Shell Asset Management Co. boosted its stake in Broadridge Financial Solutions, Inc. (NYSE:BR) by 72.2% during the second quarter, according to its most recent filing with the SEC. The firm owned 45,780 shares of the business services provider’s stock after buying an additional 19,202 shares during the period. Shell Asset Management Co.’s holdings in Broadridge Financial Solutions were worth $3,459,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of BR. Teachers Advisors LLC boosted its stake in shares of Broadridge Financial Solutions by 35.9% in the fourth quarter. Teachers Advisors LLC now owns 133,125 shares of the business services provider’s stock valued at $8,826,000 after buying an additional 35,200 shares in the last quarter. Macquarie Group Ltd. boosted its stake in shares of Broadridge Financial Solutions by 12.4% in the fourth quarter. Macquarie Group Ltd. now owns 65,476 shares of the business services provider’s stock valued at $4,342,000 after buying an additional 7,200 shares in the last quarter. Bath Savings Trust Co boosted its stake in shares of Broadridge Financial Solutions by 5.0% in the first quarter. Bath Savings Trust Co now owns 93,718 shares of the business services provider’s stock valued at $6,368,000 after buying an additional 4,441 shares in the last quarter. McQueen Ball & Associates Inc. boosted its stake in shares of Broadridge Financial Solutions by 0.7% in the first quarter. McQueen Ball & Associates Inc. now owns 10,910 shares of the business services provider’s stock valued at $741,000 after buying an additional 75 shares in the last quarter. Finally, Confluence Investment Management LLC boosted its stake in shares of Broadridge Financial Solutions by 3.7% in the first quarter. Confluence Investment Management LLC now owns 968,685 shares of the business services provider’s stock valued at $65,822,000 after buying an additional 34,839 shares in the last quarter. 85.18% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Broadridge Financial Solutions, Inc. (NYSE BR) opened at 76.30 on Friday. The company has a market capitalization of $8.89 billion, a PE ratio of 28.26 and a beta of 0.99. The stock’s 50 day moving average is $75.41 and its 200 day moving average is $71.81. Broadridge Financial Solutions, Inc. has a 1-year low of $59.86 and a 1-year 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 for the quarter, hitting the Zacks’ consensus estimate of $1.71. Broadridge Financial Solutions had a net margin of 7.89% and a return on equity of 37.99%. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same period in the previous year, the firm posted $1.45 EPS. The company’s revenue for the quarter was up 38.1% compared to the same quarter last year. On average, equities research analysts anticipate that Broadridge Financial Solutions, Inc. will post $3.71 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 3rd. Shareholders of record on Friday, September 15th will be issued a dividend of $0.365 per share. This represents a $1.46 dividend on an annualized basis and a yield of 1.91%. This is a positive change from Broadridge Financial Solutions’s previous quarterly dividend of $0.33. The ex-dividend date is Thursday, September 14th. Broadridge Financial Solutions’s payout ratio is presently 48.35%.
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BR has been the topic of several research analyst reports. BidaskClub raised shares of Broadridge Financial Solutions from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, June 28th. DA Davidson initiated coverage on shares of Broadridge Financial Solutions in a research note on Monday, August 7th. They set a “neutral” rating and a $74.00 price target on the stock. Finally, Barclays PLC increased their price target on shares of Broadridge Financial Solutions from $72.00 to $74.00 and gave the company an “equal weight” rating in a research note on Friday, August 11th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $76.00.
In other Broadridge Financial Solutions news, SVP Christopher John Perry sold 66,516 shares of the business’s stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $74.40, for a total transaction of $4,948,790.40. Following the sale, the senior vice president now directly owns 63,665 shares of the company’s stock, valued at approximately $4,736,676. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stuart R. Levine sold 7,868 shares of the company’s stock in a transaction 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 sale, the director now directly owns 39,747 shares in the company, valued at $3,043,825.26. The disclosure for this sale can be found here. Insiders have sold a total of 251,334 shares of company stock worth $18,844,203 over the last three months. 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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