Royal Bank of Canada Sells 61,004 Shares of Broadridge Financial Solutions, Inc. $BR

Royal Bank of Canada decreased its holdings in shares of Broadridge Financial Solutions, Inc. (NYSE:BR) by 20.2% in the 1st quarter, HoldingsChannel.com reports. The firm owned 240,319 shares of the business services provider’s stock after selling 61,004 shares during the period. Royal Bank of Canada’s holdings in Broadridge Financial Solutions were worth $39,047,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Empowered Funds LLC increased its stake in Broadridge Financial Solutions by 29.9% in the 1st quarter. Empowered Funds LLC now owns 48,430 shares of the business services provider’s stock valued at $7,869,000 after buying an additional 11,152 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Broadridge Financial Solutions by 481.9% during the 1st quarter. The Manufacturers Life Insurance Company now owns 386,435 shares of the business services provider’s stock worth $62,788,000 after buying an additional 320,022 shares during the last quarter. SummitTX Capital L.P. bought a new position in shares of Broadridge Financial Solutions in the 1st quarter valued at about $1,325,000. Lazard Asset Management LLC bought a new position in shares of Broadridge Financial Solutions in the 1st quarter valued at about $1,153,000. Finally, OMERS ADMINISTRATION Corp increased its position in shares of Broadridge Financial Solutions by 31.1% in the first quarter. OMERS ADMINISTRATION Corp now owns 5,539 shares of the business services provider’s stock valued at $900,000 after acquiring an additional 1,314 shares during the last quarter. Institutional investors own 90.03% of the company’s stock.

Broadridge Financial Solutions Trading Up 2.3%

Shares of NYSE:BR opened at $157.41 on Tuesday. Broadridge Financial Solutions, Inc. has a 52-week low of $133.83 and a 52-week high of $271.91. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.94 and a current ratio of 0.94. The company has a market capitalization of $18.21 billion, a P/E ratio of 16.85 and a beta of 0.87. The company has a 50-day simple moving average of $146.94 and a 200 day simple moving average of $164.00.

Broadridge Financial Solutions Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Friday, June 12th were given a $0.975 dividend. This represents a $3.90 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, June 12th. Broadridge Financial Solutions’s dividend payout ratio (DPR) is presently 41.76%.

Insider Activity at Broadridge Financial Solutions

In other news, insider Hope M. Jarkowski sold 1,966 shares of Broadridge Financial Solutions stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $155.00, for a total transaction of $304,730.00. Following the completion of the transaction, the insider directly owned 1 shares in the company, valued at approximately $155. The trade was a 99.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.10% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on BR. DA Davidson reduced their price target on Broadridge Financial Solutions from $228.00 to $214.00 and set a “buy” rating for the company in a research report on Tuesday, May 5th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $200.00 price target on shares of Broadridge Financial Solutions in a research report on Monday, June 22nd. Weiss Ratings downgraded Broadridge Financial Solutions from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, May 11th. Needham & Company LLC decreased their target price on shares of Broadridge Financial Solutions from $255.00 to $230.00 and set a “buy” rating for the company in a research note on Friday, May 1st. Finally, UBS Group lowered their target price on shares of Broadridge Financial Solutions from $250.00 to $165.00 and set a “neutral” rating on the stock in a report on Monday, May 4th. Four investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $221.57.

Broadridge Financial Solutions Profile

Broadridge Financial Solutions is a global fintech company that provides technology-driven solutions and outsourcing services to the financial services industry. The firm’s core offerings center on investor communications, securities processing and post-trade services, and technology platforms that support capital markets and wealth management operations. Broadridge positions itself as a provider of mission-critical infrastructure that helps financial institutions manage regulatory requirements, investor engagement and operational complexity.

Products and services include proxy and shareholder communications, investor disclosure and digital communications, proxy voting and tabulation, clearing and settlement support, trade processing and reconciliation, and a range of software-as-a-service platforms for wealth and asset managers.