Victory Capital Management Inc. Reduces Stake in Barrett Business Services, Inc. (NASDAQ:BBSI)

Key Points

• Victory Capital Management Inc. reduced its stake in Barrett Business Services by 62.2%, owning 19,571 shares valued at approximately $805,000 after selling 32,183 shares in the first quarter.
• Directors Anthony Meeker and Thomas J. Carley sold 19,734 shares of Barrett Business Services, reflecting decreases in their ownership stakes of approximately 11.74% and 11.88%, respectively.
• Barrett Business Services recently declared a quarterly dividend of $0.08 per share, yielding 0.7%, with a total annualized dividend of $0.32.

Victory Capital Management Inc. lowered its stake in shares of Barrett Business Services, Inc. (NASDAQ:BBSI - Free Report) by 62.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,571 shares of the business services provider's stock after selling 32,183 shares during the quarter. Victory Capital Management Inc. owned 0.08% of Barrett Business Services worth $805,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of BBSI. 4D Advisors LLC bought a new position in Barrett Business Services during the 4th quarter worth approximately $5,430,000. Norges Bank bought a new stake in Barrett Business Services in the fourth quarter valued at $3,849,000. Chatham Capital Group Inc. lifted its position in shares of Barrett Business Services by 104.0% in the 1st 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 during the period. Lazard Asset Management LLC raised 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 buying an additional 26,637 shares in the last quarter. Finally, Mackenzie Financial Corp purchased a new position in shares of Barrett Business Services during the 4th quarter worth approximately $913,000. 86.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on BBSI shares. Barrington Research reissued an "outperform" rating and issued a $45.00 target price on shares of Barrett Business Services in a report on Tuesday, May 6th. Wall Street Zen downgraded Barrett Business Services from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 16th.

Barrett Business Services Stock Performance

Shares of NASDAQ BBSI traded up $0.02 during mid-day trading on Tuesday, hitting $44.25. The stock had a trading volume of 42,506 shares, compared to its average volume of 141,347. The company has a 50 day moving average of $42.87 and a two-hundred day moving average of $41.77. The firm has a market cap of $1.14 billion, a PE ratio of 22.69, a PEG ratio of 1.49 and a beta of 1.02. Barrett Business Services, Inc. has a twelve month low of $31.77 and a twelve month high of $46.90.

Barrett Business Services (NASDAQ:BBSI - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The business services provider reported ($0.04) earnings per share for the quarter, beating analysts' consensus estimates of ($0.13) by $0.09. The company had revenue of $292.60 million during the quarter, compared to analysts' expectations of $285.91 million. Barrett Business Services had a net margin of 4.45% and a return on equity of 24.55%. The firm's revenue for the quarter was up 10.1% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.01) earnings per share. Equities research analysts predict that Barrett Business Services, Inc. will post 2 EPS for the current fiscal year.

Insider Activity

In other news, Director Anthony Meeker sold 7,380 shares of the company's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $42.14, for a total value of $310,993.20. Following the transaction, the director owned 55,504 shares of the company's stock, valued at $2,338,938.56. This represents a 11.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Thomas J. Carley sold 12,354 shares of Barrett Business Services stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $42.60, for a total transaction of $526,280.40. Following the sale, the director owned 91,628 shares of the company's stock, valued at approximately $3,903,352.80. This represents a 11.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,061 shares of company stock worth $1,406,470 over the last three months. Insiders own 4.10% of the company's stock.

About Barrett Business Services

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.