Barrett Business Services (NASDAQ:BBSI) Reaches New 1-Year High After Dividend Announcement

Barrett Business Services, Inc. (NASDAQ:BBSI) hit a new 52-week high during mid-day trading on Wednesday after the company announced a dividend. The stock traded as high as $39.94 and last traded at $39.78, with a volume of 4067 shares. The stock had previously closed at $37.42.

The newly announced dividend which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be paid a dividend of $0.08 per share. The ex-dividend date is Friday, November 22nd. This represents a $0.32 annualized dividend and a yield of 0.77%. Barrett Business Services’s dividend payout ratio is currently 16.93%.

Wall Street Analyst Weigh In

BBSI has been the topic of several recent analyst reports. Barrington Research boosted their price target on Barrett Business Services from $41.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday. Roth Mkm increased their target price on shares of Barrett Business Services from $43.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday.

Barrett Business Services Price Performance

The firm has a fifty day simple moving average of $36.81 and a 200-day simple moving average of $34.47. The firm has a market cap of $1.08 billion, a P/E ratio of 21.82, a price-to-earnings-growth ratio of 1.23 and a beta of 1.39.

Insider Buying and Selling

In other Barrett Business Services news, CEO Gary Kramer sold 805 shares of the business’s stock in a transaction on Monday, August 19th. The shares were 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 owns 276,831 shares in the company, valued at approximately $9,689,085. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in BBSI. Mawer Investment Management Ltd. boosted its stake in Barrett Business Services by 236.4% during the 3rd quarter. Mawer Investment Management Ltd. now owns 1,834,452 shares of the business services provider’s stock valued at $68,810,000 after purchasing an additional 1,289,147 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Barrett Business Services by 281.9% during the second quarter. Dimensional Fund Advisors LP now owns 867,708 shares of the business services provider’s stock worth $28,435,000 after buying an additional 640,508 shares in the last quarter. Renaissance Technologies LLC grew its holdings in Barrett Business Services by 299.4% during the second quarter. Renaissance Technologies LLC now owns 798,500 shares of the business services provider’s stock worth $26,167,000 after buying an additional 598,567 shares in the last quarter. American Century Companies Inc. lifted its stake in Barrett Business Services by 155.9% during the 2nd quarter. American Century Companies Inc. now owns 535,896 shares of the business services provider’s stock valued at $17,561,000 after acquiring an additional 326,502 shares in the last quarter. Finally, Thrivent Financial for Lutherans bought a new position in Barrett Business Services during the 3rd quarter valued at $16,422,000. 86.76% of the stock is currently owned by institutional investors and hedge funds.

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.