Broadridge Financial Solutions Inc. (BR) Upgraded to Hold by Zacks Investment Research
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 research firms have also weighed in on BR. Barclays PLC boosted 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. Atlantic Securities initiated coverage on Broadridge Financial Solutions in a report on Tuesday, September 13th. They issued an overweight rating and a $82.00 target price for the company. Finally, Sandler O’Neill lowered Broadridge Financial Solutions from a buy rating to a hold rating and set a $74.00 target price for the company. in a report on Thursday, September 29th. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $72.60.
Broadridge Financial Solutions (NYSE:BR) opened at 65.94 on Monday. The firm has a market cap of $7.85 billion, a P/E ratio of 26.06 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. The firm has a 50-day moving average of $64.38 and a 200-day moving average of $66.13.
Broadridge Financial Solutions (NYSE:BR) last posted its earnings results on Wednesday, November 9th. The company reported $0.36 earnings per share for the quarter, missing the Thomson Reuters’ 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 company earned $895 million during the quarter, compared to analyst estimates of $880.41 million. During the same quarter last year, the firm posted $0.33 earnings per share. The firm’s revenue for the quarter was up 50.4% compared to the same quarter last year. On average, analysts expect that Broadridge Financial Solutions will post $3.12 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 4th. Investors of record on Wednesday, December 14th will be paid a $0.33 dividend. The ex-dividend date of this dividend is Monday, December 12th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.00%. Broadridge Financial Solutions’s payout ratio is 52.17%.
In related news, Director Stuart R. Levine sold 8,170 shares of the company’s stock in a transaction on Friday, November 18th. The stock was sold at an average price of $64.98, for a total value of $530,886.60. Following the completion of the transaction, the director now directly owns 35,130 shares in the company, valued at $2,282,747.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Leslie A. Brun sold 7,925 shares of the company’s stock in a transaction on Wednesday, November 16th. The shares were sold at an average price of $62.66, for a total value of $496,580.50. Following the completion of the transaction, the director now owns 30,622 shares of the company’s stock, valued at $1,918,774.52. The disclosure for this sale can be found here. 3.50% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the stock. Mitchell Mcleod Pugh & Williams Inc. bought a new stake in shares of Broadridge Financial Solutions during the second quarter worth $212,000. Livforsakringsbolaget Skandia Omsesidigt bought a new stake in shares of Broadridge Financial Solutions during the second quarter worth $704,000. Capstone Asset Management Co. boosted its stake in shares of Broadridge Financial Solutions by 11.0% in the second quarter. Capstone Asset Management Co. now owns 12,843 shares of the company’s stock worth $837,000 after buying an additional 1,268 shares during the period. Creative Planning boosted its stake in shares of Broadridge Financial Solutions by 4.8% in the second quarter. Creative Planning now owns 4,072 shares of the company’s stock worth $265,000 after buying an additional 185 shares during the period. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its stake in shares of Broadridge Financial Solutions by 1,120.8% in the second quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 9,095 shares of the company’s stock worth $593,000 after buying an additional 8,350 shares during the period. Hedge funds and other institutional investors own 83.65% of the company’s stock.
Broadridge Financial Solutions Company Profile
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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