Stifel Financial Corp Acquires 414 Shares of Boyd Gaming Co. (NYSE:BYD)

Stifel Financial Corp lifted its holdings in shares of Boyd Gaming Co. (NYSE:BYD) by 2.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,699 shares of the company’s stock after acquiring an additional 414 shares during the period. Stifel Financial Corp’s holdings in Boyd Gaming were worth $1,274,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Victory Capital Management Inc. lifted its stake in Boyd Gaming by 6,158.8% during the 3rd quarter. Victory Capital Management Inc. now owns 908,905 shares of the company’s stock valued at $58,761,000 after acquiring an additional 894,383 shares in the last quarter. Long Pond Capital LP bought a new position in shares of Boyd Gaming during the second quarter valued at about $20,440,000. Ariel Investments LLC boosted its holdings in Boyd Gaming by 12.5% during the second quarter. Ariel Investments LLC now owns 3,031,691 shares of the company’s stock worth $167,046,000 after purchasing an additional 335,984 shares during the last quarter. American Century Companies Inc. grew its position in Boyd Gaming by 19.7% in the 2nd quarter. American Century Companies Inc. now owns 1,149,701 shares of the company’s stock worth $63,349,000 after purchasing an additional 189,226 shares in the last quarter. Finally, International Assets Investment Management LLC grew its position in Boyd Gaming by 4,816.4% in the 3rd quarter. International Assets Investment Management LLC now owns 184,560 shares of the company’s stock worth $119,320,000 after purchasing an additional 180,806 shares in the last quarter. Institutional investors and hedge funds own 76.81% of the company’s stock.

Insiders Place Their Bets

In other Boyd Gaming news, CFO Josh Hirsberg sold 21,549 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $71.43, for a total value of $1,539,245.07. Following the completion of the transaction, the chief financial officer now directly owns 438,615 shares of the company’s stock, valued at $31,330,269.45. This trade represents a 4.68 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Christine J. Spadafor sold 660 shares of the company’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $75.68, for a total transaction of $49,948.80. Following the completion of the transaction, the director now directly owns 5,977 shares in the company, valued at approximately $452,339.36. The trade was a 9.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 147,364 shares of company stock worth $10,590,893 over the last 90 days. Corporate insiders own 27.94% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Morgan Stanley lifted their target price on shares of Boyd Gaming from $74.00 to $78.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. Stifel Nicolaus boosted their price objective on Boyd Gaming from $67.00 to $74.00 and gave the stock a “hold” rating in a research report on Friday, October 25th. Mizuho reaffirmed an “outperform” rating and set a $79.00 target price (up from $78.00) on shares of Boyd Gaming in a research report on Friday, October 25th. Wells Fargo & Company lifted their target price on Boyd Gaming from $75.00 to $79.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Finally, Truist Financial increased their price target on shares of Boyd Gaming from $75.00 to $77.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Boyd Gaming has a consensus rating of “Moderate Buy” and a consensus price target of $91.64.

Boyd Gaming Stock Performance

NYSE BYD opened at $71.20 on Monday. The firm has a market cap of $6.29 billion, a P/E ratio of 13.59, a price-to-earnings-growth ratio of 9.93 and a beta of 1.54. The company has a quick ratio of 0.79, a current ratio of 0.82 and a debt-to-equity ratio of 1.85. The company’s 50 day moving average is $71.18 and its 200-day moving average is $62.89. Boyd Gaming Co. has a 12-month low of $49.34 and a 12-month high of $76.73.

Boyd Gaming declared that its Board of Directors has authorized a share repurchase program on Thursday, December 5th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Boyd Gaming Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Monday, December 16th will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.68 dividend on an annualized basis and a yield of 0.96%. Boyd Gaming’s payout ratio is 12.98%.

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.