Bank of New York Mellon Corp cut its stake in shares of Broadridge Financial Solutions, Inc. (NYSE:BR - Free Report) by 3.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 870,051 shares of the business services provider's stock after selling 26,667 shares during the quarter. Bank of New York Mellon Corp owned 0.74% of Broadridge Financial Solutions worth $210,953,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its holdings in shares of Broadridge Financial Solutions by 50.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,560,316 shares of the business services provider's stock worth $804,952,000 after purchasing an additional 1,186,555 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Broadridge Financial Solutions by 31,011.4% during the first quarter. GAMMA Investing LLC now owns 989,964 shares of the business services provider's stock worth $240,027,000 after purchasing an additional 986,782 shares during the period. Norges Bank purchased a new position in shares of Broadridge Financial Solutions during the fourth quarter valued at approximately $106,904,000. Corient Private Wealth LLC increased its stake in shares of Broadridge Financial Solutions by 882.9% during the fourth quarter. Corient Private Wealth LLC now owns 437,171 shares of the business services provider's stock valued at $99,186,000 after buying an additional 392,695 shares during the period. Finally, Northern Trust Corp increased its stake in shares of Broadridge Financial Solutions by 24.4% during the fourth quarter. Northern Trust Corp now owns 1,604,783 shares of the business services provider's stock valued at $362,825,000 after buying an additional 314,323 shares during the period. 90.03% of the stock is owned by hedge funds and other institutional investors.
Broadridge Financial Solutions Stock Performance
BR traded down $3.69 during trading on Friday, hitting $234.90. The company's stock had a trading volume of 639,405 shares, compared to its average volume of 528,364. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 1.44. Broadridge Financial Solutions, Inc. has a one year low of $200.63 and a one year high of $247.01. The firm has a market cap of $27.59 billion, a PE ratio of 35.32 and a beta of 0.94. The business's 50 day simple moving average is $239.64 and its 200-day simple moving average is $236.08.
Broadridge Financial Solutions (NYSE:BR - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The business services provider reported $2.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.41 by $0.03. The business had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.86 billion. Broadridge Financial Solutions had a return on equity of 44.82% and a net margin of 11.65%. Broadridge Financial Solutions's revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.23 earnings per share. As a group, sell-side analysts predict that Broadridge Financial Solutions, Inc. will post 8.53 EPS for the current fiscal year.
Broadridge Financial Solutions Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 2nd. Shareholders of record on Thursday, June 12th were given a dividend of $0.88 per share. The ex-dividend date was Thursday, June 12th. This represents a $3.52 dividend on an annualized basis and a yield of 1.50%. Broadridge Financial Solutions's dividend payout ratio (DPR) is presently 52.93%.
Analysts Set New Price Targets
BR has been the subject of a number of research reports. Royal Bank Of Canada reiterated an "outperform" rating and issued a $259.00 price objective on shares of Broadridge Financial Solutions in a report on Monday, May 19th. Needham & Company LLC initiated coverage on shares of Broadridge Financial Solutions in a research note on Tuesday, May 6th. They set a "buy" rating and a $300.00 price objective on the stock. Finally, Wall Street Zen raised shares of Broadridge Financial Solutions from a "hold" rating to a "buy" rating in a research note on Friday, May 9th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Broadridge Financial Solutions has an average rating of "Hold" and an average target price of $250.83.
Get Our Latest Stock Report on Broadridge Financial Solutions
Insider Buying and Selling at Broadridge Financial Solutions
In other Broadridge Financial Solutions news, Director Maura A. Markus sold 3,556 shares of Broadridge Financial Solutions stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $243.08, for a total transaction of $864,392.48. Following the completion of the transaction, the director directly owned 30,892 shares of the company's stock, valued at $7,509,227.36. The trade was a 10.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Douglas Richard Deschutter sold 5,056 shares of the business's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $239.55, for a total value of $1,211,164.80. Following the transaction, the insider owned 21,167 shares of the company's stock, valued at approximately $5,070,554.85. The trade was a 19.28% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,116 shares of company stock valued at $4,352,298. Corporate insiders own 1.30% of the company's stock.
Broadridge Financial Solutions Profile
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Free Report)
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.
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