Barrett Business Services (NASDAQ:BBSI) Hits New 52-Week High Following Dividend Announcement

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

The newly announced dividend which will be paid on Friday, December 6th. Stockholders 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 dividend yield of 0.77%. Barrett Business Services’s dividend payout ratio is currently 16.93%.

Analyst Ratings Changes

Several brokerages have issued reports on BBSI. Roth Mkm raised their price target on Barrett Business Services from $43.00 to $45.00 and gave the company a “buy” rating in a report on Thursday. Barrington Research raised their target price on shares of Barrett Business Services from $41.00 to $45.00 and gave the stock an “outperform” rating in a research note on Thursday.

Barrett Business Services Stock Up 0.4 %

The firm has a market capitalization of $1.08 billion, a price-to-earnings ratio of 21.82, a P/E/G ratio of 1.23 and a beta of 1.39. The company’s 50 day moving average is $36.81 and its 200 day moving average is $34.47.

Insiders Place Their Bets

In other news, CEO Gary Kramer sold 805 shares of Barrett Business Services stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $35.00, for a total value of $28,175.00. Following the completion of the sale, the chief executive officer now directly owns 276,831 shares in the company, valued at approximately $9,689,085. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Barrett Business Services

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

About Barrett Business Services

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.