Broadridge Financial Solutions, Inc. (NYSE:BR) Shares Purchased by Riverhead Capital Management LLC
Riverhead Capital Management LLC raised its holdings in shares of Broadridge Financial Solutions, Inc. (NYSE:BR) by 70.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,750 shares of the business services provider’s stock after buying an additional 3,200 shares during the period. Riverhead Capital Management LLC’s holdings in Broadridge Financial Solutions were worth $990,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Pacer Advisors Inc. lifted its position in Broadridge Financial Solutions by 10.4% during the 2nd quarter. Pacer Advisors Inc. now owns 10,982 shares of the business services provider’s stock worth $1,402,000 after acquiring an additional 1,039 shares in the last quarter. First Allied Advisory Services Inc. boosted its position in Broadridge Financial Solutions by 17.8% in the 2nd quarter. First Allied Advisory Services Inc. now owns 4,279 shares of the business services provider’s stock valued at $546,000 after buying an additional 647 shares during the last quarter. Bahl & Gaynor Inc. boosted its position in Broadridge Financial Solutions by 1.1% in the 2nd quarter. Bahl & Gaynor Inc. now owns 978,839 shares of the business services provider’s stock valued at $124,978,000 after buying an additional 10,922 shares during the last quarter. Varma Mutual Pension Insurance Co purchased a new position in Broadridge Financial Solutions in the 2nd quarter valued at about $5,745,000. Finally, Korea Investment CORP acquired a new stake in shares of Broadridge Financial Solutions during the second quarter valued at about $1,622,000. Institutional investors own 88.43% of the company’s stock.
Shares of BR stock traded down $0.36 during mid-day trading on Wednesday, reaching $124.64. 207,936 shares of the company were exchanged, compared to its average volume of 653,251. Broadridge Financial Solutions, Inc. has a fifty-two week low of $91.34 and a fifty-two week high of $138.24. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.30 and a current ratio of 1.30. The company has a market capitalization of $14.76 billion, a P/E ratio of 26.75, a P/E/G ratio of 2.52 and a beta of 0.71. The business’s 50 day simple moving average is $128.86 and its 200 day simple moving average is $120.33.
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Friday, September 13th will be given a $0.54 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $2.16 annualized dividend and a dividend yield of 1.73%. This is an increase from Broadridge Financial Solutions’s previous quarterly dividend of $0.49. Broadridge Financial Solutions’s payout ratio is presently 41.63%.
A number of brokerages have recently issued reports on BR. Raymond James lowered Broadridge Financial Solutions from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 31st. SunTrust Banks increased their price target on Broadridge Financial Solutions from $130.00 to $150.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Finally, ValuEngine upgraded Broadridge Financial Solutions from a “hold” rating to a “buy” rating in a research note on Wednesday, August 21st. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $129.20.
In other Broadridge Financial Solutions news, VP Thomas P. Carey sold 2,258 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $128.69, for a total transaction of $290,582.02. Following the transaction, the vice president now owns 1,990 shares of the company’s stock, valued at approximately $256,093.10. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Richard J. Daly sold 7,500 shares of the stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $128.93, for a total value of $966,975.00. Following the transaction, the insider now directly owns 212,611 shares in the company, valued at approximately $27,411,936.23. The disclosure for this sale can be found here. Insiders sold a total of 198,557 shares of company stock valued at $25,390,855 in the last three months. Insiders own 2.30% of the company’s stock.
Broadridge Financial Solutions Company Profile
Broadridge Financial Solutions, Inc provides investor communications and technology-driven solutions for the financial services industry worldwide. The company's Investor Communication Solutions segment processes and distributes proxy materials to investors in equity securities and mutual funds, as well as facilitates related vote processing services; and offers ProxyEdge, an electronic proxy delivery and voting solution.
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