Nuveen LLC Purchases Shares of 315,899 Barrett Business Services, Inc. $BBSI

Key Points

• Nuveen LLC has acquired a new stake in Barrett Business Services, Inc., purchasing 315,899 shares valued at approximately $13 million, representing a 1.23% ownership in the company.
• Barrett Business Services reported a 10% year-over-year increase in revenue, reaching $307.70 million for the quarter, with earnings per share of $0.70 beating analyst expectations.
• The company announced a quarterly dividend of $0.08 per share, contributing to an annualized dividend yield of 0.7%.

Nuveen LLC bought a new position in shares of Barrett Business Services, Inc. (NASDAQ:BBSI - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 315,899 shares of the business services provider's stock, valued at approximately $12,999,000. Nuveen LLC owned about 1.23% of Barrett Business Services as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also modified their holdings of the company. 4D Advisors LLC acquired a new position in Barrett Business Services in the fourth quarter worth about $5,430,000. Chatham Capital Group Inc. grew its stake in Barrett Business Services by 104.0% in the first quarter. Chatham Capital Group Inc. now owns 58,055 shares of the business services provider's stock worth $2,389,000 after purchasing an additional 29,600 shares in the last quarter. Lazard Asset Management LLC grew its stake in Barrett Business Services by 59.0% in the fourth quarter. Lazard Asset Management LLC now owns 71,762 shares of the business services provider's stock worth $3,117,000 after purchasing an additional 26,637 shares in the last quarter. Deutsche Bank AG grew its stake in Barrett Business Services by 80.1% in the first quarter. Deutsche Bank AG now owns 50,122 shares of the business services provider's stock worth $2,063,000 after purchasing an additional 22,291 shares in the last quarter. Finally, Mackenzie Financial Corp acquired a new position in Barrett Business Services in the fourth quarter worth about $913,000. 86.76% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Barrett Business Services

In related news, Director Anthony Meeker sold 7,380 shares of the business's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $42.14, for a total transaction of $310,993.20. Following the sale, the director owned 55,504 shares of the company's stock, valued at $2,338,938.56. The trade was a 11.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas J. Carley sold 12,646 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $47.62, for a total value of $602,202.52. Following the sale, the director directly owned 94,692 shares in the company, valued at approximately $4,509,233.04. The trade was a 11.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold 36,417 shares of company stock worth $1,628,361 in the last three months. 4.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on BBSI. Wall Street Zen upgraded Barrett Business Services from a "hold" rating to a "buy" rating in a research note on Saturday, August 16th. Barrington Research lifted their target price on Barrett Business Services from $45.00 to $49.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $47.00.

Barrett Business Services Stock Performance

Shares of BBSI traded down $0.60 during mid-day trading on Wednesday, reaching $48.48. 180,454 shares of the company's stock traded hands, compared to its average volume of 167,048. The business's 50-day moving average price is $44.65 and its 200-day moving average price is $42.19. The stock has a market capitalization of $1.25 billion, a P/E ratio of 23.88, a price-to-earnings-growth ratio of 1.60 and a beta of 1.02. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.25 and a current ratio of 1.25. Barrett Business Services, Inc. has a 12 month low of $34.43 and a 12 month high of $49.63.

Barrett Business Services (NASDAQ:BBSI - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The business services provider reported $0.70 earnings per share for the quarter, beating analysts' consensus estimates of $0.65 by $0.05. The company had revenue of $307.70 million for the quarter, compared to analysts' expectations of $299.95 million. Barrett Business Services had a return on equity of 24.59% and a net margin of 4.49%.The business's revenue for the quarter was up 10.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.62 earnings per share. Equities analysts predict that Barrett Business Services, Inc. will post 2 earnings per share for the current year.

Barrett Business Services Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Investors of record on Friday, August 22nd will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $0.32 annualized dividend and a yield of 0.7%. Barrett Business Services's payout ratio is presently 15.76%.

Barrett Business Services Company Profile

Barrett Business Services, Inc provides business management solutions for small and mid-sized companies in the United States. The company develops a management platform that integrates a knowledge-based approach from the management consulting industry with tools from the human resource outsourcing industry.