Griffin Asset Management Inc. Sells 77 Shares of Broadridge Financial Solutions, Inc. $BR

Griffin Asset Management Inc. cut its stake in Broadridge Financial Solutions, Inc. (NYSE:BR) by 0.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 19,908 shares of the business services provider’s stock after selling 77 shares during the period. Griffin Asset Management Inc.’s holdings in Broadridge Financial Solutions were worth $4,838,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of BR. Clarus Group Inc. grew its stake in Broadridge Financial Solutions by 1.5% during the second quarter. Clarus Group Inc. now owns 2,951 shares of the business services provider’s stock worth $717,000 after buying an additional 44 shares in the last quarter. Continuum Advisory LLC grew its stake in Broadridge Financial Solutions by 48.4% during the first quarter. Continuum Advisory LLC now owns 141 shares of the business services provider’s stock worth $34,000 after buying an additional 46 shares in the last quarter. Norden Group LLC grew its stake in Broadridge Financial Solutions by 2.6% during the first quarter. Norden Group LLC now owns 1,852 shares of the business services provider’s stock worth $449,000 after buying an additional 47 shares in the last quarter. Crew Capital Management Ltd. grew its stake in Broadridge Financial Solutions by 2.4% during the first quarter. Crew Capital Management Ltd. now owns 2,020 shares of the business services provider’s stock worth $490,000 after buying an additional 48 shares in the last quarter. Finally, Cresset Asset Management LLC grew its stake in Broadridge Financial Solutions by 1.8% during the first quarter. Cresset Asset Management LLC now owns 2,820 shares of the business services provider’s stock worth $686,000 after buying an additional 49 shares in the last quarter. 90.03% of the stock is owned by institutional investors.

Broadridge Financial Solutions Stock Down 0.6%

NYSE:BR opened at $232.81 on Monday. The firm’s 50 day simple moving average is $250.05 and its 200 day simple moving average is $242.59. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.98 and a quick ratio of 0.98. Broadridge Financial Solutions, Inc. has a one year low of $208.20 and a one year high of $271.91. The company has a market cap of $27.17 billion, a PE ratio of 32.84 and a beta of 0.95.

Broadridge Financial Solutions (NYSE:BR) last posted its earnings results on Thursday, March 3rd. The business services provider reported $0.73 EPS for the quarter. Broadridge Financial Solutions had a net margin of 12.19% and a return on equity of 42.72%. The business had revenue of $1.05 billion for the quarter. On average, research analysts anticipate that Broadridge Financial Solutions, Inc. will post 8.53 earnings per share for the current year.

Broadridge Financial Solutions Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 2nd. Investors of record on Thursday, September 11th were given a dividend of $0.975 per share. The ex-dividend date was Thursday, September 11th. This represents a $3.90 annualized dividend and a yield of 1.7%. This is a boost from Broadridge Financial Solutions’s previous quarterly dividend of $0.88. Broadridge Financial Solutions’s dividend payout ratio is 55.01%.

Insider Activity at Broadridge Financial Solutions

In other Broadridge Financial Solutions news, CEO Timothy C. Gokey sold 5,674 shares of the firm’s stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $258.37, for a total transaction of $1,465,991.38. Following the completion of the transaction, the chief executive officer owned 143,285 shares in the company, valued at approximately $37,020,545.45. This trade represents a 3.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, President Christopher John Perry sold 7,036 shares of the firm’s stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $262.72, for a total transaction of $1,848,497.92. Following the transaction, the president owned 48,813 shares of the company’s stock, valued at approximately $12,824,151.36. The trade was a 12.60% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 147,532 shares of company stock worth $38,417,208. 1.10% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Broadridge Financial Solutions in a research note on Wednesday, October 8th. Needham & Company LLC raised their price target on shares of Broadridge Financial Solutions from $300.00 to $305.00 and gave the company a “buy” rating in a research note on Wednesday, August 6th. Morgan Stanley raised their price target on shares of Broadridge Financial Solutions from $222.00 to $261.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 6th. Wall Street Zen upgraded shares of Broadridge Financial Solutions from a “hold” rating to a “buy” rating in a research note on Saturday, October 4th. Finally, UBS Group raised their price target on shares of Broadridge Financial Solutions from $250.00 to $280.00 and gave the company a “neutral” rating in a research note on Friday, August 8th. Three investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Broadridge Financial Solutions presently has an average rating of “Hold” and a consensus target price of $261.50.

About Broadridge Financial Solutions

Broadridge Financial Solutions, Inc provides investor communications and technology-driven solutions for the financial services industry. 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 distributes regulatory reports, class action, and corporate action/reorganization event information, as well as tax reporting solutions.