Boise Cascade (NYSE:BCC) Shares Sold by Truist Financial Corp

Truist Financial Corp decreased its stake in shares of Boise Cascade (NYSE:BCC) by 24.0% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,969 shares of the construction company’s stock after selling 2,828 shares during the period. Truist Financial Corp’s holdings in Boise Cascade were worth $1,069,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. Creative Planning boosted its stake in shares of Boise Cascade by 27.6% during the second quarter. Creative Planning now owns 7,294 shares of the construction company’s stock valued at $870,000 after acquiring an additional 1,576 shares during the last quarter. Algert Global LLC grew its holdings in shares of Boise Cascade by 8.3% during the second quarter. Algert Global LLC now owns 79,277 shares of the construction company’s stock worth $9,451,000 after buying an additional 6,059 shares in the last quarter. Mackenzie Financial Corp raised its position in shares of Boise Cascade by 6.2% in the second quarter. Mackenzie Financial Corp now owns 5,728 shares of the construction company’s stock valued at $683,000 after buying an additional 333 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Boise Cascade by 2.9% during the second quarter. The Manufacturers Life Insurance Company now owns 22,931 shares of the construction company’s stock valued at $2,734,000 after buying an additional 641 shares during the period. Finally, Dark Forest Capital Management LP acquired a new stake in Boise Cascade during the second quarter worth approximately $208,000. 96.18% of the stock is owned by institutional investors and hedge funds.

Boise Cascade Price Performance

BCC stock opened at $142.37 on Monday. The stock has a 50-day moving average price of $133.25 and a two-hundred day moving average price of $133.73. The company has a market cap of $5.62 billion, a PE ratio of 11.57 and a beta of 1.52. The company has a current ratio of 3.28, a quick ratio of 2.08 and a debt-to-equity ratio of 0.21. Boise Cascade has a 12-month low of $87.32 and a 12-month high of $154.67.

Boise Cascade (NYSE:BCC) last posted its earnings results on Monday, August 5th. The construction company reported $2.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.68 by $0.16. The firm had revenue of $1.80 billion during the quarter, compared to the consensus estimate of $1.77 billion. Boise Cascade had a net margin of 6.60% and a return on equity of 20.17%. The company’s revenue was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.67 EPS. As a group, research analysts predict that Boise Cascade will post 9.71 EPS for the current year.

Boise Cascade Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Tuesday, September 3rd were issued a dividend of $0.21 per share. This is a positive change from Boise Cascade’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $0.84 annualized dividend and a dividend yield of 0.59%. Boise Cascade’s payout ratio is presently 6.83%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. The Goldman Sachs Group cut their price target on Boise Cascade from $140.00 to $122.00 and set a “neutral” rating for the company in a report on Wednesday, July 10th. StockNews.com raised Boise Cascade from a “hold” rating to a “buy” rating in a research note on Tuesday, October 8th. Truist Financial reaffirmed a “buy” rating and set a $154.00 price objective (down previously from $159.00) on shares of Boise Cascade in a research note on Wednesday, August 7th. Finally, Bank of America raised their target price on shares of Boise Cascade from $120.00 to $124.00 and gave the stock an “underperform” rating in a research report on Thursday, September 12th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Boise Cascade currently has an average rating of “Hold” and an average price target of $128.00.

About Boise Cascade

Boise Cascade Company engages in manufacture of wood products and distribution of building materials in the United States and Canada. It operates through two segments, Wood Products and Building Materials Distribution. The Wood Products segment manufactures laminated veneer lumber and laminated beams used in headers and beams; I-joists for residential and commercial flooring and roofing systems, and other structural applications; structural, appearance, and industrial plywood panels; and ponderosa pine shop lumber and appearance grade boards.