PGGM Investments boosted its stake in Broadridge Financial Solutions Inc. (NYSE:BR) by 7.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 510,588 shares of the company’s stock after buying an additional 35,451 shares during the period. PGGM Investments’ holdings in Broadridge Financial Solutions were worth $33,290,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in BR. Norges Bank bought a new position in Broadridge Financial Solutions during the fourth quarter valued at approximately $63,722,000. Adage Capital Partners GP L.L.C. bought a new position in Broadridge Financial Solutions during the first quarter valued at approximately $20,759,000. Credit Agricole S A increased its position in Broadridge Financial Solutions by 810.8% in the first quarter. Credit Agricole S A now owns 227,700 shares of the company’s stock valued at $13,504,000 after buying an additional 202,699 shares during the period. JPMorgan Chase & Co. increased its position in Broadridge Financial Solutions by 13.0% in the first quarter. JPMorgan Chase & Co. now owns 805,561 shares of the company’s stock valued at $47,780,000 after buying an additional 92,585 shares during the period. Finally, Shell Asset Management Co. increased its position in Broadridge Financial Solutions by 131.6% in the second quarter. Shell Asset Management Co. now owns 132,830 shares of the company’s stock valued at $8,661,000 after buying an additional 75,474 shares during the period. 87.35% of the stock is currently owned by institutional investors.
Shares of Broadridge Financial Solutions Inc. (NYSE:BR) traded up 1.60% during trading on Monday, reaching $69.87. The company’s stock had a trading volume of 1,360,776 shares. The company has a market cap of $8.26 billion, a PE ratio of 27.62 and a beta of 0.99. Broadridge Financial Solutions Inc. has a 52-week low of $48.56 and a 52-week high of $71.74. The firm’s 50-day moving average is $68.96 and its 200 day moving average is $64.24.
Broadridge Financial Solutions (NYSE:BR) last announced its earnings results on Tuesday, August 9th. The company reported $1.45 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.45. The company had revenue of $975 million for the quarter, compared to analyst estimates of $991.13 million. Broadridge Financial Solutions had a return on equity of 34.79% and a net margin of 10.61%. The firm’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same quarter last year, the company earned $1.40 earnings per share. On average, equities research analysts predict that Broadridge Financial Solutions Inc. will post $3.14 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Saturday, October 1st. Stockholders of record on Thursday, September 15th will be paid a dividend of $0.33 per share. The ex-dividend date is Tuesday, September 13th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.89%. This is a positive change from Broadridge Financial Solutions’s previous quarterly dividend of $0.30. Broadridge Financial Solutions’s dividend payout ratio (DPR) is 52.17%.
Several equities analysts recently commented on BR shares. Barclays PLC raised their target price on Broadridge Financial Solutions from $67.00 to $69.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 10th. Zacks Investment Research downgraded Broadridge Financial Solutions from a “buy” rating to a “hold” rating in a research report on Wednesday, July 6th. Avondale Partners downgraded Broadridge Financial Solutions from an “outperform” rating to a “market perform” rating and set a $65.00 target price for the company. in a research report on Wednesday, June 15th. Raymond James Financial Inc. downgraded Broadridge Financial Solutions from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 7th. They noted that the move was a valuation call. Finally, Atlantic Securities began coverage on Broadridge Financial Solutions in a research report on Tuesday, September 13th. They issued an “overweight” rating and a $82.00 price objective for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $72.25.
In related news, insider Richard J. Daly sold 125,652 shares of the stock in a transaction that occurred on Thursday, September 22nd. The stock was sold at an average price of $69.58, for a total transaction of $8,742,866.16. Following the sale, the insider now owns 231,703 shares of the company’s stock, valued at $16,121,894.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Charles J. Marchesani sold 34,162 shares of the stock in a transaction that occurred on Wednesday, August 17th. The stock was sold at an average price of $66.71, for a total value of $2,278,947.02. Following the sale, the insider now directly owns 67,201 shares in the company, valued at approximately $4,482,978.71. The disclosure for this sale can be found here. 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 delivers a range of solutions that help its clients serve their retail and institutional customers across the entire investment lifecycle, including pre-trade, trade and post-trade processing.
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