Rhumbline Advisers Lowers Stake in Barrett Business Services, Inc. $BBSI

Key Points

• Rhumbline Advisers reduced its stake in Barrett Business Services by 19.7% in Q1 2023, owning 37,020 shares worth approximately $1.5 million.
• Barrett Business Services reported $0.70 earnings per share for the latest quarter, exceeding analysts' expectations of $0.65 and marking a 10% year-over-year revenue increase to $307.70 million.
• The company announced a quarterly dividend of $0.08 per share, representing a 0.7% yield and a payout ratio of 15.76%.

Rhumbline Advisers decreased its position in shares of Barrett Business Services, Inc. (NASDAQ:BBSI - Free Report) by 19.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 37,020 shares of the business services provider's stock after selling 9,087 shares during the quarter. Rhumbline Advisers owned approximately 0.14% of Barrett Business Services worth $1,523,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Private Trust Co. NA purchased a new position in Barrett Business Services during the first quarter valued at approximately $33,000. Quantbot Technologies LP bought a new stake in Barrett Business Services during the 1st quarter valued at $75,000. PNC Financial Services Group Inc. increased its holdings in shares of Barrett Business Services by 26.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,309 shares of the business services provider's stock valued at $95,000 after acquiring an additional 482 shares during the period. Virtus Advisers LLC bought a new position in shares of Barrett Business Services in the 1st quarter worth $163,000. Finally, Perkins Coie Trust Co lifted its stake in shares of Barrett Business Services by 10.0% during the 1st quarter. Perkins Coie Trust Co now owns 4,400 shares of the business services provider's stock worth $181,000 after purchasing an additional 400 shares during the last quarter. 86.76% of the stock is currently owned by institutional investors.

Insider Transactions at Barrett Business Services

In related news, Director Anthony Meeker sold 3,064 shares of the firm's stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $46.78, for a total transaction of $143,333.92. Following the sale, the director directly owned 54,601 shares of the company's stock, valued at $2,554,234.78. This trade represents a 5.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gary Kramer sold 80,000 shares of Barrett Business Services stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $48.35, for a total value of $3,868,000.00. Following the transaction, the chief executive officer owned 287,040 shares of the company's stock, valued at approximately $13,878,384. This represents a 21.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 112,101 shares of company stock valued at $5,328,702. 4.10% of the stock is owned by insiders.

Wall Street Analyst Weigh In

BBSI has been the topic of several analyst reports. Wall Street Zen upgraded Barrett Business Services from a "hold" rating to a "buy" rating in a research note on Sunday, September 7th. Barrington Research raised their price target on shares of Barrett Business Services from $45.00 to $49.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $47.00.

Barrett Business Services Stock Performance

BBSI traded up $0.11 during trading on Monday, reaching $46.24. 160,503 shares of the company's stock were exchanged, compared to its average volume of 164,211. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.25 and a quick ratio of 1.25. Barrett Business Services, Inc. has a 1 year low of $35.81 and a 1 year high of $49.65. The company's fifty day simple moving average is $46.49 and its 200-day simple moving average is $43.04. The stock has a market capitalization of $1.19 billion, a P/E ratio of 22.78, a price-to-earnings-growth ratio of 1.50 and a beta of 1.01.

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

Barrett Business Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 5th. Stockholders of record on Friday, August 22nd were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend was Friday, August 22nd. Barrett Business Services's payout ratio is 15.76%.

Barrett Business Services 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.