Boyd Gaming reported fourth-quarter earnings of $2.21 per share, surpassing the Zacks Consensus Estimate of $1.88 and up 12.8% from $1.96 a year earlier. Revenue also exceeded expectations, driven by a 6% increase in gaming revenues and a 9% rise in hospitality and food and beverage revenues compared with the prior-year period. The quarter’s adjusted operating margin expanded by 150 basis points to 29.5%, reflecting improved table games hold and cost discipline across key regional markets.

In the third quarter, Strs Ohio reduced its stake by 95.3%, selling 27,239 shares and retaining just 1,350 shares valued at approximately $117,000. Conversely, Advisors Asset Management increased its position by 56.8% to 541 shares, AQR Capital Management added 1,172 shares (up 13.9%) to reach 9,623 shares, and Caxton Associates initiated a new stake valued at roughly $207,000. Wealth Enhancement Advisory Services and QRG Capital Management also boosted their holdings by 11.5% and 15.6%, respectively, highlighting renewed confidence from select institutional investors.

Boyd Gaming declared a quarterly dividend of $0.18 per share, translating to an annualized payout of $0.72 and a yield of 0.8%. The company’s dividend payout ratio stands at 3.15%, underscoring a conservative distribution approach. In insider activity, director William R. Boyd sold 20,000 shares at an average price of $80.36, generating proceeds of $1.61 million and reducing his stake by 1.01%. Corporate insiders now hold 27.94% of outstanding shares.

Five brokerages maintain a Buy rating on Boyd Gaming, while ten assign a Hold, resulting in a consensus Hold recommendation. Price targets range from $85.00 to $110.00, with an average target of $92.08. Most recently, JP Morgan raised its target to $89.00, and Mizuho set the highest forecast at $100.00. The mixed range reflects differing views on regional market recovery and the company’s capital deployment strategy for growth projects.