Boyd Gaming Enhances Shareholder Returns, Hikes Dividend
Zacks Investment Research | Jun 09, 2019 10:00PM ET
In a shareholder-friendly measure, Boyd Gaming Corporation (NYSE:BYD) announced a hike in its dividend payout. This is reflective of the company’s intention to utilize free cash for enhancing shareholders’ returns.
Notably, the company declared a 16.7% hike in its quarterly dividend to 7 cents a share (or 28 cents annually) from the prior payout of 6 cents (or 24 cents annually). The raised dividend will be paid on Jul 15 to its stockholders on record as of Jun 17. The dividend yield, based on the new payout and the last closing market price, is approximately 1.1%.
Dividend hikes not only enhance shareholder returns but also raise the market value of the stock. Therefore, companies often tend to attract new investors and retain the old ones through this strategy.
This apart, Boyd Gaming consistently increases its share repurchase authorization and provides dividends. In 2018, the company has returned nearly $58 million to its shareholder through share repurchases. At the end of 2018, it has 111.8 million remaining under the current authorization. In 2017, the company had repurchased 1.2 million of shares.
Price Performance
Shares of the company have gained 20.6% year to date compared with the Original post
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