Broadridge Financial Solutions, Inc. (BR) Reaches New 1-Year High at $78.59
Broadridge Financial Solutions, Inc. (NYSE:BR)’s share price hit a new 52-week high on Wednesday . The company traded as high as $78.59 and last traded at $78.55, with a volume of 345,089 shares. The stock had previously closed at $78.30.
A number of brokerages recently weighed in on BR. BidaskClub raised shares of Broadridge Financial Solutions from a “sell” rating to a “hold” rating in a report on Tuesday, August 22nd. Barclays PLC boosted their price objective on 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. Finally, DA Davidson started coverage on Broadridge Financial Solutions in a research note on Monday, August 7th. They issued a “neutral” rating and a $74.00 price objective on the stock. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Broadridge Financial Solutions has an average rating of “Hold” and an average target price of $76.00.
The stock has a market cap of $9.15 billion, a price-to-earnings ratio of 29.09 and a beta of 0.97. The stock’s 50 day moving average price is $76.07 and its 200 day moving average price is $72.65.
Broadridge Financial Solutions (NYSE:BR) last announced its earnings results on Thursday, August 10th. The business services provider reported $1.71 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.71. The business 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%. The business’s revenue for the quarter was up 38.1% on a year-over-year basis. During the same period last year, the firm posted $1.45 earnings per share. On average, equities analysts anticipate that Broadridge Financial Solutions, Inc. will post $3.71 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 3rd. Shareholders of record on Friday, September 15th will be given a $0.365 dividend. This represents a $1.46 annualized dividend and a yield of 1.86%. 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 dividend payout ratio (DPR) is presently 48.35%.
In other Broadridge Financial Solutions news, insider Adam D. Amsterdam sold 17,813 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $76.96, for a total value of $1,370,888.48. Following the transaction, the insider now directly owns 20,646 shares of the company’s stock, valued at $1,588,916.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Stuart R. Levine sold 7,868 shares of the firm’s stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $76.58, for a total value 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 disclosure for this sale can be found here. Company insiders own 3.50% of the company’s stock.
Large investors have recently made changes to their positions in the business. OppenheimerFunds Inc. boosted its position in Broadridge Financial Solutions by 20.4% in the first quarter. OppenheimerFunds Inc. now owns 12,353 shares of the business services provider’s stock worth $839,000 after purchasing an additional 2,092 shares during the last quarter. Morgan Stanley boosted its position in Broadridge Financial Solutions by 47.0% in the first quarter. Morgan Stanley now owns 454,416 shares of the business services provider’s stock worth $30,878,000 after purchasing an additional 145,274 shares during the last quarter. Confluence Investment Management LLC boosted its position in Broadridge Financial Solutions by 2.6% in the second quarter. Confluence Investment Management LLC now owns 994,106 shares of the business services provider’s stock worth $75,115,000 after purchasing an additional 25,421 shares during the last quarter. Alta Capital Management LLC purchased a new position in Broadridge Financial Solutions in the second quarter worth about $14,740,000. Finally, Schwab Charles Investment Management Inc. boosted its position in Broadridge Financial Solutions by 8.7% in the first quarter. Schwab Charles Investment Management Inc. now owns 358,543 shares of the business services provider’s stock worth $24,363,000 after purchasing an additional 28,636 shares during the last quarter. 84.27% of the stock is currently owned by institutional investors and hedge funds.
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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