NGAM Advisors L.P. cut its stake in shares of Broadridge Financial Solutions, Inc. (NYSE:BR) by 0.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 237,397 shares of the business services provider’s stock after selling 1,846 shares during the period. NGAM Advisors L.P. owned 0.20% of Broadridge Financial Solutions worth $17,938,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of BR. Van ECK Associates Corp raised its stake in shares of Broadridge Financial Solutions by 8.0% in the first quarter. Van ECK Associates Corp now owns 1,814 shares of the business services provider’s stock worth $123,000 after buying an additional 135 shares in the last quarter. Mn Services Vermogensbeheer B.V. raised its stake in shares of Broadridge Financial Solutions by 5.8% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 3,176 shares of the business services provider’s stock worth $202,000 after buying an additional 174 shares in the last quarter. Ropes Wealth Advisors LLC raised its stake in shares of Broadridge Financial Solutions by 16.4% in the first quarter. Ropes Wealth Advisors LLC now owns 3,384 shares of the business services provider’s stock worth $230,000 after buying an additional 478 shares in the last quarter. State of Alaska Department of Revenue purchased a new stake in shares of Broadridge Financial Solutions during the first quarter worth $233,000. Finally, Daiwa Securities Group Inc. raised its stake in Broadridge Financial Solutions by 13.1% in the first quarter. Daiwa Securities Group Inc. now owns 3,450 shares of the business services provider’s stock worth $234,000 after buying an additional 400 shares during the period. Institutional investors own 85.18% of the company’s stock.
Broadridge Financial Solutions, Inc. (BR) opened at 76.30 on Friday. The stock has a 50 day moving average price of $75.41 and a 200-day moving average price of $71.81. The firm has a market capitalization of $8.89 billion, a P/E ratio of 28.26 and a beta of 0.99. Broadridge Financial Solutions, Inc. has a 52 week low of $59.86 and a 52 week high of $78.00.
Broadridge Financial Solutions (NYSE:BR) last posted its earnings results on Thursday, August 10th. The business services provider reported $1.71 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.71. The company had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.31 billion. Broadridge Financial Solutions had a return on equity of 37.99% and a net margin of 7.89%. Broadridge Financial Solutions’s quarterly revenue was up 38.1% on a year-over-year basis. During the same period last year, the firm earned $1.45 earnings per share. Analysts anticipate that Broadridge Financial Solutions, Inc. will post $3.71 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 3rd. Shareholders of record on Friday, September 15th will be given a dividend of $0.365 per share. This represents a $1.46 annualized dividend and a yield of 1.91%. This is a boost from Broadridge Financial Solutions’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Thursday, September 14th. Broadridge Financial Solutions’s payout ratio is presently 48.35%.
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A number of equities research analysts have commented on BR shares. BidaskClub lowered Broadridge Financial Solutions from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 7th. Barclays PLC upped their price target on Broadridge Financial Solutions from $72.00 to $74.00 and gave the company an “equal weight” rating in a research report on Friday, August 11th. Finally, DA Davidson started coverage on Broadridge Financial Solutions in a research report on Monday, August 7th. They issued a “neutral” rating and a $74.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. Broadridge Financial Solutions has a consensus rating of “Hold” and an average price target of $76.00.
In other news, Director Stuart R. Levine sold 7,868 shares of Broadridge Financial Solutions stock in a transaction that occurred on Friday, August 18th. The shares were sold at an average price of $76.58, for a total transaction of $602,531.44. Following the completion of the transaction, the director now directly owns 39,747 shares in the company, valued at $3,043,825.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert Schifellite sold 76,666 shares of Broadridge Financial Solutions stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $75.98, for a total transaction of $5,825,082.68. Following the transaction, the insider now owns 105,042 shares of the company’s stock, valued at $7,981,091.16. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 251,334 shares of company stock worth $18,844,203. Insiders own 3.50% 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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