Bank of Nova Scotia Makes New Investment in Broadridge Financial Solutions, Inc. $BR

Key Points

• Bank of Nova Scotia acquired 378,849 shares of Broadridge Financial Solutions in the second quarter, valued at approximately $51.9 million and representing about 0.33% of the company. Institutional investors collectively own 90.03% of Broadridge.
• Broadridge exceeded quarterly expectations, reporting $3.82 in EPS versus the $3.76 consensus and revenue of $2.22 billion, up 7.5% year over year. The company also increased its quarterly dividend from $0.97 to $1.09 per share, implying a 2.4% yield.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $215.86, supported by four Buy and four Hold ratings.

Bank of Nova Scotia acquired a new stake in shares of Broadridge Financial Solutions, Inc. (NYSE:BR - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 378,849 shares of the business services provider's stock, valued at approximately $51,883,000. Bank of Nova Scotia owned approximately 0.33% of Broadridge Financial Solutions at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Reflection Asset Management bought a new position in Broadridge Financial Solutions during the fourth quarter valued at $25,000. Nemes Rush Group LLC bought a new stake in shares of Broadridge Financial Solutions in the 4th quarter worth about $27,000. Prosperity Bancshares Inc purchased a new stake in shares of Broadridge Financial Solutions during the 4th quarter valued at about $28,000. Bell Investment Advisors Inc bought a new position in shares of Broadridge Financial Solutions in the 2nd quarter valued at about $29,000. Finally, WPG Advisers LLC grew its position in Broadridge Financial Solutions by 77.5% in the fourth quarter. WPG Advisers LLC now owns 142 shares of the business services provider's stock worth $32,000 after acquiring an additional 62 shares in the last quarter. Institutional investors own 90.03% of the company's stock.

Broadridge Financial Solutions Stock Performance

Shares of Broadridge Financial Solutions stock opened at $182.12 on Friday. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 1.15. The firm has a market cap of $20.77 billion, a P/E ratio of 18.93 and a beta of 0.87. The stock's fifty day moving average price is $152.70 and its 200-day moving average price is $160.54. Broadridge Financial Solutions, Inc. has a 12 month low of $133.83 and a 12 month high of $264.10.

Broadridge Financial Solutions (NYSE:BR - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The business services provider reported $3.82 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.76 by $0.06. The firm had revenue of $2.22 billion for the quarter, compared to the consensus estimate 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 quarterly revenue was up 7.5% on a year-over-year basis. During the same period last year, the firm earned $3.55 earnings per share. Broadridge Financial Solutions has set its FY 2027 guidance at 10.370-10.750 EPS. On average, equities research analysts expect that Broadridge Financial Solutions, Inc. will post 10.54 earnings per share for the current fiscal year.

Broadridge Financial Solutions Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 5th. Shareholders of record on Thursday, September 3rd will be given a dividend of $1.09 per share. The ex-dividend date of this dividend is Thursday, September 3rd. This is a positive change from Broadridge Financial Solutions's previous quarterly dividend of $0.97. This represents a $4.36 annualized dividend and a dividend yield of 2.4%. Broadridge Financial Solutions's payout ratio is currently 40.54%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on BR. Royal Bank Of Canada upped their price objective on Broadridge Financial Solutions from $200.00 to $225.00 and gave the company an "outperform" rating in a research report on Wednesday, August 5th. DA Davidson cut their target price on Broadridge Financial Solutions from $228.00 to $214.00 and set a "buy" rating on the stock in a research report on Tuesday, May 5th. UBS Group restated a "neutral" rating and set a $180.00 price target on shares of Broadridge Financial Solutions in a report on Monday, August 17th. Needham & Company LLC dropped their price objective on shares of Broadridge Financial Solutions from $255.00 to $230.00 and set a "buy" rating for the company in a research note on Friday, May 1st. Finally, Morgan Stanley increased their price target on Broadridge Financial Solutions from $169.00 to $176.00 and gave the stock an "equal weight" rating in a report on Thursday, August 6th. Four equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, Broadridge Financial Solutions currently has a consensus rating of "Moderate Buy" and an average price target of $215.86.

Insider Buying and Selling at Broadridge Financial Solutions

In other news, insider Hope M. Jarkowski sold 1,966 shares of Broadridge Financial Solutions stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $155.00, for a total value of $304,730.00. Following the transaction, the insider owned 1 shares of the company's stock, valued at $155. The trade was a 99.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.10% of the company's stock.

Broadridge Financial Solutions Company Profile

Broadridge Financial Solutions is a global fintech company that provides technology-driven solutions and outsourcing services to the financial services industry. The firm's core offerings center on investor communications, securities processing and post-trade services, and technology platforms that support capital markets and wealth management operations. Broadridge positions itself as a provider of mission-critical infrastructure that helps financial institutions manage regulatory requirements, investor engagement and operational complexity.

Products and services include proxy and shareholder communications, investor disclosure and digital communications, proxy voting and tabulation, clearing and settlement support, trade processing and reconciliation, and a range of software-as-a-service platforms for wealth and asset managers.

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