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 analysts have also recently issued reports about the stock. Barclays PLC boosted their price objective on shares of Broadridge Financial Solutions from $67.00 to $69.00 and gave the company an equal weight rating in a research note on Wednesday, August 10th. Avondale Partners cut shares of Broadridge Financial Solutions from an outperform rating to a market perform rating and set a $65.00 price target for the company. in a research report on Wednesday, June 15th. Raymond James Financial Inc. cut shares of Broadridge Financial Solutions from an outperform rating to a market perform rating in a research report on Tuesday, June 7th. They noted that the move was a valuation call. Finally, Atlantic Securities started coverage on shares of Broadridge Financial Solutions in a research report on Tuesday, September 13th. They set an overweight rating and a $82.00 price target for the company. One research 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 company has a consensus rating of Hold and a consensus target price of $72.25.
Broadridge Financial Solutions (NYSE:BR) opened at 68.69 on Wednesday. The firm’s 50 day moving average price is $68.76 and its 200 day moving average price is $63.46. Broadridge Financial Solutions has a one year low of $48.56 and a one year high of $71.74. The stock 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 (NYSE:BR) last announced its quarterly earnings data on Tuesday, August 9th. The company reported $1.45 earnings per share (EPS) for the quarter, meeting 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 earned $975 million during the quarter, compared to analysts’ expectations of $991.13 million. During the same period in the previous year, the company earned $1.40 EPS. The business’s quarterly revenue was up 4.8% compared to the same quarter last year. Equities analysts forecast that Broadridge Financial Solutions will post $3.14 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Saturday, October 1st. Shareholders of record on Thursday, September 15th will be issued a $0.33 dividend. The ex-dividend date is Tuesday, September 13th. This represents a $1.32 dividend on an annualized basis and a yield of 1.92%. This is a positive change from Broadridge Financial Solutions’s previous quarterly dividend of $0.30. Broadridge Financial Solutions’s payout ratio is currently 52.17%.
In other news, insider Robert Schifellite sold 9,000 shares of the company’s stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $69.30, for a total value of $623,700.00. Following the sale, the insider now owns 82,937 shares in the company, valued at approximately $5,747,534.10. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Robert F. Kalenka sold 53,818 shares of the company’s stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $68.96, for a total transaction of $3,711,289.28. Following the completion of the sale, the insider now owns 52,447 shares in the company, valued at approximately $3,616,745.12. The disclosure for this sale can be found here. 3.50% of the stock is currently owned by company insiders.
Several large investors have recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. raised its stake in shares of Broadridge Financial Solutions by 12.6% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,574 shares of the company’s stock worth $103,000 after buying an additional 176 shares during the period. Integrated Investment Consultants LLC raised its stake in shares of Broadridge Financial Solutions by 214.8% in the second quarter. Integrated Investment Consultants LLC now owns 2,125 shares of the company’s stock worth $139,000 after buying an additional 1,450 shares during the period. IFP Advisors Inc raised its stake in shares of Broadridge Financial Solutions by 64.5% in the first quarter. IFP Advisors Inc now owns 2,254 shares of the company’s stock worth $134,000 after buying an additional 884 shares during the period. Capital Guardian Trust Co. raised its stake in shares of Broadridge Financial Solutions by 13.4% in the second quarter. Capital Guardian Trust Co. now owns 2,525 shares of the company’s stock worth $165,000 after buying an additional 299 shares during the period. Finally, Strs Ohio bought a new stake in shares of Broadridge Financial Solutions during the second quarter worth about $173,000. Institutional investors and hedge funds own 87.43% of the company’s stock.
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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