Bank of Nova Scotia Trims Stake in Broadridge Financial Solutions, Inc. (BR)

Bank of Nova Scotia reduced its position in shares of Broadridge Financial Solutions, Inc. (NYSE:BR) by 79.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,700 shares of the business services provider’s stock after selling 100,000 shares during the period. Bank of Nova Scotia’s holdings in Broadridge Financial Solutions were worth $1,942,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. ETF Managers Group LLC bought a new stake in shares of Broadridge Financial Solutions during the second quarter worth about $144,000. Acrospire Investment Management LLC bought a new stake in shares of Broadridge Financial Solutions during the second quarter worth about $108,000. Global X Management Co. LLC grew its holdings in shares of Broadridge Financial Solutions by 8.5% during the second quarter. Global X Management Co. LLC now owns 1,533 shares of the business services provider’s stock worth $116,000 after purchasing an additional 120 shares during the last quarter. Commonwealth Bank of Australia grew its holdings in shares of Broadridge Financial Solutions by 60.0% during the second quarter. Commonwealth Bank of Australia now owns 1,600 shares of the business services provider’s stock worth $120,000 after purchasing an additional 600 shares during the last quarter. Finally, Airain ltd bought a new stake in shares of Broadridge Financial Solutions during the second quarter worth about $204,000. Institutional investors own 83.69% of the company’s stock.

In other news, insider Richard J. Daly sold 94,039 shares of Broadridge Financial Solutions stock in a transaction that occurred on Wednesday, October 11th. The stock was sold at an average price of $81.95, for a total value of $7,706,496.05. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Stuart R. Levine sold 7,868 shares of Broadridge Financial Solutions 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 completion of the sale, the director now owns 39,747 shares in the company, valued at $3,043,825.26. The disclosure for this sale can be found here. Over the last quarter, insiders sold 119,720 shares of company stock worth $9,679,916. Corporate insiders own 2.60% of the company’s stock.

BR has been the topic of several research reports. BidaskClub upgraded Broadridge Financial Solutions from a “buy” rating to a “strong-buy” rating in a report on Wednesday, June 28th. DA Davidson initiated coverage on Broadridge Financial Solutions in a report on Monday, August 7th. They set a “neutral” rating and a $74.00 price target on the stock. Finally, Barclays PLC boosted their price target on Broadridge Financial Solutions from $72.00 to $74.00 and gave the stock an “equal weight” rating in a report on Friday, August 11th.

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Shares of Broadridge Financial Solutions, Inc. (NYSE:BR) opened at 84.36 on Friday. The company has a 50-day moving average price of $80.92 and a 200 day moving average price of $75.49. Broadridge Financial Solutions, Inc. has a one year low of $59.86 and a one year high of $84.58. The company has a market capitalization of $9.83 billion, a PE ratio of 31.24 and a beta of 0.99.

Broadridge Financial Solutions (NYSE:BR) last issued its quarterly earnings data on Thursday, August 10th. The business services provider reported $1.71 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.71. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates 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 quarterly revenue was up 38.1% compared to the same quarter last year. During the same period last year, the company earned $1.45 EPS. Equities analysts anticipate that Broadridge Financial Solutions, Inc. will post $3.72 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 3rd. Stockholders of record on Friday, September 15th were given a $0.365 dividend. This is a positive change from Broadridge Financial Solutions’s previous quarterly dividend of $0.33. This represents a $1.46 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date of this dividend was Thursday, September 14th. Broadridge Financial Solutions’s dividend payout ratio (DPR) is currently 53.48%.

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.

Institutional Ownership by Quarter for Broadridge Financial Solutions (NYSE:BR)

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