Boyd Gaming Co. (NYSE:BYD) Declares $0.17 Quarterly Dividend

Boyd Gaming Co. (NYSE:BYD) declared a quarterly dividend on Thursday, December 5th,RTT News reports. Stockholders of record on Monday, December 16th will be given a dividend of 0.17 per share on Wednesday, January 15th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.91%. The ex-dividend date is Monday, December 16th.

Boyd Gaming has a dividend payout ratio of 10.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Boyd Gaming to earn $6.61 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 10.3%.

Boyd Gaming Stock Performance

Shares of NYSE:BYD opened at $74.95 on Friday. The firm has a 50 day moving average of $70.30 and a 200 day moving average of $62.12. The company has a quick ratio of 0.79, a current ratio of 0.82 and a debt-to-equity ratio of 1.85. The company has a market capitalization of $6.62 billion, a price-to-earnings ratio of 14.30, a price-to-earnings-growth ratio of 9.93 and a beta of 1.54. Boyd Gaming has a 52 week low of $49.34 and a 52 week high of $76.73.

Boyd Gaming declared that its board has approved a stock buyback program on Thursday, December 5th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

BYD has been the topic of a number of recent research reports. Wells Fargo & Company raised their price objective on Boyd Gaming from $75.00 to $79.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. JPMorgan Chase & Co. lifted their price objective on shares of Boyd Gaming from $69.00 to $74.00 and gave the stock a “neutral” rating in a research report on Friday. Bank of America increased their target price on shares of Boyd Gaming from $68.00 to $72.00 and gave the company a “buy” rating in a research report on Tuesday, September 17th. Barclays lifted their price target on shares of Boyd Gaming from $70.00 to $71.00 and gave the stock an “equal weight” rating in a report on Friday, October 25th. Finally, Truist Financial raised their price objective on Boyd Gaming from $75.00 to $77.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $91.77.

Insider Activity at Boyd Gaming

In other news, CEO Keith Smith sold 40,000 shares of the company’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $73.49, for a total value of $2,939,600.00. Following the sale, the chief executive officer now owns 1,161,202 shares in the company, valued at $85,336,734.98. This represents a 3.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William R. Boyd sold 25,155 shares of Boyd Gaming stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $69.35, for a total value of $1,744,499.25. Following the transaction, the director now owns 1,487,970 shares of the company’s stock, valued at approximately $103,190,719.50. This represents a 1.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 146,704 shares of company stock worth $10,540,944 over the last quarter. Insiders own 27.94% of the company’s stock.

About Boyd Gaming

Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. The company operates through Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online segments.