Prudential Financial Inc. acquired a new position in shares of Barrett Business Services, Inc. (NASDAQ:BBSI) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 62,513 shares of the business services provider’s stock, valued at approximately $5,163,000. Prudential Financial Inc. owned 0.84% of Barrett Business Services at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. TRUE Private Wealth Advisors acquired a new position in shares of Barrett Business Services in the 2nd quarter valued at about $89,000. BNP Paribas Arbitrage SA increased its holdings in shares of Barrett Business Services by 49,366.7% in the 1st quarter. BNP Paribas Arbitrage SA now owns 1,484 shares of the business services provider’s stock valued at $115,000 after purchasing an additional 1,481 shares during the period. Aperio Group LLC bought a new stake in shares of Barrett Business Services in the 2nd quarter valued at approximately $156,000. Wedge Capital Management L L P NC bought a new stake in shares of Barrett Business Services in the 1st quarter valued at approximately $228,000. Finally, Envestnet Asset Management Inc. grew its stake in shares of Barrett Business Services by 5.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 2,770 shares of the business services provider’s stock valued at $229,000 after buying an additional 150 shares in the last quarter. Hedge funds and other institutional investors own 80.22% of the company’s stock.
Several equities research analysts recently commented on the company. Roth Capital boosted their price target on Barrett Business Services from $110.00 to $130.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. BidaskClub cut Barrett Business Services from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. Finally, Zacks Investment Research raised Barrett Business Services from a “hold” rating to a “buy” rating and set a $100.00 price target for the company in a research note on Friday, August 9th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $108.33.
Shares of NASDAQ BBSI traded up $1.75 during trading hours on Friday, hitting $87.90. The stock had a trading volume of 545 shares, compared to its average volume of 45,878. The company has a market capitalization of $643.22 million, a P/E ratio of 17.53 and a beta of 0.95. The firm’s 50-day moving average price is $87.47 and its two-hundred day moving average price is $80.78. Barrett Business Services, Inc. has a 52 week low of $53.10 and a 52 week high of $91.92. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.12 and a current ratio of 1.12.
Barrett Business Services (NASDAQ:BBSI) last announced its quarterly earnings results on Tuesday, August 6th. The business services provider reported $1.81 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.69 by $0.12. The business had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.47 billion. Barrett Business Services had a return on equity of 39.94% and a net margin of 5.09%. As a group, analysts expect that Barrett Business Services, Inc. will post 5.53 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 6th. Investors of record on Friday, August 23rd were paid a $0.30 dividend. This is a boost from Barrett Business Services’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Thursday, August 22nd. This represents a $1.20 annualized dividend and a dividend yield of 1.37%. Barrett Business Services’s payout ratio is presently 24.10%.
In other Barrett Business Services news, Director Thomas J. Carley sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $88.25, for a total transaction of $264,750.00. Following the completion of the sale, the director now owns 24,989 shares of the company’s stock, valued at $2,205,279.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James B. Hicks sold 2,176 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $85.20, for a total value of $185,395.20. Following the sale, the director now directly owns 17,618 shares of the company’s stock, valued at approximately $1,501,053.60. The disclosure for this sale can be found here. In the last three months, insiders sold 5,376 shares of company stock valued at $467,317. 6.80% of the stock is currently owned by company insiders.
About Barrett Business Services
Barrett Business Services, Inc provides business management solutions for small and mid-sized companies in the United States. It develops a management platform that integrates a knowledge-based approach from the management consulting industry with tools from the human resource outsourcing industry. The company offers professional employer services under which it enters into a client services agreement to establish a co-employment relationship with each client company, assuming responsibility for payroll, payroll taxes, workers' compensation coverage, and other administration functions for the client's existing workforce.
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