CEO Keith Smith Buys 35,000+ Boyd Gaming Shares on RSU Vesting – A Sign of Management Confidence in the Casino’s Long‑Term Upside

Insider Buying by CEO Keith Smith Signals Confidence in Boyd Gaming’s Long‑Term Value

On February 23, 2026, President and CEO Keith Smith executed a sizable purchase of 35,608 shares of Boyd Gaming common stock under a restricted‑stock‑unit award. Although the transaction was reported at zero price—reflecting the vesting of RSUs rather than a cash purchase—Smith’s continued accumulation of shares signals a strong belief that the company’s valuation will rise above its current $85‑plus level. The buy occurs against a backdrop of a modest weekly gain (0.21%) and an 11.99% year‑to‑date rally, indicating that Smith is positioning himself for further upside as Boyd’s earnings trajectory steadies.

What This Means for Investors

Smith’s buying activity dovetails with a broader pattern of insider activity that suggests confidence rather than distress. While other top executives, such as CFO Josh Hirsberg and Executive Chairman Marianne Johnson, have mixed buy and sell patterns, Smith’s net purchases (over 1.1 million shares post‑transaction) exceed his sales in the same week. For investors, this concentration of ownership can be interpreted as a signal that the company’s management believes the stock is undervalued relative to its earnings potential—a modest P/E of 3.69 hints at room for growth. However, the lack of a price component in the transaction tempers immediate market impact; the move is more about long‑term alignment than short‑term speculation.

Smith’s Insider Profile: A Steady Accumulator

Reviewing Smith’s historical filings shows a consistent pattern of buying and occasional selling that keeps his holdings well above the 325‑share threshold required for disclosure. Over the past few weeks, he has purchased 63,188 shares, 42,730 shares, and 41,234 shares (sold) at the prevailing market price of $84.93. This pattern—net purchases, occasional sales to manage liquidity, and regular RSU awards—suggests a strategy aimed at aligning his interests with shareholders rather than chasing short‑term price movements. His history of career RSU awards (e.g., 3,220 shares in January) further underlines a long‑term commitment to the company’s success.

Implications for Boyd Gaming’s Future Outlook

The company’s fundamentals remain solid: a market cap of $6.7 billion, a stable P/E, and a diversified portfolio of casino and hospitality assets. The CEO’s buying, coupled with modest insider sales, points to an expectation that Boyd Gaming will continue to generate earnings growth and potentially raise capital for expansion or debt reduction. Analysts note that the company’s stock has already climbed nearly 12% year‑to‑date, and with a 52‑week high of $89.96 still within reach, the next phases of growth could include new property development or strategic acquisitions in high‑margin markets.

Bottom Line for Financial Professionals

For portfolio managers and traders, Smith’s RSU‑based purchase is a bullish cue that should be factored into valuation models. The transaction does not move the market immediately, but it signals that management believes Boyd Gaming’s stock price will continue to climb. Investors should watch for subsequent insider activity and corporate announcements—such as earnings releases or capital allocation plans—to gauge whether the current trajectory holds. In an industry where consumer discretionary spend is cyclical, Smith’s confidence is a valuable data point that suggests Boyd Gaming is positioned to weather short‑term volatility while pursuing steady, long‑term growth.