Rafferty Asset Management LLC Sells 3,980 Shares of Broadridge Financial Solutions, Inc. (BR)
Rafferty Asset Management LLC reduced its position in shares of Broadridge Financial Solutions, Inc. (NYSE:BR) by 18.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,375 shares of the business services provider’s stock after selling 3,980 shares during the period. Rafferty Asset Management LLC’s holdings in Broadridge Financial Solutions were worth $1,313,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. boosted its position in shares of Broadridge Financial Solutions by 0.7% during the second quarter. BlackRock Inc. now owns 12,134,364 shares of the business services provider’s stock worth $916,871,000 after buying an additional 79,827 shares during the period. Vanguard Group Inc. boosted its position in Broadridge Financial Solutions by 3.8% during the first quarter. Vanguard Group Inc. now owns 10,101,144 shares of the business services provider’s stock valued at $686,373,000 after purchasing an additional 369,176 shares during the last quarter. Janus Capital Management LLC boosted its position in Broadridge Financial Solutions by 2.4% during the first quarter. Janus Capital Management LLC now owns 7,882,947 shares of the business services provider’s stock valued at $535,646,000 after purchasing an additional 187,411 shares during the last quarter. State Street Corp boosted its position in Broadridge Financial Solutions by 0.8% during the first quarter. State Street Corp now owns 4,345,508 shares of the business services provider’s stock valued at $295,283,000 after purchasing an additional 33,020 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Broadridge Financial Solutions by 0.4% during the second quarter. Bank of New York Mellon Corp now owns 2,438,336 shares of the business services provider’s stock valued at $184,239,000 after purchasing an additional 10,182 shares during the last quarter. 83.77% of the stock is owned by institutional investors.
Several research analysts recently commented on the company. BidaskClub raised Broadridge Financial Solutions from a “sell” rating to a “hold” rating in a research report on Tuesday, August 22nd. DA Davidson assumed coverage on Broadridge Financial Solutions in a research report on Monday, August 7th. They set a “neutral” rating and a $74.00 price target for the company. Finally, Barclays PLC increased 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. Five investment analysts have rated the stock with a hold rating, Broadridge Financial Solutions presently has a consensus rating of “Hold” and a consensus price target of $74.00.
In related news, Director Stuart R. Levine sold 7,868 shares of the company’s stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $76.58, for a total value of $602,531.44. Following the transaction, the director now owns 39,747 shares in the company, valued at $3,043,825.26. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Adam D. Amsterdam sold 17,813 shares of the company’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $76.96, for a total value of $1,370,888.48. Following the completion of the transaction, the insider now owns 20,646 shares in the company, valued at approximately $1,588,916.16. The disclosure for this sale can be found here. 3.50% of the stock is owned by insiders.
Shares of Broadridge Financial Solutions, Inc. (NYSE BR) opened at 80.93 on Friday. The stock has a 50 day moving average price of $77.13 and a 200-day moving average price of $73.33. Broadridge Financial Solutions, Inc. has a 52-week low of $59.86 and a 52-week high of $80.93. The firm has a market capitalization of $9.43 billion, a PE ratio of 29.97 and a beta of 0.97.
Broadridge Financial Solutions (NYSE:BR) last announced its earnings results on Thursday, August 10th. The business services provider reported $1.71 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.71. Broadridge Financial Solutions had a return on equity of 37.99% and a net margin of 7.89%. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the previous year, the business earned $1.45 EPS. The company’s revenue was up 38.1% compared to the same quarter last year. Equities analysts forecast that Broadridge Financial Solutions, Inc. will post $3.71 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 3rd. Stockholders of record on Friday, September 15th will be paid a $0.365 dividend. This represents a $1.46 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date is Thursday, September 14th. This is an increase from Broadridge Financial Solutions’s previous quarterly dividend of $0.33. Broadridge Financial Solutions’s payout ratio is presently 53.48%.
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Broadridge Financial Solutions 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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