\n Posted on: December 5, 2024, 04:43h.\u00a0\n <\/p>\n
\n Last updated on: December 5, 2024, 04:43h.\n <\/p>\n
![\"Avatar](\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-50x50.png\")
<\/div>\n<\/p><\/div>\n<\/p><\/div>\nShares of Boyd Gaming (NYSE: BYD) rose in Thursday\u2019s after-hours session after the regional casino operator announced the addition of $500 million to a previously unveiled share repurchase program.<\/p>\n Boyd also declared a quarterly dividend of 17 cents per share, which was in line with what the operator announced<\/a> earlier this year. In May, the Las Vegas-based gaming company announced a $500 million share buyback plan, adding to that with today\u2019s news.<\/p>\n Considering the additional authorization, the Company had approximately $843 million remaining in repurchase authority as of September 30, 2024,\u201d according to a statement.<\/p>\n<\/blockquote>\n Based on its market capitalization of $6.6 billion as of the close of US markets today, Boyd could affect a significant reduction in its shares outstanding count should it proceed with repurchasing $843 million of its stock. However, companies are not legally obligated to buy back the entirety of an announced buyback scheme<\/strong>.<\/p>\n Boyd\u2019s previous buyback<\/a> announcement was well-timed, arriving soon after the stock tumbled following a tepid first-quarter earnings release.<\/p>\n The gaming company delivered that news on May 13 when the stock closed $54.58. It closed at $74.83 today ,near a 52-week high, indicating that Boyd not only realized favorable pricing in its repurchases, but those efforts also contributed to an impressive rebound by the stock over the past six months.<\/p>\n<\/div>\n Boyd\u2019s execution of buybacks when its share price was depressed is notable because companies across all industries are often criticized for poorly timed repurchases, or buying their own stock when the share price is elevated and not doing so when the stock is slumping<\/p>\n Today\u2019s buyback announcement is Boyd\u2019s fourth since June 2022, all of which have been in the amount of $500 million and those plans complement the operator\u2019s quarterly dividend which was reinstated in February 2022 and has since boosted twice<\/strong>.<\/p>\n The Orleans operator\u2019s pair of 2024 repurchase announcements have the added benefit of easily absorbing the large amount of stock dumped earlier this year by insiders.<\/p>\n In the first quarter, insiders at the gaming company dumped a significant amount<\/a> of shares. In a less than three-week stretch spanning February 20 through March early March, Boyd insiders, including Chairman Emeritus Bill Boyd \u2014 son of the company\u2019s founder Sam Boyd \u2014 and CEO Keith Smith sold approximately $53.4 million worth of the stock.<\/p>\n![\"Boyd](\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/BYD-858x483.jpg\")
\n
Buybacks Boosting Boyd Stock<\/h2>\n
Boyd Buybacks Helping in Other Ways<\/h2>\n