaming during the 4th quarter worth about $209,000. Ameriprise Financial Inc. increased its holdings in Boyd Gaming by 19.1% during the 4th quarter. Ameriprise Financial Inc. now owns 193,768 shares of the company's stock worth $14,057,000 after purchasing an additional 31,130 shares during the period. BNP Paribas Financial Markets increased its holdings in Boyd Gaming by 81.7% during the 4th quarter. BNP Paribas Financial Markets now owns 34,361 shares of the company's stock worth $2,493,000 after purchasing an additional 15,451 shares during the period. Finally, Cetera Investment Advisers increased its holdings in Boyd Gaming by 247.3% during the 4th quarter. Cetera Investment Advisers now owns 15,976 shares of the company's stock worth $1,159,000 after purchasing an additional 11,376 shares during the period. Hedge funds and other institutional investors own 76.81% of the company's stock.

Insider Activity at Boyd Gaming

In other Boyd Gaming news, Chairman Marianne Boyd Johnson sold 100,000 shares of the stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $86.62, for a total transaction of $8,662,000.00. Following the completion of the sale, the chairman directly owned 1,704,379 shares of the company's stock, valued at approximately $147,633,308.98. This trade represents a 5.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Keith Smith sold 25,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $85.21, for a total value of $2,130,250.00. Following the sale, the chief executive officer directly owned 1,046,689 shares of the company's stock, valued at $89,188,369.69. The trade was a 2.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 385,438 shares of company stock worth $32,638,085 in the last ninety days. Company insiders own 27.94% of the company's stock.

Boyd Gaming Stock Down 0.1%

Shares of NYSE BYD opened at $86.40 on Friday. The stock has a market cap of $6.93 billion, a PE ratio of 13.29, a price-to-earnings-growth ratio of 2.44 and a beta of 1.23. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 2.53. Boyd Gaming Corporation has a 52-week low of $57.67 and a 52-week high of $87.83. The business has a 50-day moving average price of $83.61 and a 200 day moving average price of $75.39.

Boyd Gaming (NYSE:BYD - Get Free Report) last announced its earnings results on Thursday, July 24th. The company reported $1.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.67 by $0.20. Boyd Gaming had a return on equity of 40.65% and a net margin of 14.02%.The firm had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $976.81 million. During the same period in the prior year, the firm earned $1.58 EPS. The business's revenue was up 6.9% on a year-over-year basis. Equities research analysts forecast that Boyd Gaming Corporation will post 6.52 earnings per share for the current year.

Boyd Gaming Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Morgan Stanley restated a "sell" rating on shares of Boyd Gaming in a report on Friday, July 11th. Susquehanna cut Boyd Gaming from a "positive" rating to a "neutral" rating and upped their price objective for the stock from $76.00 to $86.00 in a research report on Friday, July 11th. Raymond James Financial upped their price objective on Boyd Gaming from $81.00 to $85.00 and gave the stock an "outperform" rating in a research report on Monday, June 30th. Truist Financial upped their price objective on Boyd Gaming from $85.00 to $100.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Finally, Barclays upped their price objective on Boyd Gaming from $73.00 to $87.00 and gave the stock an "equal weight" rating in a research report on Friday, July 18th. Seven research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Boyd Gaming presently has an average rating of "Hold" and a consensus price target of $86.62.

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.

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