On August 30, 2023, it was reported that Russell Investments Group Ltd. reduced its stake in Barrett Business Services, Inc. (NASDAQ:BBSI) by 14.9% during the first quarter of this year. According to the disclosure made to the Securities & Exchange Commission, the investment fund now owns 15,872 shares of the business services provider’s stock after selling 2,783 shares in that period. This new ownership represents approximately 0.23% of Barrett Business Services’ total value at the end of the most recent quarter, amounting to $1,407,000.
Several brokerages have also recently provided their thoughts on BBSI. StockNews.com initiated coverage on Barrett Business Services with a “buy” rating on August 17th. Additionally, Barrington Research reaffirmed an “outperform” rating and set a target price of $104.00 for BBSI’s shares on August 3rd.
As for its stock performance, BBSI opened at $95.93 on Wednesday. The company currently has a market capitalization of $645.61 million and boasts a price-to-earnings (PE) ratio of 14.43. With a beta of 1.36 and a PEG ratio standing at 1.02, investors can evaluate Barrett Business Services’ potential for growth as compared to its industry peers.
Taking into account recent trends in BBSI’s stock price movements, one can observe that its fifty-day moving average is $90.80 while its two-hundred-day moving average stands at $88.98 as of today’s date—highlighting some level of stability within the organization’s stock performance over these timeframes.
It is worth noting that Barrett Business Services has experienced some volatility over the past year; its share price has fluctuated between $75.94 and $100.85 during this period.
In conclusion, Russell Investments Group Ltd. has decreased its stake in Barrett Business Services, Inc., according to the company’s most recent disclosure. At present, the stock is favored by StockNews.com with a “buy” rating, while Barrington Research maintains an “outperform” rating and a target price of $104.00. Investors interested in BBSI should further analyze its market cap of $645.61 million, PE ratio of 14.43, PEG ratio of 1.02, and beta of 1.36 to better understand its potential for growth within the industry.
Barrett Business Services, Inc.
Updated on: 26/02/2024
Debt to equity ratio: Sell
Price to earnings ratio: Buy
Price to book ratio: Strong Buy
ROE: Strong Buy
We did not find social sentiment data for this stock
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Recent Hedge Fund Activity and Director Transactions Surrounding Barrett Business Services, Inc.
August 30, 2023 – In recent news, several hedge funds have made significant changes to their holdings of Barrett Business Services. Dorsey Wright & Associates has bought a new stake in the business services provider during the fourth quarter, worth $29,000. This move comes as Tower Research Capital LLC TRC increased its holdings in Barrett Business Services by 54.1% during the third quarter, now owning 467 shares worth $36,000. PNC Financial Services Group Inc. also saw a substantial increase in their holdings, with a staggering rise of 4,307.1% during the first quarter. The company now owns 617 shares valued at $49,000.
Lazard Asset Management LLC also participated in lifting its holdings in Barrett Business Services by 26.9% during the first quarter, amounting to 1,029 shares worth $79,000. Lastly, Vestcor Inc made an investment in Barrett Business Services with a new stake acquired during the fourth quarter worth $93,000. It is noted that hedge funds and other institutional investors currently own about 85.91% of the company’s stock.
In other related news surrounding the business services provider, Director Thomas J. Carley recently sold 1,359 shares of Barrett Business Services’ stock on July 7th for an average price of $86.01 per share. This transaction yielded a total sum of $116,887.59 for Carley’s selling activity. Following this sale, Carley now holds approximately 22,907 shares in Barrett Business Services directly under his ownership with an estimated value amounting to $1,97023107.
These developments were disclosed via a filing with the SEC and can be accessed through their official website should one seek more detailed information regarding this matter.
Brokers have been keen on providing commentary regarding BBSI and its prevailing state of affairs as well recently. StockNews.com initiated coverage on Barrett Business Services and gave the stock a “buy” rating in their report released on August 17th. Barrington Research, on the other hand, reiterated an “outperform” rating and set a target price of $104.00 per share for Barrett Business Services on August 3rd.
On August 2nd, Barrett Business Services themselves released their most recent earnings results; reporting an impressive $2.47 earnings per share (EPS) for the quarter. This figure exceeded the consensus estimate by $0.62, which was projected to be at around $1.85 EPS. Furthermore, Barrett Business Services boasted a return on equity of 26.72%, along with a net margin of 4.39%. The firm generated revenue of $1.91 billion during this quarter, coming very close to analyst estimates that were forecasting $1.94 billion in revenue.
Moving forward, sell-side analysts are anticipating that Barrett Business Services will post earnings per share of approximately 6.78 for the current fiscal year based on their projections.
In light of all this financial activity surrounding Barrett Business Services, it is noteworthy that the business also recently announced its quarterly dividend payment scheduled to be distributed on September 1st – Friday. Shareholders recorded as of August 18th – Friday will receive a dividend amounting to $0.30 per share held. The ex-dividend date is listed as Thursday, August 17th – Thursday.
This dividend payout reflects an annualized rate of $1.20 per share and offers investors a dividend yield of about 1.25%. Additionally, with a relatively low payout ratio set at only 17.96%, Barrett Business Services holds potential for sustainable dividends in the future.
It is interesting to follow these developments surrounding Barrett Business Services as they navigate the hedge funds’ increasing interest and participation along with director transactions and ratings from industry experts alike.