United Services Automobile Association Takes Position in Boyd Gaming Corporation $BYD

Key Points

• United Services Automobile Association purchased a new stake in Boyd Gaming Corporation, acquiring 4,556 shares valued at approximately $302,000 during the first quarter of the year.
• Analysts have mixed ratings on Boyd Gaming, with seven recommending a Buy rating, six a Hold, and one a Sell; the current average price target stands at $86.62.
• Boyd Gaming announced a quarterly dividend of $0.18 per share, reflecting a 0.8% annualized dividend yield, with the dividend payment scheduled for October 15th.

United Services Automobile Association purchased a new stake in Boyd Gaming Corporation (NYSE:BYD - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 4,556 shares of the company's stock, valued at approximately $302,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Oppenheimer & Co. Inc. acquired a new stake in Boyd Gaming during the first quarter worth about $598,000. Redwood Investment Management LLC grew its position in Boyd Gaming by 7.0% during the first quarter. Redwood Investment Management LLC now owns 75,792 shares of the company's stock worth $4,989,000 after buying an additional 4,977 shares in the last quarter. Bank of New York Mellon Corp grew its position in Boyd Gaming by 1.1% during the first quarter. Bank of New York Mellon Corp now owns 692,496 shares of the company's stock worth $45,587,000 after buying an additional 7,400 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in Boyd Gaming during the first quarter worth about $1,963,000. Finally, Jump Financial LLC acquired a new stake in Boyd Gaming during the first quarter worth about $764,000. 76.81% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Morgan Stanley reissued a "sell" rating on shares of Boyd Gaming in a research report on Friday, July 11th. Mizuho lifted their target price on Boyd Gaming from $86.00 to $89.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Truist Financial lifted their target price on Boyd Gaming from $85.00 to $100.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. JPMorgan Chase & Co. started coverage on Boyd Gaming in a research report on Monday, June 23rd. They set a "neutral" rating and a $79.00 target price on the stock. Finally, Stifel Nicolaus lifted their price objective on Boyd Gaming from $87.00 to $90.00 and gave the company a "hold" rating in a report on Friday, July 25th. Seven equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Boyd Gaming currently has an average rating of "Hold" and an average price target of $86.62.

Boyd Gaming Stock Down 1.4%

NYSE BYD opened at $84.76 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 2.53. The stock's 50 day moving average is $84.10 and its two-hundred day moving average is $75.67. The company has a market capitalization of $6.80 billion, a price-to-earnings ratio of 13.04, a PEG ratio of 2.43 and a beta of 1.23. Boyd Gaming Corporation has a 1-year low of $58.94 and a 1-year 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, beating analysts' consensus estimates of $1.67 by $0.20. The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $976.81 million. Boyd Gaming had a return on equity of 40.65% and a net margin of 14.02%.The company's quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.58 earnings per share. Equities analysts forecast that Boyd Gaming Corporation will post 6.52 earnings per share for the current fiscal year.

Boyd Gaming Announces Dividend

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

Insiders Place Their Bets

In other news, Chairman Marianne Boyd Johnson sold 100,000 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $84.17, for a total value of $8,417,000.00. Following the transaction, the chairman directly owned 1,504,379 shares of the company's stock, valued at $126,623,580.43. The trade was a 6.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Keith Smith sold 50,000 shares of the business's stock in a transaction that occurred on 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 directly owned 1,096,689 shares in the company, valued at $91,123,889.01. The trade was a 4.36% 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 over the last ninety days. 27.94% of the stock is owned by insiders.

Boyd Gaming 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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