Boyd Gaming Corporation $BYD Shares Bought by Fifth Third Bancorp

Fifth Third Bancorp lifted its position in shares of Boyd Gaming Corporation (NYSE:BYD) by 2,891.0% in the 1st quarter, Holdings Channel reports. The fund owned 44,088 shares of the company’s stock after buying an additional 42,614 shares during the period. Fifth Third Bancorp’s holdings in Boyd Gaming were worth $3,623,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. Advisors Asset Management Inc. boosted its position in shares of Boyd Gaming by 56.8% during the first quarter. Advisors Asset Management Inc. now owns 541 shares of the company’s stock worth $36,000 after buying an additional 196 shares during the period. AQR Capital Management LLC increased its holdings in shares of Boyd Gaming by 13.9% during the first quarter. AQR Capital Management LLC now owns 9,623 shares of the company’s stock valued at $628,000 after purchasing an additional 1,172 shares during the period. Caxton Associates LLP bought a new stake in shares of Boyd Gaming during the first quarter valued at about $207,000. M&T Bank Corp bought a new stake in shares of Boyd Gaming during the second quarter valued at about $229,000. Finally, Amundi raised its stake in shares of Boyd Gaming by 14,719.0% during the second quarter. Amundi now owns 3,112 shares of the company’s stock valued at $253,000 after purchasing an additional 3,091 shares in the last quarter. Institutional investors and hedge funds own 76.81% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on BYD shares. Benchmark began coverage on shares of Boyd Gaming in a research report on Monday, June 22nd. They issued a “buy” rating and a $100.00 target price for the company. Citigroup boosted their price target on shares of Boyd Gaming from $86.00 to $90.00 and gave the stock a “neutral” rating in a research report on Thursday, April 16th. JPMorgan Chase & Co. upped their price target on shares of Boyd Gaming from $90.00 to $93.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. Stifel Nicolaus lowered their price objective on shares of Boyd Gaming from $95.00 to $91.00 and set a “hold” rating on the stock in a research note on Friday, April 24th. Finally, Weiss Ratings upgraded shares of Boyd Gaming from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $94.15.

Boyd Gaming Price Performance

NYSE:BYD opened at $87.85 on Monday. The business’s 50-day moving average price is $85.19 and its 200 day moving average price is $84.81. The firm has a market cap of $6.53 billion, a P/E ratio of 3.85, a PEG ratio of 2.07 and a beta of 1.07. Boyd Gaming Corporation has a 52-week low of $76.33 and a 52-week high of $91.00. The company has a quick ratio of 0.58, a current ratio of 0.60 and a debt-to-equity ratio of 0.90.

Boyd Gaming (NYSE:BYD) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $1.60 EPS for the quarter, missing the consensus estimate of $1.76 by ($0.16). Boyd Gaming had a return on equity of 25.63% and a net margin of 44.84%.The business had revenue of $997.36 million during the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter last year, the firm posted $1.62 earnings per share. Boyd Gaming’s revenue was up .6% compared to the same quarter last year. As a group, sell-side analysts predict that Boyd Gaming Corporation will post 7.23 earnings per share for the current fiscal year.

Boyd Gaming Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Monday, June 15th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Monday, June 15th. Boyd Gaming’s payout ratio is presently 3.51%.

Boyd Gaming announced that its Board of Directors has initiated a share repurchase program on Thursday, April 23rd that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 7.7% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at Boyd Gaming

In other Boyd Gaming news, Chairman Marianne Boyd Johnson sold 62,914 shares of Boyd Gaming stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $84.03, for a total value of $5,286,663.42. Following the transaction, the chairman owned 1,609,808 shares in the company, valued at approximately $135,272,166.24. The trade was a 3.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Keith Smith sold 100,000 shares of Boyd Gaming stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $85.90, for a total transaction of $8,590,000.00. Following the completion of the transaction, the chief executive officer owned 996,981 shares in the company, valued at approximately $85,640,667.90. This trade represents a 9.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 200,000 shares of company stock valued at $17,038,987. Company insiders own 22.82% 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.