Progressive Investment Management Corp Has $2.88 Million Stake in Broadridge Financial Solutions, Inc. (BR)

Progressive Investment Management Corp grew its stake in Broadridge Financial Solutions, Inc. (NYSE:BR) by 0.6% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 27,730 shares of the business services provider’s stock after purchasing an additional 161 shares during the period. Progressive Investment Management Corp’s holdings in Broadridge Financial Solutions were worth $2,875,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Whittier Trust Co. raised its holdings in Broadridge Financial Solutions by 117.3% in the 4th quarter. Whittier Trust Co. now owns 289 shares of the business services provider’s stock worth $28,000 after purchasing an additional 156 shares during the period. Pinnacle Bank acquired a new position in Broadridge Financial Solutions in the 4th quarter worth about $34,000. Financial Gravity Wealth Inc. acquired a new position in Broadridge Financial Solutions in the 1st quarter worth about $41,000. 1832 Asset Management L.P. acquired a new position in Broadridge Financial Solutions in the 4th quarter worth about $39,000. Finally, Capital Financial Planning LLC acquired a new position in Broadridge Financial Solutions in the 4th quarter worth about $39,000. 84.80% of the stock is owned by institutional investors and hedge funds.

NYSE:BR traded down $0.80 during trading hours on Friday, hitting $121.63. 1,173 shares of the stock were exchanged, compared to its average volume of 839,581. Broadridge Financial Solutions, Inc. has a 52-week low of $91.34 and a 52-week high of $138.24. The company has a current ratio of 1.70, a quick ratio of 1.70 and a debt-to-equity ratio of 0.93. The firm has a market cap of $14.01 billion, a P/E ratio of 28.97, a price-to-earnings-growth ratio of 2.59 and a beta of 0.88.

Broadridge Financial Solutions (NYSE:BR) last posted its quarterly earnings data on Tuesday, May 7th. The business services provider reported $1.59 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.49 by $0.10. Broadridge Financial Solutions had a return on equity of 48.71% and a net margin of 11.31%. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same period in the previous year, the business earned $1.00 EPS. Broadridge Financial Solutions’s quarterly revenue was up 14.3% on a year-over-year basis. On average, research analysts forecast that Broadridge Financial Solutions, Inc. will post 4.65 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 3rd. Shareholders of record on Friday, June 14th will be paid a dividend of $0.485 per share. The ex-dividend date is Thursday, June 13th. This represents a $1.94 annualized dividend and a yield of 1.60%. Broadridge Financial Solutions’s dividend payout ratio (DPR) is currently 46.30%.

A number of equities analysts recently weighed in on the company. Zacks Investment Research cut Broadridge Financial Solutions from a “buy” rating to a “hold” rating in a report on Monday, April 22nd. DA Davidson cut Broadridge Financial Solutions from a “buy” rating to a “neutral” rating and set a $128.00 price target for the company. in a report on Wednesday, May 8th. They noted that the move was a valuation call. ValuEngine raised Broadridge Financial Solutions from a “hold” rating to a “buy” rating in a report on Friday. Raymond James raised Broadridge Financial Solutions from a “market perform” rating to an “outperform” rating and set a $118.00 price target for the company in a report on Wednesday, March 13th. Finally, SunTrust Banks upped their price target on Broadridge Financial Solutions to $130.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Broadridge Financial Solutions currently has an average rating of “Buy” and an average price target of $124.50.

In other news, VP Laura Matlin sold 3,875 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $118.99, for a total value of $461,086.25. Following the completion of the sale, the vice president now directly owns 5,988 shares in the company, valued at $712,512.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Alan J. Weber sold 1,980 shares of the company’s stock in a transaction that occurred on Wednesday, February 20th. The shares were sold at an average price of $100.36, for a total value of $198,712.80. Following the completion of the sale, the director now owns 51,588 shares of the company’s stock, valued at $5,177,371.68. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,070 shares of company stock valued at $792,015. 2.30% of the stock is owned by company insiders.

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Broadridge Financial Solutions 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.

Further Reading: Beige Book

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).

Institutional Ownership by Quarter for Broadridge Financial Solutions (NYSE:BR)

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