Broadridge Financial Solutions Inc. (BR) Lowered to “Sell” at 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 analysts have also issued reports on BR. Raymond James Financial Inc. lowered Broadridge Financial Solutions from an outperform rating to a market perform rating in a research report on Tuesday, June 7th. They noted that the move was a valuation call. Avondale Partners downgraded Broadridge Financial Solutions from an outperform rating to a market perform rating and set a $65.00 price objective on the stock. in a research note on Wednesday, June 15th. Barclays PLC downgraded Broadridge Financial Solutions from an overweight rating to an equal weight rating and set a $67.00 price objective on the stock. in a research note on Thursday, July 7th. Finally, Atlantic Securities initiated coverage on Broadridge Financial Solutions in a research note on Tuesday, September 13th. They set an overweight rating and a $82.00 price objective on the stock. One analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. The company presently has an average rating of Hold and an average price target of $72.25.
Shares of Broadridge Financial Solutions (NYSE:BR) opened at 68.72 on Tuesday. The stock’s 50 day moving average price is $68.82 and its 200 day moving average price is $63.86. Broadridge Financial Solutions has a 1-year low of $48.56 and a 1-year high of $71.74. The company has a market cap of $8.13 billion, a P/E ratio of 27.16 and a beta of 0.99.
Broadridge Financial Solutions (NYSE:BR) last posted its quarterly earnings results on Tuesday, August 9th. The company reported $1.45 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ 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 had revenue of $975 million for the quarter, compared to analyst estimates of $991.13 million. During the same period last year, the company earned $1.40 EPS. The firm’s revenue was up 4.8% on a year-over-year basis. Equities research analysts forecast that Broadridge Financial Solutions will post $3.14 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Saturday, October 1st. Shareholders of record on Thursday, September 15th will be paid a $0.33 dividend. This is an increase from Broadridge Financial Solutions’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $1.32 annualized dividend and a dividend yield of 1.92%. Broadridge Financial Solutions’s dividend payout ratio (DPR) is currently 52.17%.
In other news, insider Timothy C. Gokey sold 16,903 shares of the firm’s stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $67.74, for a total value of $1,145,009.22. Following the completion of the transaction, the insider now owns 85,610 shares in the company, valued at approximately $5,799,221.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Adam D. Amsterdam sold 91,412 shares of the firm’s stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $68.02, for a total value of $6,217,844.24. Following the completion of the transaction, the insider now owns 60,134 shares of the company’s stock, valued at approximately $4,090,314.68. The disclosure for this sale can be found here. 3.50% of the stock is owned by company insiders.
Several institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new position in shares of Broadridge Financial Solutions during the fourth quarter valued at $63,722,000. Raymond James Trust N.A. boosted its position in shares of Broadridge Financial Solutions by 39.6% in the first quarter. Raymond James Trust N.A. now owns 16,636 shares of the company’s stock valued at $986,000 after buying an additional 4,716 shares during the last quarter. Wade G W & Inc. boosted its position in Broadridge Financial Solutions by 2.4% in the first quarter. Wade G W & Inc. now owns 9,803 shares of the company’s stock worth $581,000 after buying an additional 230 shares during the last quarter. Apex Capital Management acquired a new position in Broadridge Financial Solutions during the first quarter worth approximately $35,868,000. Finally, Aperio Group LLC boosted 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 last quarter. Institutional investors own 87.35% of the company’s stock.
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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