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. “
A number of other brokerages have also issued reports on BR. Atlantic Securities assumed coverage on shares of Broadridge Financial Solutions in a report on Tuesday, September 13th. They set an overweight rating and a $82.00 price objective for the company. Barclays PLC increased 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. Raymond James Financial Inc. downgraded Broadridge Financial Solutions from an outperform rating to a market perform rating in a research report on Tuesday, June 7th. They noted that the move was a valuation call. Finally, Avondale Partners downgraded Broadridge Financial Solutions from an outperform rating to a market perform rating and set a $65.00 target price for the company. in a research report on Wednesday, June 15th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of Hold and an average target price of $72.25.
Broadridge Financial Solutions (NYSE:BR) opened at 69.84 on Tuesday. The firm’s 50-day moving average is $68.91 and its 200-day moving average is $63.95. The stock has a market capitalization of $8.26 billion, a P/E ratio of 27.60 and a beta of 0.99. Broadridge Financial Solutions has a 12 month low of $48.56 and a 12 month high of $71.74.
Broadridge Financial Solutions (NYSE:BR) last announced its quarterly earnings data on Tuesday, August 9th. The company reported $1.45 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.45. Broadridge Financial Solutions had a net margin of 10.61% and a return on equity of 34.79%. The business earned $975 million during the quarter, compared to analyst estimates of $991.13 million. During the same period last year, the firm posted $1.40 EPS. The company’s revenue was up 4.8% on a year-over-year basis. On average, equities analysts expect that Broadridge Financial Solutions will post $3.14 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Saturday, October 1st. Investors of record on Thursday, September 15th will be given a $0.33 dividend. The ex-dividend date is Tuesday, September 13th. This is an increase from Broadridge Financial Solutions’s previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a yield of 1.89%. Broadridge Financial Solutions’s dividend payout ratio (DPR) is currently 52.17%.
In other news, insider Adam D. Amsterdam sold 91,412 shares of Broadridge Financial Solutions stock in a transaction on 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 completion of the sale, the insider now directly owns 60,134 shares in the company, valued at $4,090,314.68. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Richard J. Daly sold 103,823 shares of Broadridge Financial Solutions stock in a transaction on Tuesday, September 20th. The stock was sold at an average price of $68.80, for a total value of $7,143,022.40. Following the sale, the insider now owns 257,133 shares of the company’s stock, valued at $17,690,750.40. The disclosure for this sale can be found here. 3.50% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the company. Janus Capital Management LLC increased its stake in Broadridge Financial Solutions by 4.7% in the second quarter. Janus Capital Management LLC now owns 7,114,116 shares of the company’s stock valued at $463,840,000 after buying an additional 318,483 shares during the period. BlackRock Fund Advisors increased 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 valued at $358,792,000 after buying an additional 1,436,828 shares during the period. State Street Corp increased its stake in Broadridge Financial Solutions by 17.8% in the second quarter. State Street Corp now owns 4,019,705 shares of the company’s stock valued at $262,087,000 after buying an additional 606,293 shares during the period. BlackRock Institutional Trust Company N.A. increased its stake in Broadridge Financial Solutions by 6.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 4,019,235 shares of the company’s stock valued at $262,054,000 after buying an additional 254,481 shares during the period. Finally, Atlanta Capital Management Co. L L C increased its stake in Broadridge Financial Solutions by 13.5% in the second quarter. Atlanta Capital Management Co. L L C now owns 2,623,214 shares of the company’s stock valued at $171,034,000 after buying an additional 311,002 shares during the period. Institutional investors and hedge funds own 87.35% 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 delivers a range of solutions that help its clients serve their retail and institutional customers across the entire investment lifecycle, including pre-trade, trade and post-trade processing.
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