Broadridge Financial Solutions (BR) Issues Quarterly Earnings Results, Beats Expectations By $0.21 EPS
Broadridge Financial Solutions (NYSE:BR) released its quarterly earnings results on Thursday. The business services provider reported $0.79 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.21, Bloomberg Earnings reports. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $945.80 million. Broadridge Financial Solutions had a net margin of 8.22% and a return on equity of 40.17%. The firm’s revenue was up 13.4% on a year-over-year basis. During the same quarter last year, the business earned $0.39 earnings per share.
Shares of Broadridge Financial Solutions (BR) opened at $92.08 on Friday. The company has a market cap of $10,680.87, a price-to-earnings ratio of 31.62, a P/E/G ratio of 2.43 and a beta of 1.01. The company has a current ratio of 1.70, a quick ratio of 1.70 and a debt-to-equity ratio of 1.25. Broadridge Financial Solutions has a 52-week low of $66.49 and a 52-week high of $97.54.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 3rd. Investors of record on Thursday, March 15th will be given a dividend of $0.365 per share. The ex-dividend date is Wednesday, March 14th. This represents a $1.46 annualized dividend and a yield of 1.59%. Broadridge Financial Solutions’s dividend payout ratio is presently 50.87%.
Several hedge funds and other institutional investors have recently made changes to their positions in BR. Dimensional Fund Advisors LP grew its position in shares of Broadridge Financial Solutions by 1.2% in the second quarter. Dimensional Fund Advisors LP now owns 549,318 shares of the business services provider’s stock valued at $41,505,000 after purchasing an additional 6,727 shares during the period. Macquarie Group Ltd. grew its position in shares of Broadridge Financial Solutions by 193.4% in the second quarter. Macquarie Group Ltd. now owns 190,662 shares of the business services provider’s stock valued at $14,407,000 after purchasing an additional 125,686 shares during the period. BlueCrest Capital Management Ltd purchased a new position in shares of Broadridge Financial Solutions in the second quarter worth about $656,000. Cubist Systematic Strategies LLC purchased a new position in shares of Broadridge Financial Solutions in the second quarter worth about $296,000. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Broadridge Financial Solutions by 1.3% in the second quarter. The Manufacturers Life Insurance Company now owns 174,004 shares of the business services provider’s stock worth $13,147,000 after buying an additional 2,300 shares in the last quarter. Institutional investors and hedge funds own 83.83% of the company’s stock.
BR has been the topic of several analyst reports. Zacks Investment Research upgraded shares of Broadridge Financial Solutions from a “hold” rating to a “buy” rating and set a $108.00 price target on the stock in a research report on Wednesday, January 31st. ValuEngine upgraded shares of Broadridge Financial Solutions from a “hold” rating to a “buy” rating in a research report on Tuesday, November 14th. Raymond James Financial restated a “hold” rating on shares of Broadridge Financial Solutions in a research report on Monday, December 4th. Barclays restated a “hold” rating and set a $95.00 price target on shares of Broadridge Financial Solutions in a research report on Friday, December 8th. Finally, DA Davidson restated a “hold” rating and set a $86.00 price target on shares of Broadridge Financial Solutions in a research report on Thursday, November 9th. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Broadridge Financial Solutions presently has an average rating of “Hold” and an average target price of $96.33.
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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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