Zacks Investment Research Downgrades Broadridge Financial Solutions (BR) to Hold
Broadridge Financial Solutions (NYSE:BR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “Broadridge provides technology-based outsourcing solutions to the financial services industry. Shares of the company outperformed the industry to which it belongs to in the last one year. We remain optimistic about Broadridge’s strategic acquisitions, product launches, share repurchase program and dividend paying initiatives. We also believe that the company’s strong business relations with companies like Accenture and Amazon.com’s Amazon Web Services will be beneficial in the long run. Apart from this, regular additions to the company’s clientele have been tailwinds. In December 2017, the company’s solutions were adopted by a Miami based broker-dealer, Beta Capital Wealth Management as the latter is transforming to a self-clearing process. However, competition and pricing pressure remain major headwinds.”
Several other brokerages also recently commented on BR. Barclays upped their price objective on Broadridge Financial Solutions from $74.00 to $85.00 and gave the company an “equal weight” rating in a research report on Thursday, November 9th. Raymond James Financial reaffirmed a “hold” rating on shares of Broadridge Financial Solutions in a research report on Monday, December 4th. ValuEngine downgraded Broadridge Financial Solutions from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Finally, DA Davidson reaffirmed a “hold” rating and issued a $86.00 price objective on shares of Broadridge Financial Solutions in a research report on Thursday, November 9th. Six research analysts have rated the stock with a hold rating, The stock currently has an average rating of “Hold” and an average price target of $90.50.
Shares of Broadridge Financial Solutions (NYSE BR) traded up $0.59 during trading on Tuesday, reaching $94.04. The company’s stock had a trading volume of 361,679 shares, compared to its average volume of 411,633. The company has a market cap of $10,890.00, a P/E ratio of 32.88, a PEG ratio of 2.49 and a beta of 0.99. The company has a quick ratio of 1.70, a current ratio of 1.70 and a debt-to-equity ratio of 1.25. Broadridge Financial Solutions has a 12 month low of $65.35 and a 12 month high of $94.31.
Broadridge Financial Solutions (NYSE:BR) last announced its quarterly earnings data on Wednesday, November 8th. The business services provider reported $0.54 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.12. The company had revenue of $925.00 million for the quarter, compared to the consensus estimate of $923.68 million. Broadridge Financial Solutions had a return on equity of 19.61% and a net margin of 5.40%. Broadridge Financial Solutions’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.36 EPS. equities analysts anticipate that Broadridge Financial Solutions will post 3.72 EPS for the current year.
In other Broadridge Financial Solutions news, insider Robert Schifellite sold 49,181 shares of the company’s stock in a transaction on Friday, December 8th. The stock was sold at an average price of $89.47, for a total value of $4,400,224.07. Following the completion of the sale, the insider now directly owns 149,181 shares in the company, valued at approximately $13,347,224.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Richard J. Haviland sold 7,655 shares of the company’s stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $88.51, for a total value of $677,544.05. Following the completion of the sale, the director now owns 44,482 shares of the company’s stock, valued at $3,937,101.82. The disclosure for this sale can be found here. Corporate insiders own 2.60% of the company’s stock.
Several hedge funds have recently modified their holdings of BR. Hutchens Investment Management Inc purchased a new stake in shares of Broadridge Financial Solutions during the 4th quarter worth $226,000. DnB Asset Management AS lifted its stake in shares of Broadridge Financial Solutions by 14.7% during the 4th quarter. DnB Asset Management AS now owns 29,623 shares of the business services provider’s stock worth $2,683,000 after purchasing an additional 3,800 shares during the last quarter. Parametric Portfolio Associates LLC lifted its stake in shares of Broadridge Financial Solutions by 2.7% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 285,100 shares of the business services provider’s stock worth $23,042,000 after purchasing an additional 7,621 shares during the last quarter. Steward Partners Investment Advisory LLC purchased a new stake in shares of Broadridge Financial Solutions during the 3rd quarter worth $478,000. Finally, Griffin Asset Management Inc. purchased a new stake in shares of Broadridge Financial Solutions during the 3rd quarter worth $1,171,000. Institutional investors and hedge funds own 83.48% of the company’s stock.
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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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