Barrett Business Services (NASDAQ:BBSI) Sets New 52-Week High – What’s Next?

Barrett Business Services, Inc. (NASDAQ:BBSI) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $38.07 and last traded at $38.00, with a volume of 24557 shares changing hands. The stock had previously closed at $37.35.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Barrington Research upped their price objective on Barrett Business Services from $35.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Roth Mkm upped their price objective on Barrett Business Services from $40.00 to $43.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st.

Barrett Business Services Stock Performance

The firm has a market capitalization of $994.35 million, a price-to-earnings ratio of 20.52, a P/E/G ratio of 1.24 and a beta of 1.38. The business has a 50 day simple moving average of $36.06 and a 200-day simple moving average of $33.67.

Barrett Business Services (NASDAQ:BBSI) last issued its earnings results on Wednesday, July 31st. The business services provider reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.04. Barrett Business Services had a return on equity of 25.69% and a net margin of 4.50%. The business had revenue of $279.60 million during the quarter, compared to the consensus estimate of $273.13 million. During the same period last year, the company earned $0.62 EPS. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. Equities analysts predict that Barrett Business Services, Inc. will post 1.99 earnings per share for the current fiscal year.

Barrett Business Services Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Friday, August 16th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.84%. This is an increase from Barrett Business Services’s previous quarterly dividend of $0.08. The ex-dividend date was Friday, August 16th. Barrett Business Services’s dividend payout ratio (DPR) is presently 17.58%.

Insider Buying and Selling

In related news, CEO Gary Kramer sold 805 shares of the firm’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $35.00, for a total transaction of $28,175.00. Following the completion of the sale, the chief executive officer now directly owns 276,831 shares of the company’s stock, valued at approximately $9,689,085. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last ninety days, insiders sold 35,133 shares of company stock valued at $1,231,357. 3.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Barrett Business Services

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. USA Financial Formulas purchased a new position in Barrett Business Services during the 3rd quarter valued at about $60,000. Perkins Coie Trust Co boosted its stake in shares of Barrett Business Services by 11.1% in the 3rd quarter. Perkins Coie Trust Co now owns 4,000 shares of the business services provider’s stock valued at $150,000 after buying an additional 400 shares during the period. Lakewood Asset Management LLC boosted its stake in shares of Barrett Business Services by 8.2% in the 3rd quarter. Lakewood Asset Management LLC now owns 10,562 shares of the business services provider’s stock valued at $396,000 after buying an additional 798 shares during the period. SG Americas Securities LLC boosted its stake in shares of Barrett Business Services by 197.3% in the 3rd quarter. SG Americas Securities LLC now owns 12,137 shares of the business services provider’s stock valued at $455,000 after buying an additional 8,055 shares during the period. Finally, Cubist Systematic Strategies LLC boosted its stake in shares of Barrett Business Services by 150.2% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 8,069 shares of the business services provider’s stock valued at $264,000 after buying an additional 4,844 shares during the period. 86.76% of the stock is currently owned by hedge funds and other institutional investors.

Barrett Business Services Company Profile

Barrett Business Services, Inc provides business management solutions for small and mid-sized companies in the United States. The company develops a management platform that integrates a knowledge-based approach from the management consulting industry with tools from the human resource outsourcing industry.