Zacks Investment Research upgraded shares of Broadridge Financial Solutions Inc. (NYSE:BR) from a sell rating to a hold rating in a research report released on Tuesday morning.
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. “
BR has been the topic of several other reports. Sandler O’Neill cut Broadridge Financial Solutions from a buy rating to a hold rating and set a $74.00 target price on the stock. in a report on Thursday, September 29th. Atlantic Securities began coverage on Broadridge Financial Solutions in a report on Tuesday, September 13th. They issued an overweight rating and a $82.00 target price on the stock. Finally, Barclays PLC lifted their target price on Broadridge Financial Solutions from $67.00 to $69.00 and gave the stock an equal weight rating in a report on Wednesday, August 10th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $72.60.
Shares of Broadridge Financial Solutions (NYSE:BR) opened at 65.86 on Tuesday. The firm has a 50-day moving average price of $64.41 and a 200 day moving average price of $66.03. The stock has a market cap of $7.84 billion, a PE ratio of 26.03 and a beta of 1.10. 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 posted its quarterly earnings results on Wednesday, November 9th. The company reported $0.36 EPS for the quarter, missing the Zacks’ consensus estimate of $0.38 by $0.02. The business had revenue of $895 million for the quarter, compared to the consensus estimate of $880.41 million. Broadridge Financial Solutions had a net margin of 9.62% and a return on equity of 34.10%. Broadridge Financial Solutions’s revenue was up 50.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.33 earnings per share. Equities research analysts expect that Broadridge Financial Solutions will post $3.12 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 4th. Shareholders of record on Wednesday, December 14th will be paid a dividend of $0.33 per share. The ex-dividend date is Monday, December 12th. This represents a $1.32 annualized dividend and a yield of 2.00%. Broadridge Financial Solutions’s payout ratio is currently 52.17%.
In other Broadridge Financial Solutions news, insider Richard J. Daly sold 6,095 shares of the business’s stock in a transaction that occurred on Thursday, September 29th. The stock was sold at an average price of $68.13, for a total transaction of $415,252.35. Following the sale, the insider now directly owns 254,104 shares of the company’s stock, valued at $17,312,105.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Leslie A. Brun sold 7,925 shares of the business’s stock in a transaction that occurred on Wednesday, November 16th. The stock was sold at an average price of $62.66, for a total value of $496,580.50. Following the sale, the director now directly owns 30,622 shares in the company, valued at $1,918,774.52. The disclosure for this sale can be found here. Company insiders own 3.50% of the company’s stock.
A number of large investors have recently modified their holdings of BR. 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. 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 about $51,374,000. 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. Finally, Columbia Wanger Asset Management LLC acquired a new position in shares of Broadridge Financial Solutions during the second quarter valued at about $48,197,000. 83.65% of the stock is currently owned by institutional investors.
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.