Bank of America Corp DE Acquires Shares of 586,067 Broadridge Financial Solutions, Inc. $BR

Key Points

• Bank of America acquired 586,067 Broadridge shares worth approximately $80.3 million, giving it a 0.51% stake. Institutional investors collectively own 90.03% of the company.
• Broadridge exceeded quarterly expectations, reporting $3.82 in EPS versus the $3.76 consensus and $2.22 billion in revenue, up 7.5% year over year.
• The company increased its quarterly dividend to $1.09 per share, or $4.36 annually, implying a 2.7% yield. Analysts maintain a “Moderate Buy” consensus with a $216 average price target.

Bank of America Corp DE acquired a new stake in shares of Broadridge Financial Solutions, Inc. (NYSE:BR - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 586,067 shares of the business services provider's stock, valued at approximately $80,262,000. Bank of America Corp DE owned approximately 0.51% of Broadridge Financial Solutions as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Broadridge Financial Solutions during the 2nd quarter valued at about $1,473,918,000. Jupiter Topco LLC purchased a new position in shares of Broadridge Financial Solutions in the 2nd quarter worth approximately $261,852,000. Norges Bank purchased a new position in shares of Broadridge Financial Solutions in the 4th quarter worth approximately $346,304,000. The Manufacturers Life Insurance Company bought a new position in shares of Broadridge Financial Solutions during the 2nd quarter valued at approximately $197,921,000. Finally, Van ECK Associates Corp increased its position in shares of Broadridge Financial Solutions by 110.6% during the 4th quarter. Van ECK Associates Corp now owns 1,475,283 shares of the business services provider's stock valued at $329,239,000 after purchasing an additional 774,747 shares during the last quarter. 90.03% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on BR shares. UBS Group reissued a "neutral" rating and issued a $180.00 target price on shares of Broadridge Financial Solutions in a research note on Monday, August 17th. Morgan Stanley lifted their price target on shares of Broadridge Financial Solutions from $169.00 to $176.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 6th. Royal Bank Of Canada upped their price target on shares of Broadridge Financial Solutions from $225.00 to $226.00 and gave the company an "outperform" rating in a report on Monday, August 31st. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of Broadridge Financial Solutions in a research report on Friday, August 7th. Four equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $216.00.

Broadridge Financial Solutions Stock Down 0.8%

NYSE:BR opened at $162.99 on Friday. The company has a debt-to-equity ratio of 1.15, a current ratio of 1.24 and a quick ratio of 1.24. Broadridge Financial Solutions, Inc. has a 1-year low of $133.83 and a 1-year high of $243.82. The company has a 50-day moving average of $166.10 and a 200 day moving average of $159.86. The firm has a market cap of $18.58 billion, a PE ratio of 16.94 and a beta of 0.90.

Broadridge Financial Solutions (NYSE:BR - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The business services provider reported $3.82 earnings per share for the quarter, topping the consensus estimate of $3.76 by $0.06. The firm had revenue of $2.22 billion during the quarter, compared to analysts' expectations of $2.17 billion. Broadridge Financial Solutions had a net margin of 15.04% and a return on equity of 40.25%. The company's revenue was up 7.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.55 EPS. Broadridge Financial Solutions has set its FY 2027 guidance at 10.370-10.750 EPS. As a group, research analysts anticipate that Broadridge Financial Solutions, Inc. will post 10.54 EPS for the current fiscal year.

Broadridge Financial Solutions Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 5th. Shareholders of record on Thursday, September 3rd will be paid a $1.09 dividend. This represents a $4.36 annualized dividend and a yield of 2.7%. This is a boost from Broadridge Financial Solutions's previous quarterly dividend of $0.97. The ex-dividend date is Thursday, September 3rd. Broadridge Financial Solutions's payout ratio is presently 45.32%.

About Broadridge Financial Solutions

Broadridge Financial Solutions, Inc NYSE: BR is a global financial technology company that provides technology, communications and data solutions to financial services firms, public companies and other organizations. Its services support critical business processes across the financial markets, including investor communications, securities processing, capital markets operations and wealth management.

The company's offerings include proxy and regulatory communications, shareholder communications, trading and operations platforms, portfolio and order management tools, and technology for banks, broker-dealers, asset managers and wealth managers.

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