Rosenblatt Securities assumed coverage on shares of Broadridge Financial Solutions (NYSE:BR) in a research report sent to investors on Wednesday morning, The Fly reports. The firm issued a neutral rating and a $110.00 target price on the business services provider’s stock.
BR has been the topic of several other research reports. Zacks Investment Research upgraded Broadridge Financial Solutions from a hold rating to a buy rating and set a $145.00 price target on the stock in a report on Friday, August 10th. Sandler O’Neill restated a hold rating and set a $130.00 price target on shares of Broadridge Financial Solutions in a report on Tuesday, August 7th. Finally, SunTrust Banks started coverage on Broadridge Financial Solutions in a report on Wednesday, August 29th. They set a buy rating and a $150.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock has an average rating of Hold and an average target price of $118.33.
NYSE BR opened at $98.64 on Wednesday. The company has a quick ratio of 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 0.93. The company has a market cap of $11.76 billion, a PE ratio of 23.54, a PEG ratio of 2.15 and a beta of 0.91. Broadridge Financial Solutions has a one year low of $87.51 and a one year high of $138.24.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 3rd. Shareholders of record on Friday, December 14th will be paid a $0.485 dividend. The ex-dividend date is Thursday, December 13th. This represents a $1.94 dividend on an annualized basis and a yield of 1.97%. Broadridge Financial Solutions’s payout ratio is 46.30%.
In other Broadridge Financial Solutions news, Director Stuart R. Levine sold 8,902 shares of the stock in a transaction on Tuesday, November 20th. The stock was sold at an average price of $98.75, for a total value of $879,072.50. Following the sale, the director now owns 36,530 shares in the company, valued at $3,607,337.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Richard J. Daly sold 210,188 shares of the stock in a transaction on Thursday, September 27th. The stock was sold at an average price of $132.14, for a total value of $27,774,242.32. Following the completion of the sale, the chief executive officer now owns 387,336 shares in the company, valued at approximately $51,182,579.04. The disclosure for this sale can be found here. In the last quarter, insiders sold 334,256 shares of company stock worth $43,588,422. Insiders own 2.30% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in BR. Morgan Stanley increased its stake in Broadridge Financial Solutions by 112.5% in the second quarter. Morgan Stanley now owns 2,583,950 shares of the business services provider’s stock worth $297,411,000 after purchasing an additional 1,367,735 shares during the period. AQR Capital Management LLC increased its stake in Broadridge Financial Solutions by 71.4% in the third quarter. AQR Capital Management LLC now owns 1,995,511 shares of the business services provider’s stock worth $263,308,000 after purchasing an additional 831,086 shares during the period. Millennium Management LLC increased its stake in Broadridge Financial Solutions by 553.2% in the second quarter. Millennium Management LLC now owns 601,086 shares of the business services provider’s stock worth $69,185,000 after purchasing an additional 509,066 shares during the period. Wells Fargo & Company MN increased its stake in Broadridge Financial Solutions by 32.0% in the third quarter. Wells Fargo & Company MN now owns 1,950,097 shares of the business services provider’s stock worth $257,315,000 after purchasing an additional 472,524 shares during the period. Finally, Marshall Wace North America L.P. purchased a new stake in Broadridge Financial Solutions in the third quarter worth $50,783,000. Institutional investors and hedge funds own 84.75% of the company’s stock.
About Broadridge Financial Solutions
Broadridge Financial Solutions, Inc provides investor communications and technology-driven solutions for the financial services industry worldwide. 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 offers ProxyEdge, an electronic proxy delivery and voting solution.
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