Zacks Investment Research downgraded shares of Broadridge Financial Solutions (NYSE:BR) from a buy rating to a hold rating in a research report report published on Tuesday morning.
According to Zacks, “Broadridge provides technology-based outsourcing solutions to the financial services industry. Shares of the company outperformed the industry to which it belongs to in the last one year. We remain optimistic about Broadridge’s strategic acquisitions, product launches, share repurchase program and dividend paying initiatives. We also believe that the company’s strong business relations with companies like Accenture and Amazon.com’s Amazon Web Services will be beneficial in the long run. Apart from this, regular additions to the company’s clientele have been tailwinds. In December 2017, the company’s solutions were adopted by a Miami based broker-dealer, Beta Capital Wealth Management as the latter is transforming to a self-clearing process. However, competition and pricing pressure remain major headwinds.”
A number of other brokerages have also recently issued reports on BR. Barclays upped their target price on Broadridge Financial Solutions from $74.00 to $85.00 and gave the company an equal weight rating in a research report on Thursday, November 9th. Raymond James Financial reissued a hold rating on shares of Broadridge Financial Solutions in a research report on Monday, December 4th. ValuEngine cut Broadridge Financial Solutions from a buy rating to a hold rating in a research report on Friday, December 1st. Finally, DA Davidson reaffirmed a hold rating and set a $86.00 price objective on shares of Broadridge Financial Solutions in a research report on Thursday, November 9th. Six equities research analysts have rated the stock with a hold rating, The stock currently has a consensus rating of Hold and an average target price of $90.50.
Shares of Broadridge Financial Solutions (NYSE BR) traded up $0.59 during midday trading on Tuesday, hitting $94.04. The company had a trading volume of 361,679 shares, compared to its average volume of 381,408. The firm has a market cap of $10,891.83, a PE ratio of 32.77, a PEG ratio of 2.51 and a beta of 0.99. 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 1 year low of $65.35 and a 1 year high of $94.31.
Broadridge Financial Solutions (NYSE:BR) last announced its earnings results on Wednesday, November 8th. The business services provider reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.12. The firm had revenue of $925.00 million during the quarter, compared to analysts’ expectations of $923.68 million. Broadridge Financial Solutions had a return on equity of 40.17% and a net margin of 8.22%. The business’s revenue was up 3.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.36 EPS. research analysts forecast that Broadridge Financial Solutions will post 3.72 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 3rd. Shareholders of record on Friday, December 15th were given a dividend of $0.365 per share. The ex-dividend date was Thursday, December 14th. This represents a $1.46 dividend on an annualized basis and a yield of 1.55%. Broadridge Financial Solutions’s payout ratio is 50.87%.
In other Broadridge Financial Solutions news, insider Robert Schifellite sold 49,181 shares of the stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $89.47, for a total transaction of $4,400,224.07. Following the completion of the sale, the insider now directly owns 149,181 shares of the company’s stock, valued at approximately $13,347,224.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard J. Haviland sold 7,655 shares of the stock in a transaction that occurred on Wednesday, December 6th. The stock was sold at an average price of $88.51, for a total value of $677,544.05. Following the sale, the director now directly owns 44,482 shares of the company’s stock, valued at $3,937,101.82. The disclosure for this sale can be found here. 2.60% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently bought and sold shares of BR. Acrospire Investment Management LLC acquired a new stake in shares of Broadridge Financial Solutions in the 2nd quarter valued at approximately $108,000. Toronto Dominion Bank lifted its holdings in shares of Broadridge Financial Solutions by 11.4% in the 2nd quarter. Toronto Dominion Bank now owns 1,453 shares of the business services provider’s stock valued at $110,000 after buying an additional 149 shares during the period. Advisory Services Network LLC lifted its holdings in shares of Broadridge Financial Solutions by 82.8% in the 2nd quarter. Advisory Services Network LLC now owns 1,559 shares of the business services provider’s stock valued at $118,000 after buying an additional 706 shares during the period. Commonwealth Bank of Australia lifted its holdings in shares of Broadridge Financial Solutions by 60.0% in the 2nd quarter. Commonwealth Bank of Australia now owns 1,600 shares of the business services provider’s stock valued at $120,000 after buying an additional 600 shares during the period. Finally, ETF Managers Group LLC acquired a new stake in shares of Broadridge Financial Solutions in the 2nd quarter valued at approximately $144,000. 83.48% of the stock is owned by institutional investors and hedge funds.
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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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