Boyd Gaming announces quarterly dividend of $0.17 per share

Boyd Gaming Corporation (NYSE:BYD (SZ:002594)), a major player in the hotel and casino industry, announced today that its Board of Directors has declared a quarterly cash dividend. The dividend, set at $0.17 per share, is payable on October 15, 2024, to shareholders of record as of September 15, 2024.

This announcement represents a continuation of the company's policy to return value to its shareholders through regular dividend payments. The declaration of this dividend reflects Boyd Gaming's current financial position and its commitment to providing consistent returns to its investors.

The Las Vegas-based company, which operates multiple gaming and hospitality venues, has been a staple in the industry for several years. Its decision to issue dividends is often seen as a sign of financial health and stability within the marketplace.

The dividend payout is subject to customary conditions and reflects the company's confidence in its operational performance and cash flow generation capabilities. Boyd Gaming's ability to maintain its dividend payout amidst the dynamic economic environment is noteworthy for investors seeking stable income-generating investments.

Shareholders of Boyd Gaming can anticipate receiving the declared dividend in mid-October, provided they are on the company's books by the record date in mid-September. The company's stock is traded on the New York Stock Exchange under the ticker symbol BYD.

In other recent news, Boyd Gaming has been the focus of several significant developments. Financial services firm Stifel has increased its price target for Boyd Gaming shares to $67, maintaining a Hold rating on the stock.

Boyd Gaming's core operations have shown resilience despite the competitive dynamics of the gaming industry, with better than expected overall margins. The company reported a steady performance in the second quarter of 2024, with revenues matching the previous year's figures. Positive trends were observed in the Las Vegas Locals and Downtown segments, while the Midwest & South segment reported modest growth.

Boyd Gaming, through a partnership with FanDuel, showed promising results in the Online segment and returned over $300 million to shareholders this year. The company also plans to continue investing in expansion projects and share repurchases.

Analysts from Stifel and others anticipate stable market conditions and positive trends to continue in various operating segments.

InvestingPro Insights

As Boyd Gaming Corporation (NYSE:BYD) continues its tradition of rewarding shareholders with regular dividends, a glance at the InvestingPro data provides a deeper insight into the company's financial health. Boyd Gaming's market capitalization stands at a robust $5.37 billion, and its current P/E ratio is an attractive 11.43, which adjusts to an even more appealing 9.04 when looking at the last twelve months as of Q2 2024. This indicates a potentially undervalued stock relative to its earnings.

Moreover, the company boasts a substantial gross profit margin of 62.34% over the same period, underlining its ability to maintain profitability despite market fluctuations. This impressive margin is a testament to Boyd Gaming's operational efficiency and could be a reassuring factor for investors looking for stable investments.

InvestingPro Tips highlight that management's aggressive share buyback strategy and the company's strong performance over the last decade, with a notable return over the last five years, are factors that could influence investor sentiment. While analysts have revised earnings expectations downwards for the upcoming period, the company's profitability over the last twelve months and the prediction that it will remain profitable this year are positive indicators for the company's future.

For investors seeking more comprehensive analysis and additional InvestingPro Tips, there are 8 more tips available that could provide further guidance on Boyd Gaming's stock performance. These additional insights can be accessed through the dedicated InvestingPro platform for Boyd Gaming at https://www.investing.com/pro/BYD.

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