Broadridge Financial Solutions Inc. (BR) Upgraded by Zacks Investment Research to Hold
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 subject of several other research reports. Sandler O’Neill cut Broadridge Financial Solutions from a buy rating to a hold rating and set a $74.00 price objective for the company. in a research report on Thursday, September 29th. Barclays PLC lowered Broadridge Financial Solutions from an overweight rating to an equal weight rating and set a $67.00 price target on the stock. in a research note on Thursday, July 7th. Avondale Partners lowered Broadridge Financial Solutions from an outperform rating to a market perform rating and set a $65.00 price target on the stock. in a research note on Wednesday, June 15th. Finally, Atlantic Securities began coverage on Broadridge Financial Solutions in a research note on Tuesday, September 13th. They set an overweight rating and a $82.00 price target on the stock. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The stock has an average rating of Hold and an average price target of $72.60.
Shares of Broadridge Financial Solutions (NYSE:BR) opened at 65.11 on Tuesday. Broadridge Financial Solutions has a 1-year low of $48.56 and a 1-year high of $71.74. The stock has a 50 day moving average price of $68.80 and a 200-day moving average price of $65.02. The firm has a market cap of $7.70 billion, a price-to-earnings ratio of 25.74 and a beta of 1.04.
Broadridge Financial Solutions (NYSE:BR) last posted its quarterly earnings data on Tuesday, August 9th. The company reported $1.45 earnings per share for the quarter, hitting the consensus estimate of $1.45. Broadridge Financial Solutions had a return on equity of 34.79% and a net margin of 10.61%. The business earned $975 million during the quarter, compared to analysts’ expectations of $991.13 million. During the same quarter in the previous year, the firm earned $1.40 EPS. The firm’s revenue was up 4.8% compared to the same quarter last year. On average, equities research analysts expect that Broadridge Financial Solutions will post $3.14 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Saturday, October 1st. Shareholders of record on Thursday, September 15th were issued a dividend of $0.33 per share. This is an increase from Broadridge Financial Solutions’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $1.32 annualized dividend and a yield of 2.03%. Broadridge Financial Solutions’s dividend payout ratio is currently 52.17%.
In other news, VP Laura Matlin sold 900 shares of the stock in a transaction on Friday, August 12th. The stock was sold at an average price of $68.51, for a total value of $61,659.00. Following the transaction, the vice president now owns 5,561 shares of the company’s stock, valued at approximately $380,984.11. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Robert F. Kalenka sold 53,818 shares of the stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $68.96, for a total value of $3,711,289.28. Following the completion of the transaction, the insider now directly owns 52,447 shares in the company, valued at approximately $3,616,745.12. The disclosure for this sale can be found here. Company insiders own 3.50% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Aperio Group LLC increased its position in Broadridge Financial Solutions by 12.5% in the first quarter. Aperio Group LLC now owns 59,194 shares of the company’s stock worth $3,511,000 after buying an additional 6,583 shares during the period. IFP Advisors Inc increased its position in Broadridge Financial Solutions by 64.5% in the first quarter. IFP Advisors Inc now owns 2,254 shares of the company’s stock worth $134,000 after buying an additional 884 shares during the period. BlackRock Inc. increased its position in Broadridge Financial Solutions by 0.7% in the first quarter. BlackRock Inc. now owns 157,694 shares of the company’s stock worth $9,352,000 after buying an additional 1,022 shares during the period. JPMorgan Chase & Co. increased its position in Broadridge Financial Solutions by 13.0% in the first quarter. JPMorgan Chase & Co. now owns 805,561 shares of the company’s stock worth $47,780,000 after buying an additional 92,585 shares during the period. Finally, Shufro Rose & Co. LLC bought a new position in Broadridge Financial Solutions during the first quarter worth $305,000. 87.39% 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 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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