National Asset Management Inc. increased its holdings in Broadridge Financial Solutions, Inc. (NYSE:BR) by 80.6% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 12,107 shares of the business services provider’s stock after purchasing an additional 5,405 shares during the period. National Asset Management Inc.’s holdings in Broadridge Financial Solutions were worth $1,149,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Geode Capital Management LLC increased its position in Broadridge Financial Solutions by 5.1% in the fourth quarter. Geode Capital Management LLC now owns 1,834,303 shares of the business services provider’s stock worth $226,177,000 after purchasing an additional 89,429 shares during the last quarter. Jensen Investment Management Inc. increased its position in Broadridge Financial Solutions by 10.7% during the fourth quarter. Jensen Investment Management Inc. now owns 1,655,898 shares of the business services provider’s stock valued at $204,570,000 after acquiring an additional 160,215 shares during the last quarter. Norges Bank bought a new position in Broadridge Financial Solutions during the fourth quarter valued at $135,947,000. Swiss National Bank increased its position in Broadridge Financial Solutions by 18.0% during the first quarter. Swiss National Bank now owns 953,589 shares of the business services provider’s stock valued at $90,429,000 after acquiring an additional 145,400 shares during the last quarter. Finally, California Public Employees Retirement System increased its position in Broadridge Financial Solutions by 1.1% during the fourth quarter. California Public Employees Retirement System now owns 952,502 shares of the business services provider’s stock valued at $117,672,000 after acquiring an additional 10,705 shares during the last quarter. Institutional investors own 84.58% of the company’s stock.
In related news, VP Thomas P. Carey sold 1,089 shares of the company’s stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $97.11, for a total value of $105,752.79. Following the completion of the sale, the vice president now directly owns 3,041 shares of the company’s stock, valued at $295,311.51. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO James M. Young sold 98,336 shares of the company’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $119.46, for a total transaction of $11,747,218.56. Following the completion of the sale, the chief financial officer now directly owns 68,629 shares of the company’s stock, valued at $8,198,420.34. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 121,583 shares of company stock valued at $14,294,469. 2.20% of the stock is owned by insiders.
BR has been the topic of a number of analyst reports. DA Davidson upgraded shares of Broadridge Financial Solutions from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $134.00 to $138.00 in a research report on Monday, February 3rd. Raymond James upgraded shares of Broadridge Financial Solutions from a “market perform” rating to an “outperform” rating and set a $130.00 price objective on the stock in a research report on Friday, February 28th. Rosenblatt Securities boosted their price objective on shares of Broadridge Financial Solutions from $101.00 to $115.00 and gave the company a “neutral” rating in a research report on Monday, May 11th. Finally, BTIG Research reiterated a “buy” rating and set a $135.00 price objective on shares of Broadridge Financial Solutions in a research report on Friday, May 8th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $132.67.
Shares of BR traded down $0.98 during trading hours on Friday, reaching $116.81. 553,913 shares of the company traded hands, compared to its average volume of 714,635. The firm has a market cap of $13.52 billion, a price-to-earnings ratio of 33.18 and a beta of 0.90. Broadridge Financial Solutions, Inc. has a 12-month low of $81.90 and a 12-month high of $136.99. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.40. The stock’s fifty day moving average price is $109.92 and its 200 day moving average price is $115.67.
Broadridge Financial Solutions (NYSE:BR) last issued its earnings results on Friday, May 8th. The business services provider reported $1.67 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.70 by ($0.03). The company had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.24 billion. Broadridge Financial Solutions had a net margin of 9.50% and a return on equity of 46.99%. The firm’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.59 earnings per share. On average, research analysts forecast that Broadridge Financial Solutions, Inc. will post 4.96 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 2nd. Investors of record on Friday, June 12th will be paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date of this dividend is Thursday, June 11th. Broadridge Financial Solutions’s dividend payout ratio (DPR) is presently 46.35%.
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.
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