Sumitomo Mitsui Asset Management Company LTD reduced its position in shares of Broadridge Financial Solutions, Inc. (NYSE:BR) by 0.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,914 shares of the business services provider’s stock after selling 52 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Broadridge Financial Solutions were worth $673,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in BR. Shell Asset Management Co. raised its position in shares of Broadridge Financial Solutions by 72.2% in the second quarter. Shell Asset Management Co. now owns 45,780 shares of the business services provider’s stock worth $3,459,000 after buying an additional 19,202 shares during the last quarter. ING Groep NV acquired a new position in shares of Broadridge Financial Solutions during the second quarter worth about $1,081,000. Clarkston Capital Partners LLC raised its position in shares of 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 worth $104,955,000 after buying an additional 76,776 shares during the last quarter. Tributary Capital Management LLC raised its position in shares of Broadridge Financial Solutions by 1.9% in the second quarter. Tributary Capital Management LLC now owns 17,125 shares of the business services provider’s stock worth $1,294,000 after buying an additional 325 shares during the last quarter. Finally, Chase Investment Counsel Corp purchased a new stake in shares of Broadridge Financial Solutions during the second quarter worth $1,452,000. 85.18% of the stock is currently owned by institutional investors.
Shares of Broadridge Financial Solutions, Inc. (NYSE:BR) traded down 0.21% during midday trading on Friday, hitting $76.30. The stock had a trading volume of 614,791 shares. Broadridge Financial Solutions, Inc. has a 12-month low of $59.86 and a 12-month high of $78.00. The firm has a market cap of $8.89 billion, a PE ratio of 28.26 and a beta of 0.99. The firm has a 50-day moving average of $75.41 and a 200 day moving average of $71.81.
Broadridge Financial Solutions (NYSE:BR) last announced its quarterly earnings data on Thursday, August 10th. The business services provider reported $1.71 EPS for the quarter, hitting the Zacks’ consensus estimate of $1.71. The company had revenue of $1.35 billion during 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 company’s quarterly revenue was up 38.1% on a year-over-year basis. During the same quarter last year, the company earned $1.45 EPS. On average, analysts expect that Broadridge Financial Solutions, Inc. will post $3.71 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 3rd. Investors of record on Friday, September 15th will be given a dividend of $0.365 per share. This represents a $1.46 annualized dividend and a dividend yield of 1.91%. The ex-dividend date is Thursday, September 14th. This is an increase from Broadridge Financial Solutions’s previous quarterly dividend of $0.33. Broadridge Financial Solutions’s dividend payout ratio (DPR) is 48.35%.
A number of equities research analysts have recently weighed in on the company. BidaskClub downgraded Broadridge Financial Solutions from a “hold” rating to a “sell” rating in a report on Saturday, August 12th. Barclays PLC boosted their price target on Broadridge Financial Solutions from $72.00 to $74.00 and gave the company an “equal weight” rating in a report on Friday, August 11th. Finally, DA Davidson assumed coverage on Broadridge Financial Solutions in a report on Monday, August 7th. They issued a “neutral” rating and a $74.00 price target for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. Broadridge Financial Solutions presently has a consensus rating of “Hold” and an average target price of $76.00.
In related news, Director Stuart R. Levine sold 7,868 shares of the firm’s stock in a transaction that occurred on Friday, August 18th. The stock was sold at an average price of $76.58, for a total transaction of $602,531.44. Following the completion of the transaction, the director now owns 39,747 shares in the company, valued at approximately $3,043,825.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Christopher John Perry sold 66,516 shares of the firm’s stock in a transaction that occurred on Tuesday, May 23rd. The stock was sold at an average price of $74.40, for a total value of $4,948,790.40. Following the transaction, the senior vice president now owns 63,665 shares of the company’s stock, valued at approximately $4,736,676. The disclosure for this sale can be found here. Insiders have sold a total of 251,334 shares of company stock valued at $18,844,203 in the last 90 days. 3.50% of the stock is owned by corporate insiders.
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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