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 the stock. Sandler O’Neill downgraded shares of Broadridge Financial Solutions from a “buy” rating to a “hold” rating and set a $74.00 price objective for the company. in a research note on Thursday, September 29th. Atlantic Securities began coverage on shares of Broadridge Financial Solutions in a research note on Tuesday, September 13th. They set an “overweight” rating and a $82.00 price objective for the company. Finally, Barclays PLC boosted their price objective on shares of Broadridge Financial Solutions from $67.00 to $69.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 10th. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $72.60.
Shares of Broadridge Financial Solutions (NYSE:BR) traded up 0.12% during midday trading on Monday, reaching $65.94. 545,172 shares of the company traded hands. The company has a 50 day moving average of $64.38 and a 200 day moving average of $66.13. Broadridge Financial Solutions has a 12 month low of $48.56 and a 12 month high of $71.74. 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 (NYSE:BR) last released its earnings results on Wednesday, November 9th. The company reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by $0.02. Broadridge Financial Solutions had a net margin of 9.62% and a return on equity of 34.10%. The company earned $895 million during the quarter, compared to analysts’ expectations of $880.41 million. During the same quarter in the previous year, the firm posted $0.33 earnings per share. Broadridge Financial Solutions’s revenue for the quarter was up 50.4% compared to the same quarter last year. On average, equities research analysts predict that Broadridge Financial Solutions will post $3.12 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 4th. Investors of record on Wednesday, December 14th will be issued a $0.33 dividend. 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 dividend payout ratio is presently 52.17%.
In other Broadridge Financial Solutions news, insider Robert Schifellite sold 9,000 shares of the stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $69.30, for a total transaction of $623,700.00. Following the sale, the insider now directly owns 82,937 shares of the company’s stock, valued at $5,747,534.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Stuart R. Levine sold 8,170 shares of the stock in a transaction on Friday, November 18th. The stock was sold at an average price of $64.98, for a total transaction of $530,886.60. Following the sale, the director now directly owns 35,130 shares in the company, valued at $2,282,747.40. The disclosure for this sale can be found here. 3.50% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings of BR. Financial Architects Inc boosted its stake in shares of Broadridge Financial Solutions by 0.7% in the second quarter. Financial Architects Inc now owns 3,148 shares of the company’s stock worth $205,000 after buying an additional 21 shares during the period. Integrated Investment Consultants LLC boosted its stake in shares of Broadridge Financial Solutions by 1.2% in the third quarter. Integrated Investment Consultants LLC now owns 2,150 shares of the company’s stock worth $140,000 after buying an additional 25 shares during the period. Burney Co. boosted its stake in shares of Broadridge Financial Solutions by 0.3% in the second quarter. Burney Co. now owns 14,342 shares of the company’s stock worth $935,000 after buying an additional 38 shares during the period. Opus Capital Group LLC boosted its stake in shares of Broadridge Financial Solutions by 1.1% in the second quarter. Opus Capital Group LLC now owns 3,495 shares of the company’s stock worth $228,000 after buying an additional 39 shares during the period. Finally, Cambridge Investment Research Advisors Inc. boosted its stake in shares of Broadridge Financial Solutions by 0.6% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 7,745 shares of the company’s stock worth $505,000 after buying an additional 50 shares during the period. 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 Solut