Citigroup Inc. Increases Stake in Boyd Gaming Corporation $BYD

Citigroup Inc. increased its position in shares of Boyd Gaming Corporation (NYSE:BYD) by 94.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 229,823 shares of the company’s stock after purchasing an additional 111,815 shares during the period. Citigroup Inc. owned approximately 0.29% of Boyd Gaming worth $19,868,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BYD. First Trust Advisors LP grew its stake in shares of Boyd Gaming by 679.7% during the second quarter. First Trust Advisors LP now owns 1,122,869 shares of the company’s stock valued at $87,842,000 after buying an additional 978,853 shares during the last quarter. Norges Bank purchased a new position in Boyd Gaming during the 2nd quarter valued at $54,933,000. Wedge Capital Management L L P NC bought a new position in Boyd Gaming in the 3rd quarter valued at $32,304,000. Allianz Asset Management GmbH increased its stake in Boyd Gaming by 174.3% in the third quarter. Allianz Asset Management GmbH now owns 274,154 shares of the company’s stock worth $23,701,000 after purchasing an additional 174,214 shares during the period. Finally, LSV Asset Management increased its stake in Boyd Gaming by 115.8% in the second quarter. LSV Asset Management now owns 245,100 shares of the company’s stock worth $19,174,000 after purchasing an additional 131,500 shares during the period. 76.81% of the stock is owned by hedge funds and other institutional investors.

Boyd Gaming Trading Up 3.4%

Shares of NYSE BYD opened at $87.82 on Friday. Boyd Gaming Corporation has a 1-year low of $58.94 and a 1-year high of $89.96. The business has a fifty day moving average price of $85.38 and a 200 day moving average price of $83.86. The stock has a market capitalization of $6.63 billion, a P/E ratio of 3.86, a price-to-earnings-growth ratio of 1.79 and a beta of 1.24. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.54 and a quick ratio of 0.49.

Boyd Gaming (NYSE:BYD) last released its quarterly earnings results on Thursday, February 5th. The company reported $2.21 EPS for the quarter, beating the consensus estimate of $1.88 by $0.33. Boyd Gaming had a net margin of 45.05% and a return on equity of 30.14%. The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.02 billion. During the same period in the prior year, the firm posted $1.96 earnings per share. The company’s quarterly revenue was up 2.0% on a year-over-year basis. Equities research analysts expect that Boyd Gaming Corporation will post 6.52 EPS for the current fiscal year.

Boyd Gaming Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Monday, March 16th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, March 16th. This is a positive change from Boyd Gaming’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a yield of 0.9%. Boyd Gaming’s dividend payout ratio is currently 3.16%.

Analysts Set New Price Targets

A number of research firms have recently commented on BYD. Wells Fargo & Company cut their price target on shares of Boyd Gaming from $85.00 to $84.00 and set an “equal weight” rating on the stock in a report on Monday, February 9th. Stifel Nicolaus boosted their price objective on shares of Boyd Gaming from $90.00 to $95.00 and gave the company a “hold” rating in a research report on Friday, February 6th. Citigroup began coverage on shares of Boyd Gaming in a research note on Thursday, November 20th. They issued a “neutral” rating and a $86.00 target price on the stock. Mizuho set a $100.00 target price on shares of Boyd Gaming in a research report on Monday, February 2nd. Finally, Truist Financial set a $110.00 price target on Boyd Gaming in a report on Tuesday, January 13th. Five analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $92.58.

Insider Transactions at Boyd Gaming

In other Boyd Gaming news, Director William R. Boyd sold 30,000 shares of Boyd Gaming stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $84.84, for a total value of $2,545,200.00. Following the transaction, the director directly owned 1,930,447 shares of the company’s stock, valued at approximately $163,779,123.48. The trade was a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 27.94% of the company’s stock.

Boyd Gaming Company Profile

Boyd Gaming Corporation (NYSE: BYD) is a diversified hospitality and gaming company headquartered in Las Vegas, Nevada. The company develops, owns and operates a portfolio of branded gaming and entertainment properties, including casinos, hotels, restaurants and meeting facilities. Boyd Gaming’s offerings range from slot machines and table games to live entertainment, dining concepts and convention space, designed to appeal to both regional and destination visitors.

Founded in 1975 by its namesake, William S.