Russell Investments Group Ltd. boosted its holdings in shares of Barrett Business Services, Inc. (NASDAQ:BBSI) by 15.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,913 shares of the business services provider’s stock after purchasing an additional 3,356 shares during the period. Russell Investments Group Ltd. owned 0.34% of Barrett Business Services worth $2,054,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the stock. Prudential Financial Inc. acquired a new stake in Barrett Business Services during the 2nd quarter valued at $5,163,000. Smith Asset Management Group LP acquired a new stake in shares of Barrett Business Services in the 2nd quarter valued at $528,000. Wells Fargo & Company MN increased its stake in shares of Barrett Business Services by 44.9% in the 2nd quarter. Wells Fargo & Company MN now owns 63,109 shares of the business services provider’s stock valued at $5,212,000 after buying an additional 19,543 shares during the period. Stone Ridge Asset Management LLC increased its stake in shares of Barrett Business Services by 28.4% in the 2nd quarter. Stone Ridge Asset Management LLC now owns 4,064 shares of the business services provider’s stock valued at $336,000 after buying an additional 900 shares during the period. Finally, Swiss National Bank increased its stake in shares of Barrett Business Services by 2.2% in the 2nd quarter. Swiss National Bank now owns 13,700 shares of the business services provider’s stock valued at $1,132,000 after buying an additional 300 shares during the period. 80.22% of the stock is owned by hedge funds and other institutional investors.
Shares of NASDAQ:BBSI traded up $0.15 during midday trading on Thursday, hitting $89.15. The company had a trading volume of 779 shares, compared to its average volume of 43,410. Barrett Business Services, Inc. has a 12 month low of $53.10 and a 12 month high of $91.92. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.17. The stock has a market cap of $662.34 million, a price-to-earnings ratio of 17.95 and a beta of 0.95. The firm has a fifty day simple moving average of $87.45 and a 200 day simple moving average of $81.16.
The business also recently declared a quarterly dividend, which was paid on Friday, September 6th. Stockholders of record on Friday, August 23rd were given a $0.30 dividend. This is a positive change from Barrett Business Services’s previous quarterly dividend of $0.25. This represents a $1.20 annualized dividend and a dividend yield of 1.35%. The ex-dividend date was Thursday, August 22nd. Barrett Business Services’s dividend payout ratio (DPR) is currently 24.10%.
Several research analysts have recently issued reports on BBSI shares. Roth Capital raised their price target on Barrett Business Services from $110.00 to $130.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Zacks Investment Research upgraded Barrett Business Services from a “hold” rating to a “buy” rating and set a $100.00 price target on the stock in a research report on Friday, August 9th. Finally, BidaskClub upgraded Barrett Business Services from a “buy” rating to a “strong-buy” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $108.33.
In other Barrett Business Services news, Director Thomas J. Carley sold 3,000 shares of Barrett Business Services stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $88.25, for a total transaction of $264,750.00. Following the transaction, the director now directly owns 24,989 shares in the company, valued at $2,205,279.25. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director James B. Hicks sold 2,176 shares of Barrett Business Services stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $85.20, for a total value of $185,395.20. Following the transaction, the director now owns 17,618 shares in the company, valued at $1,501,053.60. The disclosure for this sale can be found here. Insiders sold a total of 5,376 shares of company stock worth $467,317 over the last 90 days. 6.80% of the stock is owned by corporate insiders.
Barrett Business Services Profile
Barrett Business Services, Inc provides business management solutions for small and mid-sized companies in the United States. It develops a management platform that integrates a knowledge-based approach from the management consulting industry with tools from the human resource outsourcing industry. The company offers professional employer services under which it enters into a client services agreement to establish a co-employment relationship with each client company, assuming responsibility for payroll, payroll taxes, workers' compensation coverage, and other administration functions for the client's existing workforce.
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