Norges Bank Acquires Shares of 472,839 Broadridge Financial Solutions, Inc. (NYSE:BR)

Norges Bank bought a new position in shares of Broadridge Financial Solutions, Inc. (NYSE:BR) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 472,839 shares of the business services provider’s stock, valued at approximately $106,904,000. Norges Bank owned approximately 0.40% of Broadridge Financial Solutions at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of BR. Raymond James Financial Inc. purchased a new stake in Broadridge Financial Solutions during the fourth quarter worth about $104,466,000. Corient Private Wealth LLC boosted its stake in shares of Broadridge Financial Solutions by 882.9% during the 4th quarter. Corient Private Wealth LLC now owns 437,171 shares of the business services provider’s stock worth $99,186,000 after acquiring an additional 392,695 shares in the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of Broadridge Financial Solutions in the 4th quarter worth approximately $25,773,000. American Century Companies Inc. increased its stake in Broadridge Financial Solutions by 51.0% in the 4th quarter. American Century Companies Inc. now owns 252,984 shares of the business services provider’s stock valued at $57,197,000 after purchasing an additional 85,463 shares in the last quarter. Finally, SVB Wealth LLC acquired a new position in shares of Broadridge Financial Solutions during the 4th quarter worth $17,494,000. 90.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on BR. JPMorgan Chase & Co. increased their price target on shares of Broadridge Financial Solutions from $231.00 to $249.00 and gave the company a “neutral” rating in a research report on Monday, February 3rd. Royal Bank of Canada raised their price target on Broadridge Financial Solutions from $246.00 to $259.00 and gave the stock an “outperform” rating in a research report on Monday, February 3rd. StockNews.com downgraded Broadridge Financial Solutions from a “buy” rating to a “hold” rating in a research report on Tuesday. Morgan Stanley boosted their target price on shares of Broadridge Financial Solutions from $207.00 to $222.00 and gave the company an “equal weight” rating in a research note on Monday, February 3rd. Finally, Wolfe Research reaffirmed a “peer perform” rating on shares of Broadridge Financial Solutions in a research note on Thursday, December 12th. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $241.00.

Insider Activity at Broadridge Financial Solutions

In other news, VP Laura Matlin sold 514 shares of the firm’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $241.60, for a total value of $124,182.40. Following the transaction, the vice president now owns 6,602 shares of the company’s stock, valued at approximately $1,595,043.20. This trade represents a 7.22 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, President Christopher John Perry sold 22,357 shares of the company’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $235.23, for a total transaction of $5,259,037.11. Following the sale, the president now directly owns 52,524 shares of the company’s stock, valued at approximately $12,355,220.52. This trade represents a 29.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 124,754 shares of company stock worth $29,397,793. 1.30% of the stock is owned by insiders.

Broadridge Financial Solutions Stock Up 0.9 %

Shares of NYSE:BR opened at $244.70 on Wednesday. The firm has a market cap of $28.63 billion, a price-to-earnings ratio of 38.29 and a beta of 1.05. Broadridge Financial Solutions, Inc. has a 12-month low of $188.30 and a 12-month high of $246.58. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 1.64. The stock’s 50-day moving average price is $237.43 and its two-hundred day moving average price is $228.23.

Broadridge Financial Solutions (NYSE:BR) last released its earnings results on Friday, January 31st. The business services provider reported $1.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.24. Broadridge Financial Solutions had a net margin of 11.36% and a return on equity of 44.40%. During the same period in the previous year, the firm earned $0.92 EPS. On average, research analysts forecast that Broadridge Financial Solutions, Inc. will post 8.53 EPS for the current year.

Broadridge Financial Solutions Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 3rd. Stockholders of record on Thursday, March 13th will be issued a dividend of $0.88 per share. The ex-dividend date is Thursday, March 13th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.44%. Broadridge Financial Solutions’s payout ratio is 55.09%.

Broadridge Financial Solutions Company Profile

Broadridge Financial Solutions, Inc provides investor communications and technology-driven solutions for the financial services industry. 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 distributes regulatory reports, class action, and corporate action/reorganization event information, as well as tax reporting solutions.