Barrett Business Services (NASDAQ:BBSI) Reaches New 52-Week High – Here’s What Happened

Shares of Barrett Business Services, Inc. (NASDAQ:BBSI) reached a new 52-week high during trading on Monday . The stock traded as high as $43.58 and last traded at $43.58, with a volume of 10193 shares changing hands. The stock had previously closed at $42.76.

Wall Street Analysts Forecast Growth

BBSI has been the subject of a number of analyst reports. Barrington Research upped their price objective on shares of Barrett Business Services from $41.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. StockNews.com upgraded shares of Barrett Business Services from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Finally, Roth Mkm upped their price objective on shares of Barrett Business Services from $43.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th.

Barrett Business Services Trading Up 1.4 %

The firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of 22.56, a PEG ratio of 1.43 and a beta of 1.39. The stock’s 50 day moving average price is $38.20 and its two-hundred day moving average price is $35.41.

Barrett Business Services Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 22nd will be paid a $0.08 dividend. The ex-dividend date is Friday, November 22nd. This represents a $0.32 dividend on an annualized basis and a yield of 0.74%. Barrett Business Services’s payout ratio is 16.89%.

Insider Activity at Barrett Business Services

In other Barrett Business Services news, Director Joseph Stephen Clabby acquired 1,635 shares of the stock in a transaction that occurred on Tuesday, November 12th. The shares were purchased at an average cost of $43.01 per share, with a total value of $70,321.35. Following the purchase, the director now owns 11,327 shares in the company, valued at approximately $487,174.27. The trade was a 16.87 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Thomas J. Carley sold 4,584 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $41.24, for a total transaction of $189,044.16. Following the sale, the director now directly owns 91,628 shares in the company, valued at $3,778,738.72. This represents a 4.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Barrett Business Services

Hedge funds have recently modified their holdings of the company. Pacific Ridge Capital Partners LLC boosted its stake in shares of Barrett Business Services by 259.8% during the 2nd quarter. Pacific Ridge Capital Partners LLC now owns 378,786 shares of the business services provider’s stock worth $12,413,000 after purchasing an additional 273,516 shares during the last quarter. Ironwood Investment Management LLC boosted its stake in shares of Barrett Business Services by 155.0% during the 2nd quarter. Ironwood Investment Management LLC now owns 87,856 shares of the business services provider’s stock worth $2,879,000 after purchasing an additional 53,405 shares during the last quarter. EP Wealth Advisors LLC acquired a new stake in shares of Barrett Business Services during the 2nd quarter worth about $758,000. Dimensional Fund Advisors LP lifted its holdings in shares of Barrett Business Services by 281.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 867,708 shares of the business services provider’s stock worth $28,435,000 after acquiring an additional 640,508 shares during the period. Finally, State of New Jersey Common Pension Fund D lifted its holdings in shares of Barrett Business Services by 155.7% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 59,324 shares of the business services provider’s stock worth $1,944,000 after acquiring an additional 36,120 shares during the period. 86.76% of the stock is 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.