Barrett Business Services (NASDAQ:BBSI) Stock Price Up 6.3% – Here’s Why

Barrett Business Services, Inc. (NASDAQ:BBSI) was up 6.3% during trading on Thursday . The company traded as high as $40.82 and last traded at $40.8850. Approximately 8,352 shares changed hands during mid-day trading, a decline of 97% from the average daily volume of 241,636 shares. The stock had previously closed at $38.46.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Wall Street Zen raised Barrett Business Services from a “sell” rating to a “hold” rating in a report on Saturday, June 6th. Weiss Ratings upgraded shares of Barrett Business Services from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday. Barrington Research restated an “outperform” rating and set a $41.00 target price on shares of Barrett Business Services in a research note on Monday, April 27th. Finally, Zacks Research upgraded shares of Barrett Business Services from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Barrett Business Services has a consensus rating of “Moderate Buy” and an average target price of $41.50.

Barrett Business Services Stock Down 0.6%

The business has a 50-day moving average price of $34.04 and a 200-day moving average price of $32.94. The firm has a market capitalization of $984.36 million, a price-to-earnings ratio of 26.03, a P/E/G ratio of 1.34 and a beta of 0.95.

Barrett Business Services (NASDAQ:BBSI) last released its earnings results on Wednesday, May 6th. The business services provider reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.02. Barrett Business Services had a net margin of 3.24% and a return on equity of 22.89%. The company had revenue of $307.00 million for the quarter, compared to the consensus estimate of $306.68 million. During the same quarter in the previous year, the firm earned ($0.04) EPS. Barrett Business Services’s revenue was up 4.9% compared to the same quarter last year. On average, equities research analysts forecast that Barrett Business Services, Inc. will post 1.88 earnings per share for the current year.

Barrett Business Services Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 5th. Stockholders of record on Friday, May 22nd were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Friday, May 22nd. Barrett Business Services’s dividend payout ratio is currently 20.78%.

Insider Activity

In related news, EVP James R. Potts sold 3,490 shares of Barrett Business Services stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $38.00, for a total transaction of $132,620.00. Following the transaction, the executive vice president owned 32,035 shares in the company, valued at approximately $1,217,330. The trade was a 9.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Anthony Meeker sold 12,000 shares of Barrett Business Services stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $37.85, for a total transaction of $454,200.00. Following the sale, the director directly owned 44,945 shares in the company, valued at $1,701,168.25. This trade represents a 21.07% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 20,779 shares of company stock worth $786,233. 4.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Barrett Business Services

A number of hedge funds and other institutional investors have recently modified their holdings of BBSI. Kestra Advisory Services LLC purchased a new position in Barrett Business Services during the fourth quarter valued at approximately $39,000. Bard Associates Inc. acquired a new position in shares of Barrett Business Services in the fourth quarter worth $50,000. Farther Finance Advisors LLC raised its holdings in shares of Barrett Business Services by 63.0% during the fourth quarter. Farther Finance Advisors LLC now owns 1,456 shares of the business services provider’s stock worth $53,000 after acquiring an additional 563 shares in the last quarter. Tripletail Wealth Management LLC boosted its position in Barrett Business Services by 152.6% during the fourth quarter. Tripletail Wealth Management LLC now owns 1,920 shares of the business services provider’s stock valued at $70,000 after purchasing an additional 1,160 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in Barrett Business Services by 131.0% in the 2nd quarter. GAMMA Investing LLC now owns 2,206 shares of the business services provider’s stock worth $78,000 after purchasing an additional 1,251 shares during the last quarter. Institutional investors and hedge funds own 86.76% of the company’s stock.

About Barrett Business Services

Barrett Business Services, Inc (NASDAQ: BBSI) is a professional employer organization (PEO) headquartered in Northridge, California. Founded in 1971 by Barrett K. Levesque, the company provides comprehensive human resources outsourcing solutions to small and mid-sized businesses. Through its consultative model, Barrett Business Services helps clients streamline administrative processes, mitigate regulatory risk and focus on core operations.

The company’s core offerings include payroll administration, employee benefits management, workers’ compensation and risk management services.