Parametrica Management Ltd purchased a new stake in shares of Broadridge Financial Solutions, Inc. (NYSE:BR) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,449 shares of the business services provider’s stock, valued at approximately $360,000.
Other hedge funds have also recently added to or reduced their stakes in the company. Acrospire Investment Management LLC bought a new stake in Broadridge Financial Solutions during the second quarter valued at about $108,000. Toronto Dominion Bank boosted its holdings in Broadridge Financial Solutions by 11.4% during the second quarter. Toronto Dominion Bank now owns 1,453 shares of the business services provider’s stock valued at $110,000 after acquiring an additional 149 shares during the period. Global X Management Co. LLC boosted its holdings in Broadridge Financial Solutions by 8.5% during the second quarter. Global X Management Co. LLC now owns 1,533 shares of the business services provider’s stock valued at $116,000 after acquiring an additional 120 shares during the period. Advisory Services Network LLC boosted its holdings in Broadridge Financial Solutions by 82.8% during the second quarter. Advisory Services Network LLC now owns 1,559 shares of the business services provider’s stock valued at $118,000 after acquiring an additional 706 shares during the period. Finally, Commonwealth Bank of Australia boosted its holdings in Broadridge Financial Solutions by 60.0% during the second quarter. Commonwealth Bank of Australia now owns 1,600 shares of the business services provider’s stock valued at $120,000 after acquiring an additional 600 shares during the period. Institutional investors own 82.99% of the company’s stock.
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In related news, Director Stuart R. Levine sold 7,868 shares of Broadridge Financial Solutions stock in a transaction dated Friday, August 18th. The shares were sold at an average price of $76.58, for a total transaction of $602,531.44. Following the completion of the sale, the director now owns 39,747 shares of the company’s stock, valued at approximately $3,043,825.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Adam D. Amsterdam sold 17,813 shares of Broadridge Financial Solutions stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $76.96, for a total transaction of $1,370,888.48. Following the sale, the insider now directly owns 20,646 shares of the company’s stock, valued at approximately $1,588,916.16. The disclosure for this sale can be found here. Insiders have sold a total of 119,720 shares of company stock valued at $9,679,916 in the last ninety days. 2.60% of the stock is currently owned by insiders.
Broadridge Financial Solutions (NYSE:BR) last released its quarterly earnings data on Thursday, August 10th. The business services provider reported $1.71 earnings per share for the quarter, hitting the consensus estimate of $1.71. The company had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.31 billion. Broadridge Financial Solutions had a net margin of 7.89% and a return on equity of 37.99%. Broadridge Financial Solutions’s revenue for the quarter was up 38.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.45 EPS.
The business also recently announced a quarterly dividend, which was paid on Tuesday, October 3rd. Investors of record on Friday, September 15th were issued a dividend of $0.365 per share. This is an increase from Broadridge Financial Solutions’s previous quarterly dividend of $0.33. The ex-dividend date was Thursday, September 14th. This represents a $1.46 annualized dividend and a dividend yield of 1.70%. Broadridge Financial Solutions’s payout ratio is presently 53.48%.
A number of equities research analysts have issued reports on BR shares. BidaskClub upgraded shares of Broadridge Financial Solutions from a “sell” rating to a “hold” rating in a report on Tuesday, August 22nd. Barclays PLC increased 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 research note on Friday, August 11th. Finally, DA Davidson initiated coverage on shares of Broadridge Financial Solutions in a research note on Monday, August 7th. They issued a “neutral” rating and a $74.00 target price for the company.
Broadridge Financial Solutions 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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