Boyd Gaming (NYSE:BYD) Given New $88.00 Price Target at Truist Financial

Boyd Gaming (NYSE:BYD) had its target price boosted by Truist Financial from $85.00 to $88.00 in a research report sent to investors on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other analysts have also recently issued research reports about the company. Barclays lifted their price target on Boyd Gaming from $71.00 to $74.00 and gave the stock an “equal weight” rating in a research report on Friday, January 24th. Susquehanna lifted their price target on Boyd Gaming from $69.00 to $77.00 and gave the stock a “neutral” rating in a research report on Tuesday. Jefferies Financial Group raised Boyd Gaming from a “hold” rating to a “buy” rating and lifted their price target for the stock from $73.00 to $92.00 in a research report on Friday, January 3rd. JMP Securities reiterated a “market perform” rating on shares of Boyd Gaming in a research note on Thursday, January 16th. Finally, Argus upgraded Boyd Gaming from a “hold” rating to a “buy” rating and set a $90.00 price objective for the company in a research note on Tuesday, December 17th. Seven analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $93.13.

Boyd Gaming Stock Performance

Shares of BYD opened at $76.72 on Tuesday. The stock has a 50-day moving average of $73.86 and a two-hundred day moving average of $67.23. Boyd Gaming has a one year low of $49.34 and a one year high of $78.58. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.79 and a current ratio of 0.82. The stock has a market cap of $6.78 billion, a P/E ratio of 14.64, a P/E/G ratio of 4.28 and a beta of 1.54.

Boyd Gaming announced that its board has initiated a stock buyback program on Thursday, December 5th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Boyd Gaming Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Monday, December 16th were paid a $0.17 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $0.68 annualized dividend and a dividend yield of 0.89%. Boyd Gaming’s dividend payout ratio is presently 12.98%.

Insider Buying and Selling

In related news, CEO Keith Smith sold 40,000 shares of Boyd Gaming stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $73.49, for a total value of $2,939,600.00. Following the sale, the chief executive officer now directly owns 1,161,202 shares in the company, valued at approximately $85,336,734.98. The trade was a 3.33 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Christine J. Spadafor sold 660 shares of Boyd Gaming stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $75.68, for a total value of $49,948.80. Following the completion of the sale, the director now owns 5,977 shares in the company, valued at approximately $452,339.36. The trade was a 9.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 100,660 shares of company stock worth $7,307,149. Insiders own 28.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BYD. UMB Bank n.a. boosted its holdings in shares of Boyd Gaming by 80.3% during the 4th quarter. UMB Bank n.a. now owns 393 shares of the company’s stock worth $29,000 after purchasing an additional 175 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Boyd Gaming by 47.4% during the 4th quarter. GAMMA Investing LLC now owns 460 shares of the company’s stock worth $33,000 after purchasing an additional 148 shares during the last quarter. Covestor Ltd boosted its holdings in shares of Boyd Gaming by 54.9% during the 3rd quarter. Covestor Ltd now owns 587 shares of the company’s stock worth $38,000 after purchasing an additional 208 shares during the last quarter. Quarry LP boosted its holdings in shares of Boyd Gaming by 150.1% during the 3rd quarter. Quarry LP now owns 873 shares of the company’s stock worth $56,000 after purchasing an additional 524 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its holdings in shares of Boyd Gaming by 921.8% during the 3rd quarter. Farther Finance Advisors LLC now owns 889 shares of the company’s stock worth $57,000 after purchasing an additional 802 shares during the last quarter. 76.81% of the stock is currently owned by institutional investors and hedge funds.

About Boyd Gaming

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.