Broadridge Financial Solutions Inc. (NYSE:BR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” 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. “
Several other equities research analysts also recently issued reports on BR. Barclays PLC lifted their price objective 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. Atlantic Securities began coverage on Broadridge Financial Solutions in a report on Tuesday, September 13th. They issued an “overweight” rating and a $82.00 price target for the company. Finally, Sandler O’Neill downgraded Broadridge Financial Solutions from a “buy” rating to a “hold” rating and set a $74.00 price target for the company. in a 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’s stock. The company presently has an average rating of “Hold” and a consensus target price of $72.60.
Broadridge Financial Solutions (NYSE:BR) traded up 0.12% on Monday, reaching $65.94. The company’s stock had a trading volume of 545,172 shares. The firm has a market capitalization of $7.85 billion, a P/E ratio of 26.06 and a beta of 1.10. Broadridge Financial Solutions has a 52-week low of $48.56 and a 52-week high of $71.74. The firm has a 50-day moving average price of $64.38 and a 200 day moving average price of $66.13.
Broadridge Financial Solutions (NYSE:BR) last posted its quarterly earnings data on Wednesday, November 9th. The company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by $0.02. Broadridge Financial Solutions had a return on equity of 34.10% and a net margin of 9.62%. The business had revenue of $895 million for the quarter, compared to analysts’ expectations of $880.41 million. During the same quarter in the prior year, the firm earned $0.33 earnings per share. Broadridge Financial Solutions’s revenue for the quarter was up 50.4% compared to the same quarter last year. Equities analysts anticipate that Broadridge Financial Solutions will post $3.12 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 4th. Investors of record on Wednesday, December 14th will be given a dividend of $0.33 per share. The ex-dividend date is Monday, December 12th. This represents a $1.32 dividend on an annualized basis and a yield of 2.00%. Broadridge Financial Solutions’s dividend payout ratio is currently 52.17%.
In related news, insider Richard J. Daly sold 103,823 shares of the business’s stock in a transaction that occurred on Tuesday, September 20th. The stock was sold at an average price of $68.80, for a total transaction of $7,143,022.40. Following the completion of the transaction, the insider now owns 257,133 shares in the company, valued at approximately $17,690,750.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Stuart R. Levine sold 8,170 shares of the business’s stock in a transaction that occurred on Friday, November 18th. The shares were sold at an average price of $64.98, for a total value of $530,886.60. Following the transaction, the director now owns 35,130 shares of the company’s stock, valued at approximately $2,282,747.40. The disclosure for this sale can be found here. Corporate insiders own 3.50% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. raised its position in Broadridge Financial Solutions by 12.6% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,574 shares of the company’s stock worth $103,000 after buying an additional 176 shares in the last quarter. Integrated Investment Consultants LLC raised its position in Broadridge Financial Solutions by 214.8% in the second quarter. Integrated Investment Consultants LLC now owns 2,125 shares of the company’s stock worth $139,000 after buying an additional 1,450 shares in the last quarter. Penserra Capital Management LLC raised its position in Broadridge Financial Solutions by 97.2% in the third quarter. Penserra Capital Management LLC now owns 2,378 shares of the company’s stock worth $160,000 after buying an additional 1,172 shares in the last quarter. Capital Guardian Trust Co. raised its position in Broadridge Financial Solutions by 13.4% in the second quarter. Capital Guardian Trust Co. now owns 2,525 shares of the company’s stock worth $165,000 after buying an additional 299 shares in the last quarter. Finally, Strs Ohio bought a new position in Broadridge Financial Solutions during the second quarter worth about $173,000. Institutional investors and hedge funds own 83.65% 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