Broadridge Financial Solutions (NYSE:BR) Issues Earnings Results, Misses Estimates By $0.01 EPS

Broadridge Financial Solutions (NYSE:BR) issued its earnings results on Wednesday. The business services provider reported $2.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.24 by ($0.01), Briefing.com reports. The firm had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.77 billion. Broadridge Financial Solutions had a return on equity of 41.12% and a net margin of 10.82%. The business’s revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the business earned $2.05 EPS. Broadridge Financial Solutions updated its FY 2024 guidance to 7.710-7.710 EPS.

Broadridge Financial Solutions Stock Performance

NYSE:BR traded down $7.77 during mid-day trading on Wednesday, reaching $193.59. The stock had a trading volume of 70,453 shares, compared to its average volume of 487,800. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.40 and a current ratio of 1.40. The firm has a market capitalization of $22.80 billion, a price-to-earnings ratio of 35.08 and a beta of 0.98. Broadridge Financial Solutions has a twelve month low of $144.54 and a twelve month high of $210.24. The business has a 50 day simple moving average of $200.29 and a 200 day simple moving average of $195.66.

Broadridge Financial Solutions Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were issued a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date was Thursday, March 14th. Broadridge Financial Solutions’s dividend payout ratio is currently 55.75%.

Insider Activity

In other Broadridge Financial Solutions news, VP Thomas P. Carey sold 12,731 shares of Broadridge Financial Solutions stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $201.02, for a total value of $2,559,185.62. Following the completion of the sale, the vice president now directly owns 13,303 shares of the company’s stock, valued at approximately $2,674,169.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Robert N. Duelks sold 830 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $201.58, for a total value of $167,311.40. Following the sale, the director now owns 5,445 shares in the company, valued at approximately $1,097,603.10. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Thomas P. Carey sold 12,731 shares of the business’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $201.02, for a total transaction of $2,559,185.62. Following the sale, the vice president now directly owns 13,303 shares of the company’s stock, valued at approximately $2,674,169.06. The disclosure for this sale can be found here. In the last three months, insiders sold 25,761 shares of company stock worth $5,223,959. Company insiders own 1.60% of the company’s stock.

Analysts Set New Price Targets

BR has been the topic of several research analyst reports. StockNews.com upgraded Broadridge Financial Solutions from a “hold” rating to a “buy” rating in a report on Saturday. Evercore ISI restated an “outperform” rating and set a $230.00 target price on shares of Broadridge Financial Solutions in a report on Tuesday, March 26th. Royal Bank of Canada boosted their target price on Broadridge Financial Solutions from $212.00 to $239.00 and gave the stock an “outperform” rating in a report on Friday, February 2nd. Raymond James upped their price objective on Broadridge Financial Solutions from $205.00 to $214.00 and gave the company an “outperform” rating in a report on Friday, February 2nd. Finally, DA Davidson reiterated a “neutral” rating and issued a $185.00 price objective on shares of Broadridge Financial Solutions in a report on Wednesday, April 10th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $206.67.

Broadridge Financial Solutions Company Profile

Broadridge Financial Solutions, Inc provides investor communications and technology-driven solutions for the financial services industry. The company's Investor Communication Solutions segment processes and distributes proxy materials to investors in equity securities and mutual funds, as well as facilitates related vote processing services; and distributes regulatory reports, class action, and corporate action/reorganization event information, as well as tax reporting solutions.