Broadridge Financial Solutions, Inc. (BR) Issues Earnings Results
Broadridge Financial Solutions, Inc. (NYSE:BR) posted its earnings results on Thursday. The business services provider reported $1.71 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.71, Bloomberg Earnings reports. Broadridge Financial Solutions had a net margin of 8.21% and a return on equity of 34.74%. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same period in the previous year, the firm posted $1.45 EPS. The company’s revenue for the quarter was up 38.1% compared to the same quarter last year. Broadridge Financial Solutions updated its FY18 guidance to $3.60-3.72 EPS.
Shares of Broadridge Financial Solutions (BR) opened at 72.28 on Friday. Broadridge Financial Solutions has a 1-year low of $59.86 and a 1-year high of $78.00. The company has a market capitalization of $8.50 billion, a price-to-earnings ratio of 28.31 and a beta of 0.99. The stock has a 50 day moving average of $75.41 and a 200-day moving average of $71.43.
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A number of research firms have weighed in on BR. BidaskClub lowered shares of Broadridge Financial Solutions from a “buy” rating to a “hold” rating in a report on Monday, July 31st. DA Davidson began coverage on shares of Broadridge Financial Solutions in a report on Monday. They set a “neutral” rating and a $74.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Broadridge Financial Solutions presently has a consensus rating of “Hold” and an average price target of $76.67.
In related news, insider Charles J. Marchesani sold 20,473 shares of Broadridge Financial Solutions stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $73.61, for a total value of $1,507,017.53. Following the sale, the insider now owns 32,328 shares in the company, valued at $2,379,664.08. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Robert Schifellite sold 5,000 shares of Broadridge Financial Solutions stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $72.83, for a total transaction of $364,150.00. Following the completion of the sale, the insider now owns 79,167 shares in the company, valued at approximately $5,765,732.61. The disclosure for this sale can be found here. In the last quarter, insiders sold 323,032 shares of company stock worth $24,016,648. 3.50% of the stock is currently owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in BR. Global X Management Co. LLC boosted its stake in Broadridge Financial Solutions by 8.5% in the second quarter. Global X Management Co. LLC now owns 1,533 shares of the business services provider’s stock valued at $116,000 after buying an additional 120 shares during the period. Commonwealth Bank of Australia boosted its stake in Broadridge Financial Solutions by 60.0% in the second quarter. Commonwealth Bank of Australia now owns 1,600 shares of the business services provider’s stock valued at $120,000 after buying an additional 600 shares during the period. Van ECK Associates Corp boosted its stake in Broadridge Financial Solutions by 8.0% in the first quarter. Van ECK Associates Corp now owns 1,814 shares of the business services provider’s stock valued at $123,000 after buying an additional 135 shares during the period. Mn Services Vermogensbeheer B.V. boosted its stake in Broadridge Financial Solutions by 5.8% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 3,176 shares of the business services provider’s stock valued at $202,000 after buying an additional 174 shares during the period. Finally, Airain ltd bought a new stake in Broadridge Financial Solutions during the second quarter valued at $204,000. Institutional investors and hedge funds own 85.19% of the company’s stock.
About Broadridge Financial Solutions
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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