Broadridge Financial Solutions, Inc. (NYSE:BR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Monday.
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. “
Shares of Broadridge Financial Solutions (NYSE:BR) traded down 0.31% during trading on Monday, reaching $67.55. The company’s stock had a trading volume of 303,688 shares. The company has a 50-day moving average price of $68.65 and a 200-day moving average price of $66.65. Broadridge Financial Solutions has a one year low of $57.33 and a one year high of $71.74. The stock has a market cap of $7.99 billion, a price-to-earnings ratio of 27.66 and a beta of 1.07.
Broadridge Financial Solutions (NYSE:BR) last released its quarterly earnings results on Wednesday, February 8th. The company reported $0.39 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.01. Broadridge Financial Solutions had a return on equity of 33.76% and a net margin of 8.62%. The company had revenue of $893 million for the quarter, compared to analyst estimates of $940.07 million. During the same quarter in the prior year, the firm posted $0.38 EPS. Broadridge Financial Solutions’s quarterly revenue was up 39.7% compared to the same quarter last year. On average, equities research analysts forecast that Broadridge Financial Solutions will post $3.11 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 3rd. Investors of record on Tuesday, March 14th will be issued a dividend of $0.33 per share. The ex-dividend date is Friday, March 10th. This represents a $1.32 annualized dividend and a yield of 1.95%. Broadridge Financial Solutions’s payout ratio is presently 53.88%.
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In related news, insider Timothy C. Gokey sold 83,390 shares of the stock in a transaction on Monday, February 27th. The stock was sold at an average price of $69.88, for a total transaction of $5,827,293.20. Following the sale, the insider now owns 161,539 shares in the company, valued at approximately $11,288,345.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Robert Schifellite sold 68,122 shares of the stock in a transaction on Wednesday, February 22nd. The shares were sold at an average price of $68.56, for a total value of $4,670,444.32. Following the sale, the insider now owns 107,854 shares in the company, valued at approximately $7,394,470.24. The disclosure for this sale can be found here. Insiders have sold a total of 261,851 shares of company stock worth $18,077,337 in the last 90 days. 3.50% of the stock is currently owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in Broadridge Financial Solutions during the fourth quarter valued at $75,498,000. Janus Capital Management LLC raised its stake in Broadridge Financial Solutions by 13.4% in the fourth quarter. Janus Capital Management LLC now owns 7,695,536 shares of the company’s stock valued at $510,214,000 after buying an additional 907,815 shares during the last quarter. AMI Asset Management Corp bought a new stake in Broadridge Financial Solutions during the third quarter valued at $24,735,000. Sawgrass Asset Management LLC raised its stake in Broadridge Financial Solutions by 2,354.5% in the third quarter. Sawgrass Asset Management LLC now owns 336,508 shares of the company’s stock valued at $22,812,000 after buying an additional 322,798 shares during the last quarter. Finally, FIL Ltd raised its stake in Broadridge Financial Solutions by 65.9% in the fourth quarter. FIL Ltd now owns 673,556 shares of the company’s stock valued at $44,657,000 after buying an additional 267,525 shares during the last quarter. Institutional investors own 83.30% 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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