Broadridge Financial Solutions, Inc. (NYSE:BR) declared a quarterly dividend on Friday, August 11th, Wall Street Journal reports. Shareholders of record on Friday, September 15th will be given a dividend of 0.365 per share by the business services provider on Tuesday, October 3rd. This represents a $1.46 annualized dividend and a yield of 1.97%. The ex-dividend date is Thursday, September 14th. This is a boost from Broadridge Financial Solutions’s previous quarterly dividend of $0.33.
Broadridge Financial Solutions has raised its dividend payment by an average of 17.9% per year over the last three years and has raised its dividend annually for the last 9 consecutive years. Broadridge Financial Solutions has a dividend payout ratio of 39.9% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Broadridge Financial Solutions to earn $3.90 per share next year, which means the company should continue to be able to cover its $1.46 annual dividend with an expected future payout ratio of 37.4%.
Broadridge Financial Solutions (NYSE BR) opened at 74.27 on Friday. Broadridge Financial Solutions has a 12-month low of $59.86 and a 12-month high of $78.00. The firm has a 50-day moving average of $75.36 and a 200 day moving average of $71.49. The company has a market capitalization of $8.73 billion, a price-to-earnings ratio of 29.09 and a beta of 0.99.
Broadridge Financial Solutions (NYSE:BR) last announced its quarterly earnings results on Thursday, August 10th. The business services provider reported $1.71 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.71. Broadridge Financial Solutions had a net margin of 7.89% and a return on equity of 37.99%. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same period in the prior year, the firm posted $1.45 earnings per share. The company’s revenue for the quarter was up 38.1% on a year-over-year basis. Analysts expect that Broadridge Financial Solutions will post $3.66 EPS for the current fiscal year.
A number of equities research analysts have recently issued reports on BR shares. BidaskClub downgraded shares of Broadridge Financial Solutions from a “strong-buy” rating to a “buy” rating in a report on Friday, July 7th. DA Davidson started coverage on shares of Broadridge Financial Solutions in a report on Monday, August 7th. They issued a “neutral” rating and a $74.00 price target on the stock. Finally, Barclays PLC increased their price target on shares of Broadridge Financial Solutions from $72.00 to $74.00 and gave the stock an “equal weight” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $76.00.
In related news, insider Robert Schifellite sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $72.83, for a total value of $364,150.00. Following the transaction, the insider now directly owns 79,167 shares in the company, valued at $5,765,732.61. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Charles J. Marchesani sold 20,473 shares of the company’s stock in a transaction that occurred on Tuesday, May 23rd. The stock was sold at an average price of $73.61, for a total transaction of $1,507,017.53. Following the completion of the transaction, the insider now owns 32,328 shares in the company, valued at $2,379,664.08. The disclosure for this sale can be found here. Over the last three months, insiders sold 323,032 shares of company stock worth $24,016,648. Insiders own 3.50% of the company’s stock.
Broadridge Financial Solutions Company Profile
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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