National Asset Management Inc. grew its stake in Broadridge Financial Solutions, Inc. (NYSE:BR) by 80.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,107 shares of the business services provider’s stock after purchasing an additional 5,405 shares during the period. National Asset Management Inc.’s holdings in Broadridge Financial Solutions were worth $1,149,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in the business. Geode Capital Management LLC boosted its position in Broadridge Financial Solutions by 5.1% in the 4th quarter. Geode Capital Management LLC now owns 1,834,303 shares of the business services provider’s stock worth $226,177,000 after purchasing an additional 89,429 shares in the last quarter. Jensen Investment Management Inc. lifted its position in shares of Broadridge Financial Solutions by 10.7% during the 4th quarter. Jensen Investment Management Inc. now owns 1,655,898 shares of the business services provider’s stock valued at $204,570,000 after buying an additional 160,215 shares in the last quarter. Norges Bank purchased a new position in shares of Broadridge Financial Solutions during the 4th quarter valued at approximately $135,947,000. Swiss National Bank lifted its position in shares of Broadridge Financial Solutions by 18.0% during the 1st quarter. Swiss National Bank now owns 953,589 shares of the business services provider’s stock valued at $90,429,000 after buying an additional 145,400 shares in the last quarter. Finally, California Public Employees Retirement System lifted its position in shares of Broadridge Financial Solutions by 1.1% during the 4th quarter. California Public Employees Retirement System now owns 952,502 shares of the business services provider’s stock valued at $117,672,000 after buying an additional 10,705 shares in the last quarter. Institutional investors and hedge funds own 84.58% of the company’s stock.
In other Broadridge Financial Solutions news, Director Leslie A. Brun sold 4,500 shares of the firm’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $105.92, for a total value of $476,640.00. Following the completion of the sale, the director now directly owns 46,360 shares of the company’s stock, valued at approximately $4,910,451.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Thomas P. Carey sold 1,089 shares of the firm’s stock in a transaction on Monday, April 6th. The stock was sold at an average price of $97.11, for a total value of $105,752.79. Following the completion of the sale, the vice president now directly owns 3,041 shares of the company’s stock, valued at $295,311.51. The disclosure for this sale can be found here. Insiders sold a total of 121,583 shares of company stock valued at $14,294,469 over the last ninety days. Corporate insiders own 2.20% of the company’s stock.
A number of research analysts have recently issued reports on BR shares. DA Davidson upgraded Broadridge Financial Solutions from a “neutral” rating to a “buy” rating and increased their target price for the company from $134.00 to $138.00 in a research report on Monday, February 3rd. Raymond James upgraded Broadridge Financial Solutions from a “market perform” rating to an “outperform” rating and set a $130.00 target price on the stock in a research report on Friday, February 28th. Rosenblatt Securities increased their target price on Broadridge Financial Solutions from $101.00 to $115.00 and gave the company a “neutral” rating in a research report on Monday, May 11th. Finally, BTIG Research restated a “buy” rating and issued a $135.00 price objective on shares of Broadridge Financial Solutions in a report on Friday, May 8th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Broadridge Financial Solutions has an average rating of “Buy” and an average price target of $132.67.
BR stock traded down $0.98 during midday trading on Friday, reaching $116.81. The stock had a trading volume of 553,913 shares, compared to its average volume of 714,635. The company’s fifty day simple moving average is $109.92 and its 200 day simple moving average is $115.67. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.40. The company has a market cap of $13.52 billion, a price-to-earnings ratio of 33.18 and a beta of 0.90. Broadridge Financial Solutions, Inc. has a 52-week low of $81.90 and a 52-week high of $136.99.
Broadridge Financial Solutions (NYSE:BR) last announced its quarterly earnings data on Friday, May 8th. The business services provider reported $1.67 earnings per share for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.03). The firm had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.24 billion. Broadridge Financial Solutions had a net margin of 9.50% and a return on equity of 46.99%. The company’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.59 EPS. Sell-side analysts predict that Broadridge Financial Solutions, Inc. will post 4.96 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Shareholders of record on Friday, June 12th will be paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.85%. The ex-dividend date is Thursday, June 11th. Broadridge Financial Solutions’s dividend payout ratio (DPR) is presently 46.35%.
About Broadridge Financial Solutions
Broadridge Financial Solutions, Inc provides investor communications and technology-driven solutions for the financial services industry worldwide. The company's Investor Communication Solutions segment processes and distributes proxy materials to investors in equity securities and mutual funds, as well as facilitates related vote processing services; and offers ProxyEdge, an electronic proxy delivery and voting solution.
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