Barrett Business Services, Inc. (NASDAQ:BBSI) Sees Significant Drop in Short Interest

Barrett Business Services, Inc. (NASDAQ:BBSI) saw a significant decline in short interest in November. As of November 29th, there was short interest totalling 48,800 shares, a decline of 16.7% from the November 14th total of 58,600 shares. Currently, 0.7% of the shares of the stock are short sold. Based on an average daily trading volume, of 35,900 shares, the short-interest ratio is currently 1.4 days.

BBSI has been the subject of a number of analyst reports. Zacks Investment Research upgraded shares of Barrett Business Services from a “hold” rating to a “strong-buy” rating and set a $109.00 price target for the company in a research report on Friday, November 8th. BidaskClub downgraded shares of Barrett Business Services from a “buy” rating to a “hold” rating in a research report on Saturday, December 7th. ValuEngine downgraded shares of Barrett Business Services from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. Finally, Barrington Research initiated coverage on shares of Barrett Business Services in a research report on Wednesday. They issued an “outperform” rating and a $110.00 price target for the company. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $116.33.

In other news, Director Thomas J. Carley sold 2,000 shares of Barrett Business Services stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $88.32, for a total value of $176,640.00. Following the completion of the sale, the director now directly owns 9,558 shares in the company, valued at $844,162.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Michael L. Elich sold 2,026 shares of Barrett Business Services stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $95.00, for a total transaction of $192,470.00. Following the completion of the sale, the chief executive officer now owns 126,246 shares of the company’s stock, valued at $11,993,370. The disclosure for this sale can be found here. 6.80% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Point72 Hong Kong Ltd acquired a new position in Barrett Business Services during the second quarter valued at approximately $28,000. Macquarie Group Ltd. acquired a new position in Barrett Business Services during the second quarter valued at approximately $50,000. Bank of Montreal Can raised its position in Barrett Business Services by 304.5% during the second quarter. Bank of Montreal Can now owns 805 shares of the business services provider’s stock valued at $66,000 after purchasing an additional 606 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Barrett Business Services during the third quarter valued at approximately $73,000. Finally, Meeder Asset Management Inc. raised its position in Barrett Business Services by 167.6% during the third quarter. Meeder Asset Management Inc. now owns 958 shares of the business services provider’s stock valued at $86,000 after purchasing an additional 600 shares in the last quarter. Institutional investors and hedge funds own 82.03% of the company’s stock.

BBSI traded up $1.52 during trading on Friday, hitting $92.87. 44,321 shares of the stock traded hands, compared to its average volume of 34,210. Barrett Business Services has a twelve month low of $53.10 and a twelve month high of $95.64. The company has a market cap of $695.60 million, a price-to-earnings ratio of 18.65 and a beta of 0.94. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.22 and a quick ratio of 1.22. The business has a 50 day moving average price of $89.03 and a 200 day moving average price of $85.86.

Barrett Business Services (NASDAQ:BBSI) last announced its quarterly earnings data on Tuesday, November 5th. The business services provider reported $3.24 EPS for the quarter, beating the consensus estimate of $2.30 by $0.94. Barrett Business Services had a net margin of 5.72% and a return on equity of 39.84%. The business had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.55 billion. On average, equities research analysts predict that Barrett Business Services will post 6.06 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 22nd were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $1.20 annualized dividend and a yield of 1.29%. Barrett Business Services’s dividend payout ratio is currently 24.10%.

Barrett Business Services Company 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.

See Also: Management Fee

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