Broadridge Financial Solutions Inc. (BR) Lifted to Hold 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. “
BR has been the topic of several other reports. Sandler O’Neill lowered shares of Broadridge Financial Solutions from a buy rating to a hold rating and set a $74.00 price target on the stock. in a report on Thursday, September 29th. Barclays PLC lowered shares of Broadridge Financial Solutions from an overweight rating to an equal weight rating and set a $67.00 price target on the stock. in a report on Thursday, July 7th. Avondale Partners lowered shares of Broadridge Financial Solutions from an outperform rating to a market perform rating and set a $65.00 price target on the stock. in a report on Wednesday, June 15th. Finally, Atlantic Securities started coverage on shares of Broadridge Financial Solutions in a report on Tuesday, September 13th. They issued an overweight rating and a $82.00 price target on the stock. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $72.60.
Broadridge Financial Solutions (NYSE:BR) opened at 65.26 on Tuesday. The stock has a market cap of $7.72 billion, a price-to-earnings ratio of 25.79 and a beta of 1.04. Broadridge Financial Solutions has a 12 month low of $48.56 and a 12 month high of $71.74. The stock’s 50 day moving average price is $68.62 and its 200-day moving average price is $65.02.
Broadridge Financial Solutions (NYSE:BR) last posted its quarterly earnings results on Tuesday, August 9th. The company reported $1.45 EPS for the quarter, meeting the consensus estimate of $1.45. Broadridge Financial Solutions had a net margin of 10.61% and a return on equity of 34.79%. The company had revenue of $975 million for the quarter, compared to analyst estimates of $991.13 million. During the same period in the prior year, the company earned $1.40 earnings per share. The firm’s revenue was up 4.8% on a year-over-year basis. Equities analysts expect that Broadridge Financial Solutions will post $3.14 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Saturday, October 1st. Shareholders of record on Thursday, September 15th were given a $0.33 dividend. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.02%. This is an increase from Broadridge Financial Solutions’s previous quarterly dividend of $0.30. Broadridge Financial Solutions’s dividend payout ratio is 52.17%.
In related news, insider Robert F. Kalenka sold 53,818 shares of the company’s stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $68.96, for a total transaction of $3,711,289.28. Following the completion of the transaction, the insider now owns 52,447 shares in the company, valued at approximately $3,616,745.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Richard J. Daly sold 244,935 shares of the company’s stock in a transaction dated Friday, September 23rd. The stock was sold at an average price of $69.36, for a total transaction of $16,988,691.60. Following the transaction, the insider now owns 226,507 shares of the company’s stock, valued at approximately $15,710,525.52. The disclosure for this sale can be found here. 3.50% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. PGGM Investments increased its position in Broadridge Financial Solutions by 7.5% in the second quarter. PGGM Investments now owns 510,588 shares of the company’s stock valued at $33,290,000 after buying an additional 35,451 shares during the period. Wealthsource Partners LLC bought a new position in Broadridge Financial Solutions during the first quarter valued at $459,000. Oakbrook Investments LLC increased its position in Broadridge Financial Solutions by 7.5% in the second quarter. Oakbrook Investments LLC now owns 11,500 shares of the company’s stock valued at $750,000 after buying an additional 800 shares during the period. Integrated Investment Consultants LLC increased its position in Broadridge Financial Solutions by 214.8% in the second quarter. Integrated Investment Consultants LLC now owns 2,125 shares of the company’s stock valued at $139,000 after buying an additional 1,450 shares during the period. Finally, Leavell Investment Management Inc. increased its position in Broadridge Financial Solutions by 36.4% in the second quarter. Leavell Investment Management Inc. now owns 12,728 shares of the company’s stock valued at $830,000 after buying an additional 3,395 shares during the period. Hedge funds and other institutional investors own 87.39% 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’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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Broadridge Financial Solutions Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Broadridge Financial Solutions Inc. and related companies with MarketBeat.com's FREE daily email newsletter.