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. “
Several other brokerages have also recently commented on BR. Atlantic Securities assumed coverage on Broadridge Financial Solutions in a research report on Tuesday, September 13th. They set an overweight rating and a $82.00 price target for the company. Barclays PLC boosted their price target on Broadridge Financial Solutions from $67.00 to $69.00 and gave the stock an equal weight rating in a research report on Wednesday, August 10th. Raymond James Financial Inc. cut 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 cut Broadridge Financial Solutions from an outperform rating to a market perform rating and set a $65.00 target price for the company. in a report on Wednesday, June 15th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. Broadridge Financial Solutions currently has an average rating of Hold and a consensus target price of $72.25.
Broadridge Financial Solutions (NYSE:BR) opened at 69.84 on Tuesday. Broadridge Financial Solutions has a 52 week low of $48.56 and a 52 week high of $71.74. The stock has a market cap of $8.26 billion, a price-to-earnings ratio of 27.60 and a beta of 0.99. The stock’s 50 day moving average price is $68.91 and its 200 day moving average price is $63.95.
Broadridge Financial Solutions (NYSE:BR) last issued its quarterly earnings results on Tuesday, August 9th. The company reported $1.45 EPS for the quarter, hitting the Thomson Reuters’ 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 analysts’ expectations of $991.13 million. During the same period in the previous year, the business earned $1.40 earnings per share. The firm’s revenue for the quarter was up 4.8% on a year-over-year basis. On average, analysts forecast that Broadridge Financial Solutions will post $3.14 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Saturday, October 1st. Shareholders of record on Thursday, September 15th will be issued a $0.33 dividend. This is a boost from Broadridge Financial Solutions’s previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend is Tuesday, September 13th. Broadridge Financial Solutions’s dividend payout ratio is presently 52.17%.
In other news, insider Robert F. Kalenka sold 53,818 shares of the company’s stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $68.96, for a total value of $3,711,289.28. Following the transaction, the insider now owns 52,447 shares of the company’s stock, valued at approximately $3,616,745.12. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Laura Matlin sold 900 shares of the company’s stock in a transaction on Friday, August 12th. The shares were sold at an average price of $68.51, for a total value of $61,659.00. Following the completion of the transaction, the vice president now directly owns 5,561 shares in the company, valued at approximately $380,984.11. The disclosure for this sale can be found here. 3.50% of the stock is owned by company insiders.
Several institutional investors have recently made changes to their positions in the stock. BlackRock Fund Advisors raised its position in shares of 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. Norges Bank acquired a new position in shares of Broadridge Financial Solutions during the fourth quarter valued at approximately $63,722,000. Bank of New York Mellon Corp raised its position in shares of 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 valued at $160,211,000 after buying an additional 989,508 shares during the period. Fiera Capital Corp acquired a new position in shares of Broadridge Financial Solutions during the second quarter valued at approximately $51,374,000. Finally, Riverhead Capital Management LLC raised its position in shares of 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 valued at $7,379,000 after buying an additional 786,089 shares during the period. 87.35% of the stock is currently owned by institutional investors and hedge funds.
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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