Broadridge Financial Solutions, Inc. (NYSE:BR) announced its quarterly earnings results on Thursday. The business services provider reported $1.71 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.71, Bloomberg Earnings reports. Broadridge Financial Solutions had a return on equity of 37.99% and a net margin of 7.89%. The business had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the prior year, the company posted $1.45 earnings per share. Broadridge Financial Solutions’s revenue was up 38.1% compared to the same quarter last year. Broadridge Financial Solutions updated its FY18 guidance to $3.60-3.72 EPS.
Shares of Broadridge Financial Solutions (NYSE:BR) opened at 74.27 on Friday. The company has a market cap of $8.73 billion, a P/E ratio of 29.09 and a beta of 0.99. Broadridge Financial Solutions has a one year low of $59.86 and a one year high of $78.00. The company’s 50-day moving average price is $75.36 and its 200 day moving average price is $71.49.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 3rd. Investors of record on Friday, September 15th will be issued a dividend of $0.365 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.46 annualized dividend and a yield of 1.97%. This is an increase from Broadridge Financial Solutions’s previous quarterly dividend of $0.33. Broadridge Financial Solutions’s dividend payout ratio is 48.35%.
In other Broadridge Financial Solutions news, insider Robert Schifellite sold 5,000 shares of Broadridge Financial Solutions stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $72.83, for a total transaction of $364,150.00. Following the completion of the transaction, the insider now owns 79,167 shares in the company, valued at $5,765,732.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Douglas Richard Deschutter sold 34,385 shares of Broadridge Financial Solutions stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $75.17, for a total value of $2,584,720.45. Following the transaction, the insider now owns 106,653 shares of the company’s stock, valued at approximately $8,017,106.01. The disclosure for this sale can be found here. Insiders have sold 323,032 shares of company stock valued at $24,016,648 in the last quarter. 3.50% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Macquarie Group Ltd. boosted its position in Broadridge Financial Solutions by 12.4% in the fourth quarter. Macquarie Group Ltd. now owns 65,476 shares of the business services provider’s stock valued at $4,342,000 after buying an additional 7,200 shares in the last quarter. OppenheimerFunds Inc. boosted its position in Broadridge Financial Solutions by 20.4% in the first quarter. OppenheimerFunds Inc. now owns 12,353 shares of the business services provider’s stock valued at $839,000 after buying an additional 2,092 shares in the last quarter. Confluence Investment Management LLC boosted its position in Broadridge Financial Solutions by 2.6% in the second quarter. Confluence Investment Management LLC now owns 994,106 shares of the business services provider’s stock valued at $75,115,000 after buying an additional 25,421 shares in the last quarter. Morgan Stanley boosted its position in Broadridge Financial Solutions by 47.0% in the first quarter. Morgan Stanley now owns 454,416 shares of the business services provider’s stock valued at $30,878,000 after buying an additional 145,274 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its position in Broadridge Financial Solutions by 8.7% in the first quarter. Schwab Charles Investment Management Inc. now owns 358,543 shares of the business services provider’s stock valued at $24,363,000 after buying an additional 28,636 shares in the last quarter. Hedge funds and other institutional investors own 85.19% of the company’s stock.
BR has been the subject of several recent research reports. BidaskClub upgraded Broadridge Financial Solutions from a “buy” rating to a “strong-buy” rating in a report on Wednesday, June 28th. Barclays PLC upped their price target on Broadridge Financial Solutions from $72.00 to $74.00 and gave the stock an “equal weight” rating in a report on Friday. Finally, DA Davidson initiated coverage on Broadridge Financial Solutions in a report on Monday, August 7th. They set a “neutral” rating and a $74.00 price target for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $76.00.
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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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