According to Zacks, “Broadridge is a leading global provider of technology-based outsourcing solutions to the financial services industry. Their integrated systems and services include investor communication, securities processing, and clearing and outsourcing solutions. Broadridge offers a broad, integrated suite of innovative global solutions across the investment lifecycle and provides a wide range of cost-effective and scalable solutions to the financial industry. Their systems help reduce the need for clients to make significant capital investments in operations infrastructure, thereby allowing them to increase their focus on core business activities. “
Other equities analysts also recently issued reports about the company. Barclays PLC upped their target price on Broadridge Financial Solutions from $67.00 to $69.00 and gave the company an equal weight rating in a research report on Wednesday, August 10th. Avondale Partners downgraded Broadridge Financial Solutions from an outperform rating to a market perform rating and set a $65.00 target price on the stock. in a research report on Wednesday, June 15th. Atlantic Securities started coverage on Broadridge Financial Solutions in a research report on Tuesday, September 13th. They issued an overweight rating and a $82.00 target price on the stock. Finally, Sandler O’Neill downgraded Broadridge Financial Solutions from a buy rating to a hold rating and set a $74.00 target price on the stock. in a research report on Thursday, September 29th. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Broadridge Financial Solutions has a consensus rating of Hold and a consensus target price of $72.60.
Broadridge Financial Solutions (NYSE:BR) opened at 65.74 on Tuesday. The stock has a market capitalization of $7.78 billion, a P/E ratio of 25.98 and a beta of 1.04. Broadridge Financial Solutions has a 12 month low of $48.56 and a 12 month high of $71.74. The stock has a 50 day moving average price of $68.53 and a 200 day moving average price of $65.08.
Broadridge Financial Solutions (NYSE:BR) last issued its quarterly earnings data on Tuesday, August 9th. The company reported $1.45 EPS for the quarter, meeting the consensus estimate of $1.45. Broadridge Financial Solutions had a return on equity of 34.79% and a net margin of 10.61%. The firm earned $975 million during the quarter, compared to analyst estimates of $991.13 million. During the same quarter in the prior year, the business posted $1.40 EPS. The business’s revenue for the quarter was up 4.8% compared to the same quarter last year. Equities analysts predict that Broadridge Financial Solutions will post $3.14 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Saturday, October 1st. Shareholders of record on Thursday, September 15th were given a dividend of $0.33 per share. This is an increase from Broadridge Financial Solutions’s previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a yield of 2.01%. The ex-dividend date of this dividend was Tuesday, September 13th. Broadridge Financial Solutions’s dividend payout ratio (DPR) is currently 52.17%.
In other news, insider Adam D. Amsterdam sold 91,412 shares of the firm’s stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $68.02, for a total transaction of $6,217,844.24. Following the sale, the insider now directly owns 60,134 shares in the company, valued at approximately $4,090,314.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Robert F. Kalenka sold 53,818 shares of the firm’s stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $68.96, for a total value of $3,711,289.28. Following the sale, the insider now owns 52,447 shares in the company, valued at $3,616,745.12. The disclosure for this sale can be found here. Company insiders own 3.50% of the company’s stock.
Several large investors have recently bought and sold shares of BR. BlackRock Fund Advisors boosted its stake in Broadridge Financial Solutions by 35.3% in the second quarter. BlackRock Fund Advisors now owns 5,502,944 shares of the company’s stock worth $358,792,000 after buying an additional 1,436,828 shares during the period. Bank of New York Mellon Corp boosted its stake in Broadridge Financial Solutions by 67.4% in the second quarter. Bank of New York Mellon Corp now owns 2,457,241 shares of the company’s stock worth $160,211,000 after buying an additional 989,508 shares during the period. Fiera Capital Corp acquired a new stake in Broadridge Financial Solutions during the second quarter worth approximately $51,374,000. Riverhead Capital Management LLC boosted its stake in Broadridge Financial Solutions by 4,441.2% in the second quarter. Riverhead Capital Management LLC now owns 803,789 shares of the company’s stock worth $7,379,000 after buying an additional 786,089 shares during the period. Finally, Columbia Wanger Asset Management LLC acquired a new stake in Broadridge Financial Solutions during the second quarter worth approximately $48,197,000. Hedge funds and other institutional investors own 87.39% of the company’s stock.
About Broadridge Financial Solutions
Broadridge Financial Solutions, Inc (Broadridge) is a provider of investor communications and technology-driven solutions to banks, broker-dealers, mutual funds and corporate issuers. The Company’s segments include Investor Communication Solutions, and Global Technology and Operations. The Company offers Bank/Broker-Dealer Investor Communication Solutions, Customer Communication Solutions, Corporate Issuer Solutions, Advisor Solutions and Mutual Fund and Retirement Solutions through Investor Communication Solutions segment.
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