JPMorgan Chase & Co. cut its position in Broadridge Financial Solutions, Inc. (NYSE:BR) by 10.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 432,358 shares of the business services provider’s stock after selling 52,745 shares during the quarter. JPMorgan Chase & Co. owned 0.37% of Broadridge Financial Solutions worth $32,670,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. OppenheimerFunds Inc. grew its stake in shares of Broadridge Financial Solutions by 20.4% in the first quarter. OppenheimerFunds Inc. now owns 12,353 shares of the business services provider’s stock valued at $839,000 after buying an additional 2,092 shares in the last quarter. Morgan Stanley grew its stake in shares of Broadridge Financial Solutions by 47.0% in the first quarter. Morgan Stanley now owns 454,416 shares of the business services provider’s stock valued at $30,878,000 after buying an additional 145,274 shares in the last quarter. Confluence Investment Management LLC grew its stake in shares of 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 valued at $75,115,000 after buying an additional 25,421 shares in the last quarter. Alta Capital Management LLC acquired a new stake in shares of Broadridge Financial Solutions in the second quarter valued at $14,740,000. Finally, Schwab Charles Investment Management Inc. grew its stake in shares of 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 valued at $24,363,000 after buying an additional 28,636 shares in the last quarter. 84.29% of the stock is owned by institutional investors and hedge funds.
Broadridge Financial Solutions, Inc. (NYSE:BR) opened at 79.16 on Friday. The company’s 50-day moving average price is $76.94 and its 200 day moving average price is $73.16. The firm has a market capitalization of $9.22 billion, a PE ratio of 29.32 and a beta of 0.97. Broadridge Financial Solutions, Inc. has a 1-year low of $59.86 and a 1-year high of $80.48.
Broadridge Financial Solutions (NYSE:BR) last issued its earnings results on Thursday, August 10th. The business services provider reported $1.71 earnings per share for the quarter, hitting the consensus estimate of $1.71. Broadridge Financial Solutions had a return on equity of 37.99% and a net margin of 7.89%. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same period last year, the company posted $1.45 EPS. The business’s quarterly revenue was up 38.1% on a year-over-year basis. On average, equities analysts anticipate that Broadridge Financial Solutions, Inc. will post $3.71 EPS for the current year.
The business also recently disclosed 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. The ex-dividend date is Thursday, September 14th. This is a positive change from Broadridge Financial Solutions’s previous quarterly dividend of $0.33. This represents a $1.46 annualized dividend and a yield of 1.84%. Broadridge Financial Solutions’s dividend payout ratio (DPR) is 53.48%.
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 transaction was disclosed in a 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 shares were 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.
A number of equities research analysts have recently weighed in on BR shares. BidaskClub raised Broadridge Financial Solutions from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, June 28th. Barclays PLC lifted 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 for the company. Five investment analysts have rated the stock with a hold rating, Broadridge Financial Solutions has a consensus rating of “Hold” and a consensus price target of $74.00.
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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