Broadridge Financial Solutions, Inc. (NYSE:BR) Raises Dividend to $0.37 Per Share
Broadridge Financial Solutions, Inc. (NYSE:BR) declared a quarterly dividend on Friday, August 11th, Wall Street Journal reports. Stockholders of record on Friday, September 15th will be paid a dividend of 0.365 per share by the business services provider on Tuesday, October 3rd. This represents a $1.46 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date is Thursday, September 14th. This is a boost from Broadridge Financial Solutions’s previous quarterly dividend of $0.33.
Broadridge Financial Solutions has increased its dividend payment by an average of 17.9% annually over the last three years and has increased its dividend every year for the last 9 years. Broadridge Financial Solutions has a payout ratio of 42.3% meaning its dividend is sufficiently covered by earnings. Analysts expect Broadridge Financial Solutions to earn $4.10 per share next year, which means the company should continue to be able to cover its $1.32 annual dividend with an expected future payout ratio of 32.2%.
Shares of Broadridge Financial Solutions (NYSE BR) traded up 2.75% on Friday, hitting $74.27. The stock had a trading volume of 785,625 shares. Broadridge Financial Solutions has a 52 week low of $59.86 and a 52 week high of $78.00. The firm has a 50 day moving average price of $75.41 and a 200-day moving average price of $71.43. The company has a market cap of $8.73 billion, a price-to-earnings ratio of 29.09 and a beta of 0.99.
Broadridge Financial Solutions (NYSE:BR) last posted its quarterly earnings data on Thursday, August 10th. The business services provider reported $1.71 EPS for the quarter, hitting analysts’ consensus estimates of $1.71. The company had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.31 billion. Broadridge Financial Solutions had a return on equity of 34.74% and a net margin of 8.21%. The business’s revenue was up 38.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.45 earnings per share. Analysts anticipate that Broadridge Financial Solutions will post $3.66 EPS for the current year.
BR has been the topic of a number of recent analyst reports. BidaskClub raised Broadridge Financial Solutions from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, June 28th. DA Davidson initiated coverage on Broadridge Financial Solutions in a research note on Monday. They issued a “neutral” rating and a $74.00 price objective on the stock. Finally, Barclays PLC boosted their price objective on Broadridge Financial Solutions from $72.00 to $74.00 and gave the stock an “equal weight” rating in a research note on Friday. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $76.00.
In other news, insider Robert Schifellite sold 76,666 shares of the business’s stock in a transaction on Tuesday, June 6th. The stock was sold at an average price of $75.98, for a total transaction of $5,825,082.68. Following the completion of the sale, the insider now owns 105,042 shares in the company, valued at $7,981,091.16. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Laura Matlin sold 630 shares of the business’s stock in a transaction on Monday, May 15th. The stock was sold at an average price of $71.89, for a total value of $45,290.70. Following the sale, the vice president now owns 5,271 shares of the company’s stock, valued at approximately $378,932.19. The disclosure for this sale can be found here. In the last three months, insiders sold 323,032 shares of company stock worth $24,016,648. Insiders own 3.50% 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’s segments include Investor Communication Solutions, and Global Technology and Operations. The Company offers Bank/Broker-Dealer Investor Communication Solutions, Customer Communication Solutions, Corporate Issuer Solutions, Advisor Solutions and Mutual Fund and Retirement Solutions through Investor Communication Solutions segment.
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