Raymond James & Associates lifted its position in Broadridge Financial Solutions, Inc. (NYSE:BR) by 3.2% during the first quarter, HoldingsChannel reports. The institutional investor owned 313,156 shares of the business services provider’s stock after buying an additional 9,726 shares during the quarter. Raymond James & Associates’ holdings in Broadridge Financial Solutions were worth $32,472,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Whittier Trust Co. raised its stake in shares of 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 buying an additional 156 shares in the last quarter. Pinnacle Bank bought a new stake in shares of Broadridge Financial Solutions in the 4th quarter worth $34,000. 1832 Asset Management L.P. bought a new stake in shares of Broadridge Financial Solutions in the 4th quarter worth $39,000. Capital Financial Planning LLC bought a new stake in shares of Broadridge Financial Solutions in the 4th quarter worth $39,000. Finally, Financial Gravity Wealth Inc. bought a new stake in shares of Broadridge Financial Solutions in the 1st quarter worth $41,000. 84.80% of the stock is currently owned by institutional investors.
In other news, Director Alan J. Weber sold 1,980 shares of Broadridge Financial Solutions stock in a transaction on Wednesday, February 20th. The stock was sold at an average price of $100.36, for a total transaction of $198,712.80. Following the transaction, the director now owns 51,588 shares in the company, valued at $5,177,371.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Robert Schifellite sold 37,818 shares of Broadridge Financial Solutions stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $122.77, for a total value of $4,642,915.86. The disclosure for this sale can be found here. Insiders have sold 58,055 shares of company stock worth $7,047,889 in the last quarter. 2.30% of the stock is currently owned by corporate insiders.
Broadridge Financial Solutions (NYSE:BR) last issued its earnings results on Tuesday, May 7th. The business services provider reported $1.59 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.49 by $0.10. The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.23 billion. Broadridge Financial Solutions had a return on equity of 48.71% and a net margin of 11.31%. The company’s quarterly revenue was up 14.3% on a year-over-year basis. During the same period in the previous year, the firm posted $1.00 EPS. As a group, research analysts expect that Broadridge Financial Solutions, Inc. will post 4.65 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 3rd. Stockholders of record on Friday, June 14th will be issued a dividend of $0.485 per share. The ex-dividend date is Thursday, June 13th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.59%. Broadridge Financial Solutions’s dividend payout ratio is 46.30%.
A number of brokerages recently issued reports on BR. ValuEngine upgraded Broadridge Financial Solutions from a “hold” rating to a “buy” rating in a report on Friday. Zacks Investment Research upgraded Broadridge Financial Solutions from a “hold” rating to a “buy” rating and set a $131.00 target price on the stock in a report on Friday, May 10th. DA Davidson cut Broadridge Financial Solutions from a “buy” rating to a “neutral” rating and set a $128.00 target price on the stock. in a report on Wednesday, May 8th. They noted that the move was a valuation call. SunTrust Banks lifted their target price on Broadridge Financial Solutions to $130.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Finally, Raymond James upgraded Broadridge Financial Solutions from a “market perform” rating to an “outperform” rating and set a $118.00 target price on the stock in a report on Wednesday, March 13th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $124.50.
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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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