California Public Employees Retirement System Sells 8,500 Shares of Broadridge Financial Solutions, Inc. (BR)
California Public Employees Retirement System lowered its holdings in Broadridge Financial Solutions, Inc. (NYSE:BR) by 3.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 243,100 shares of the business services provider’s stock after selling 8,500 shares during the quarter. California Public Employees Retirement System owned approximately 0.21% of Broadridge Financial Solutions worth $18,369,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. BlackRock Inc. raised its stake in shares of Broadridge Financial Solutions by 5,792.7% during the 1st quarter. BlackRock Inc. now owns 12,054,537 shares of the business services provider’s stock worth $819,107,000 after acquiring an additional 11,849,968 shares in the last quarter. Jensen Investment Management Inc. acquired a new stake in Broadridge Financial Solutions in the second quarter valued at approximately $77,899,000. Principal Financial Group Inc. grew its holdings in Broadridge Financial Solutions by 91.9% in the second quarter. Principal Financial Group Inc. now owns 1,408,096 shares of the business services provider’s stock worth $106,396,000 after purchasing an additional 674,307 shares during the last quarter. Vanguard Group Inc. grew its holdings in Broadridge Financial Solutions by 3.8% in the first quarter. Vanguard Group Inc. now owns 10,101,144 shares of the business services provider’s stock worth $686,373,000 after purchasing an additional 369,176 shares during the last quarter. Finally, Independence Advisors LLC purchased a new position in Broadridge Financial Solutions in the second quarter worth $21,006,000. Institutional investors and hedge funds own 83.77% of the company’s stock.
A number of equities analysts have recently issued reports on BR shares. BidaskClub raised Broadridge Financial Solutions from a “sell” rating to a “hold” rating in a research report on Tuesday, August 22nd. DA Davidson started coverage on Broadridge Financial Solutions in a research note on Monday, August 7th. They set a “neutral” rating and a $74.00 target price on the stock. Finally, Barclays PLC upped their target price on Broadridge Financial Solutions from $72.00 to $74.00 and gave the company an “equal weight” rating in a research report on Friday, August 11th.
Shares of Broadridge Financial Solutions, Inc. (NYSE:BR) opened at 80.82 on Monday. Broadridge Financial Solutions, Inc. has a one year low of $59.86 and a one year high of $81.30. The stock’s 50 day moving average is $77.13 and its 200-day moving average is $73.33. The stock has a market capitalization of $9.41 billion, a price-to-earnings ratio of 29.93 and a beta of 0.99.
Broadridge Financial Solutions (NYSE:BR) last issued its earnings results on Thursday, August 10th. The business services provider reported $1.71 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.71. The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.31 billion. Broadridge Financial Solutions had a net margin of 7.89% and a return on equity of 37.99%. The company’s revenue for the quarter was up 38.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.45 EPS. On average, equities research analysts predict that Broadridge Financial Solutions, Inc. will post $3.71 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 3rd. Investors of record on Friday, September 15th will be given a $0.365 dividend. The ex-dividend date is Thursday, September 14th. This is a boost from Broadridge Financial Solutions’s previous quarterly dividend of $0.33. This represents a $1.46 dividend on an annualized basis and a yield of 1.81%. Broadridge Financial Solutions’s payout ratio is 53.48%.
In other news, Director Stuart R. Levine sold 7,868 shares of the company’s stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $76.58, for a total value of $602,531.44. Following the completion of the sale, the director now directly owns 39,747 shares of the company’s stock, valued at $3,043,825.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Adam D. Amsterdam sold 17,813 shares of the company’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $76.96, for a total transaction of $1,370,888.48. Following the completion of the sale, the insider now directly owns 20,646 shares of the company’s stock, valued at $1,588,916.16. The disclosure for this sale can be found here. 3.50% of the stock is owned by insiders.
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.
Want to see what other hedge funds are holding BR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadridge Financial Solutions, Inc. (NYSE:BR).
Receive News & Ratings for Broadridge Financial Solutions Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Broadridge Financial Solutions Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.