Broadridge Financial Solutions Inc. (BR) Downgraded by Zacks Investment Research
According to Zacks, “Broadridge is a leading global provider of technology-based outsourcing solutions to the financial services industry. Their integrated systems and services include investor communication, securities processing, and clearing and outsourcing solutions. Broadridge offers a broad, integrated suite of innovative global solutions across the investment lifecycle and provides a wide range of cost-effective and scalable solutions to the financial industry. Their systems help reduce the need for clients to make significant capital investments in operations infrastructure, thereby allowing them to increase their focus on core business activities. “
Other research analysts have also issued research reports about the stock. Barclays PLC increased their price target on shares of Broadridge Financial Solutions from $67.00 to $69.00 and gave the stock an equal weight rating in a research note on Wednesday, August 10th. Avondale Partners lowered shares of Broadridge Financial Solutions from an outperform rating to a market perform rating and set a $65.00 price target on the stock. in a research note on Wednesday, June 15th. Raymond James Financial Inc. lowered shares of Broadridge Financial Solutions from an outperform rating to a market perform rating in a research note on Tuesday, June 7th. They noted that the move was a valuation call. Finally, Atlantic Securities initiated coverage on shares of Broadridge Financial Solutions in a research note on Tuesday, September 13th. They set an overweight rating and a $82.00 price target on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $72.25.
Shares of Broadridge Financial Solutions (NYSE:BR) opened at 68.69 on Wednesday. The firm has a market cap of $8.12 billion, a price-to-earnings ratio of 27.15 and a beta of 0.99. Broadridge Financial Solutions has a 52 week low of $48.56 and a 52 week high of $71.74. The stock has a 50 day moving average of $68.76 and a 200-day moving average of $63.46.
Broadridge Financial Solutions (NYSE:BR) last announced its quarterly earnings results on Tuesday, August 9th. The company reported $1.45 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.45. Broadridge Financial Solutions had a net margin of 10.61% and a return on equity of 34.79%. The company had revenue of $975 million for the quarter, compared to analyst estimates of $991.13 million. During the same quarter in the prior year, the business posted $1.40 EPS. Broadridge Financial Solutions’s quarterly revenue was up 4.8% on a year-over-year basis. Equities research analysts expect that Broadridge Financial Solutions will post $3.14 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Saturday, October 1st. Investors of record on Thursday, September 15th will be paid a $0.33 dividend. The ex-dividend date is Tuesday, September 13th. This is a positive change from Broadridge Financial Solutions’s previous quarterly dividend of $0.30. This represents a $1.32 dividend on an annualized basis and a yield of 1.92%. Broadridge Financial Solutions’s dividend payout ratio (DPR) is presently 52.17%.
In other Broadridge Financial Solutions news, insider Charles J. Marchesani sold 34,162 shares of the stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $66.71, for a total value of $2,278,947.02. Following the completion of the sale, the insider now directly owns 67,201 shares of the company’s stock, valued at approximately $4,482,978.71. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Robert Schifellite sold 9,000 shares of the stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $69.30, for a total transaction of $623,700.00. Following the completion of the sale, the insider now directly owns 82,937 shares of the company’s stock, valued at $5,747,534.10. The disclosure for this sale can be found here. 3.50% of the stock is currently owned by corporate insiders.
Hedge funds have recently modified their holdings of the stock. Motley Fool Wealth Management LLC increased its stake in shares of Broadridge Financial Solutions by 0.8% in the first quarter. Motley Fool Wealth Management LLC now owns 114,870 shares of the company’s stock worth $6,813,000 after buying an additional 963 shares during the period. Aperio Group LLC increased its stake in shares of Broadridge Financial Solutions by 12.5% in the first quarter. Aperio Group LLC now owns 59,194 shares of the company’s stock worth $3,511,000 after buying an additional 6,583 shares during the period. Apex Capital Management bought a new stake in shares of Broadridge Financial Solutions during the first quarter worth $35,868,000. Wade G W & Inc. increased its stake in shares of Broadridge Financial Solutions by 2.4% in the first quarter. Wade G W & Inc. now owns 9,803 shares of the company’s stock worth $581,000 after buying an additional 230 shares during the period. Finally, Raymond James Trust N.A. increased its stake in shares of Broadridge Financial Solutions by 39.6% in the first quarter. Raymond James Trust N.A. now owns 16,636 shares of the company’s stock worth $986,000 after buying an additional 4,716 shares during the period. 87.43% of the stock is owned by hedge funds and other institutional investors.
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 delivers a range of solutions that help its clients serve their retail and institutional customers across the entire investment lifecycle, including pre-trade, trade and post-trade processing.
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