Forward Management LLC raised its stake in shares of Broadridge Financial Solutions, Inc. (NYSE:BR) by 6.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,495 shares of the business services provider’s stock after buying an additional 373 shares during the period. Forward Management LLC’s holdings in Broadridge Financial Solutions were worth $491,000 as of its most recent filing with the SEC.
Other institutional investors have also bought and sold shares of the company. BlackRock Inc. increased its position in Broadridge Financial Solutions by 5,792.7% in the first quarter. BlackRock Inc. now owns 12,054,537 shares of the business services provider’s stock valued at $819,107,000 after buying an additional 11,849,968 shares during the period. Vanguard Group Inc. increased its position in Broadridge Financial Solutions by 3.8% in the first quarter. Vanguard Group Inc. now owns 10,101,144 shares of the business services provider’s stock valued at $686,373,000 after buying an additional 369,176 shares during the period. Janus Capital Management LLC increased its position in Broadridge Financial Solutions by 2.4% in the first quarter. Janus Capital Management LLC now owns 7,882,947 shares of the business services provider’s stock valued at $535,646,000 after buying an additional 187,411 shares during the period. State Street Corp increased its position in Broadridge Financial Solutions by 0.8% in the first quarter. State Street Corp now owns 4,345,508 shares of the business services provider’s stock valued at $295,283,000 after buying an additional 33,020 shares during the period. Finally, Clarkston Capital Partners LLC increased its position in Broadridge Financial Solutions by 5.9% in the second quarter. Clarkston Capital Partners LLC now owns 1,389,035 shares of the business services provider’s stock valued at $104,955,000 after buying an additional 76,776 shares during the period. Hedge funds and other institutional investors own 85.19% of the company’s stock.
Shares of Broadridge Financial Solutions, Inc. (NYSE BR) opened at 74.27 on Friday. Broadridge Financial Solutions, Inc. has a one year low of $59.86 and a one year high of $78.00. The stock has a market capitalization of $8.73 billion, a P/E ratio of 29.09 and a beta of 0.99. The stock’s 50 day moving average is $75.36 and its 200-day moving average is $71.49.
Broadridge Financial Solutions (NYSE:BR) last posted its quarterly earnings data on Thursday, August 10th. The business services provider reported $1.71 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.71. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.31 billion. Broadridge Financial Solutions had a return on equity of 37.99% and a net margin of 7.89%. The business’s revenue for the quarter was up 38.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.45 EPS. On average, equities research analysts expect that Broadridge Financial Solutions, Inc. will post $3.66 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 3rd. Shareholders of record on Friday, September 15th will be issued a dividend of $0.365 per share. This represents a $1.46 annualized dividend and a yield of 1.97%. The ex-dividend date of this dividend is Thursday, September 14th. This is an increase from Broadridge Financial Solutions’s previous quarterly dividend of $0.33. Broadridge Financial Solutions’s payout ratio is presently 48.35%.
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BR has been the subject of several recent research reports. BidaskClub upgraded shares of Broadridge Financial Solutions from a “buy” rating to a “strong-buy” rating in a report on Wednesday, June 28th. Barclays PLC raised their target price on shares of Broadridge Financial Solutions from $72.00 to $74.00 and gave the company an “equal weight” rating in a report on Friday. Finally, DA Davidson initiated coverage on shares of Broadridge Financial Solutions in a report on Monday, August 7th. They set a “neutral” rating and a $74.00 target price for the company. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $76.00.
In other news, VP Laura Matlin sold 630 shares of the company’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $71.89, for a total value of $45,290.70. Following the transaction, the vice president now owns 5,271 shares in the company, valued at approximately $378,932.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert Schifellite sold 76,666 shares of the company’s stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $75.98, for a total value of $5,825,082.68. Following the completion of the transaction, the insider now owns 105,042 shares in the company, valued at approximately $7,981,091.16. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 323,032 shares of company stock worth $24,016,648. Corporate 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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