Barrett Business Services, Inc. (NASDAQ:BBSI) experienced significant growth in short interest during the month of August 2023. Data as of August 31st reveals that there was a total of 68,100 shares held by short sellers, indicating a growth of 14.8% from the previous tally of 59,300 shares on August 15th. Currently, short interest accounts for approximately 1.1% of the company’s outstanding shares. Based on an average daily trading volume of 28,000 shares, the days-to-cover ratio is presently at 2.4 days.
On September 18th, BBSI opened at $91.59 per share. The stock boasts a market capitalization of $616.40 million with a price-to-earnings ratio (P/E) of 13.71 and a price/earnings to growth ratio (PEG) of 0.99. Additionally, it has a beta value of 1.37 indicating a slightly higher volatility compared to the overall market trends. Over the past twelve months, Barrett Business Services’ stock has ranged between a low of $75.94 and a high of $100.85. Analyzing its recent performance, the firm had maintained a fifty-day simple moving average of $93.07 and a two-hundred-day simple moving average of $88.80.
Hedge fund activities have observed some noteworthy changes in their positions regarding BBSI recently. Tower Research Capital LLC TRC significantly increased its holdings in Barrett Business Services by approximately 80% during the second quarter—owning now around 306 shares worth approximately $27,000 after an additional purchase of 136 shares during this period.
Dorsey Wright & Associates also acquired new stakes in Barrett Business Services during the fourth quarter—a transaction estimated at about $29,000 value.
In another development, PNC Financial Services Group Inc. raised its position in Barrett Business Services by 25.9% during the same quarter, adding 120 shares to its portfolio with an estimated worth of $54,000.
Moreover, Vestcor Inc purchased stocks of Barrett Business Services in the fourth quarter with a value of around $93,000.
Lastly, Lazard Asset Management LLC augmented its holdings in the company’s stock during the first quarter by 26.9%. Currently, it owns 1,029 shares valued at approximately $79,000 after acquiring an additional 218 shares.
Approximately 85.91% of BBSI’s stock is now owned by hedge funds and other institutional investors.
In terms of dividends, Barrett Business Services recently declared a quarterly payout which was distributed to shareholders on Friday, September 1st. Shareholders recorded as of Friday, August 18th were eligible for this dividend payment. The dividend amounted to $0.30 per share—a yield representing an annualized rate of 1.31%. With a dividend payout ratio currently standing at 17.96%, Barrett Business Services demonstrates its commitment to distributing profits back to shareholders.
In conclusion, Barrett Business Services experienced a notable increase in short interest during August 2023. The company’s stock opened at $91.59 on September 18th and boasts a market capitalization of $616.40 million with a P/E ratio of 13.71 and beta value of 1.37. Several hedge funds have recently made changes to their positions in BBSI, collectively owning approximately 85.91% of outstanding shares. Additionally, the company paid out a quarterly dividend to shareholders on September 1st—an indication of their dedication to rewarding investors for their support.
Barrett Business Services, Inc.
Updated on: 03/12/2023
Debt to equity ratio: Strong Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
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Barrett Business Services (BBSI) Exceeds Earnings Expectations, Leaves Industry Experts Intrigued
In a recent disclosure, Barrett Business Services (NASDAQ:BBSI) has released its earnings results for the quarter ended on Wednesday, August 2nd. The business services provider recorded an impressive $2.47 earnings per share for the quarter, surpassing the consensus estimates of analysts by $0.62 with a significant margin. This unexpected boost in earnings has sparked interest and left many industry experts perplexed.
Not only did Barrett Business Services exceed expectations in terms of earnings per share, but it also exhibited commendable performance in net margin and return on equity. With a net margin of 4.39% and a return on equity of 26.72%, the company has proven its ability to effectively utilize its assets to generate substantial profits.
However, despite these accomplishments, it is worth noting that Barrett Business Services fell slightly short of revenue projections for the quarter. The company reported revenue of $1.91 billion, just below analyst estimates of $1.94 billion. Although this discrepancy may have disappointed some investors, it is understandable considering the overall positive financial performance showcased by the company.
Looking ahead, sell-side analysts anticipate that Barrett Business Services will continue to maintain its strong financial position throughout the current fiscal year. They expect the company to post an EPS (earnings per share) of 6.78 for this period, indicating continued growth and profitability.
In other news related to Barrett Business Services, Director Anthony Meeker recently sold 1,359 shares of the company’s stock on Tuesday, August 29th. The transaction took place at an average price of $95.83 per share, resulting in a total transaction value of $130,232.97. Following this sale, Director Meeker now holds approximately 15,721 shares in Barrett Business Services with a total value of $1,506,543.43.
This sale was publicly disclosed through a document filed with the Securities & Exchange Commission (SEC), ensuring transparency and adherence to SEC regulations. As of now, corporate insiders own 3.20% of Barrett Business Services’ stock.
The recent earnings report from Barrett Business Services has certainly left investors and industry analysts intrigued by its impressive financial performance. The company’s ability to exceed earnings estimates, coupled with promising net margin and return on equity figures, showcases a high degree of expertise and business acumen.
While slightly missing revenue projections may have caused some concern, the overall positive outlook for the company appears robust. Sell-side analysts’ expectations suggest continued growth in earnings per share, instilling confidence in the future trajectory of Barrett Business Services.
As always, it is important for investors and stakeholders to closely monitor any developments or news related to Barrett Business Services in order to make informed decisions based on accurate and up-to-date information.