Bank of Nova Scotia Sells 59,658 Shares of Broadridge Financial Solutions, Inc. (NYSE:BR)

Key Points

• The Bank of Nova Scotia reduced its stake in Broadridge Financial Solutions by 62.7%, selling 59,658 shares and bringing its holdings down to 35,519 shares valued at approximately $8.61 million.
• Broadridge Financial Solutions has seen significant interest from institutional investors, with Price T Rowe Associates increasing its stake by 50% and GAMMA Investing LLC boosting holdings by over 31,000% during the recent quarter.
• The company declared a quarterly dividend of $0.88 per share, representing a 1.4% yield and a dividend payout ratio of 52.93% as of the latest filing.

Bank of Nova Scotia cut its position in Broadridge Financial Solutions, Inc. (NYSE:BR - Free Report) by 62.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,519 shares of the business services provider's stock after selling 59,658 shares during the quarter. Bank of Nova Scotia's holdings in Broadridge Financial Solutions were worth $8,612,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of BR. Price T Rowe Associates Inc. MD lifted its stake in Broadridge Financial Solutions by 50.0% in the 4th 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 in the last quarter. GAMMA Investing LLC increased its holdings in shares of Broadridge Financial Solutions by 31,011.4% in the 1st quarter. GAMMA Investing LLC now owns 989,964 shares of the business services provider's stock worth $240,027,000 after buying an additional 986,782 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Broadridge Financial Solutions by 24.4% in the 4th quarter. Northern Trust Corp now owns 1,604,783 shares of the business services provider's stock worth $362,825,000 after buying an additional 314,323 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Broadridge Financial Solutions by 156.8% in the 1st quarter. Principal Financial Group Inc. now owns 404,830 shares of the business services provider's stock worth $98,155,000 after buying an additional 247,157 shares during the last quarter. Finally, Balyasny Asset Management L.P. increased its holdings in shares of Broadridge Financial Solutions by 6,362.5% in the 4th quarter. Balyasny Asset Management L.P. now owns 233,685 shares of the business services provider's stock worth $52,834,000 after buying an additional 230,069 shares during the last quarter. 90.03% of the stock is currently owned by hedge funds and other institutional investors.

Broadridge Financial Solutions Price Performance

NYSE BR opened at $248.98 on Tuesday. Broadridge Financial Solutions, Inc. has a one year low of $206.29 and a one year high of $257.65. The stock has a 50-day moving average of $241.63 and a 200 day moving average of $238.09. The company has a market capitalization of $29.24 billion, a price-to-earnings ratio of 37.44 and a beta of 0.94. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.32 and a current ratio of 1.32.

Broadridge Financial Solutions Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 2nd. Shareholders of record on Thursday, June 12th were given a $0.88 dividend. This represents a $3.52 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend was Thursday, June 12th. Broadridge Financial Solutions's dividend payout ratio (DPR) is presently 52.93%.

Insiders Place Their Bets

In other Broadridge Financial Solutions news, insider Hope M. Jarkowski sold 1,068 shares of the firm's stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $235.22, for a total value of $251,214.96. Following the transaction, the insider directly owned 1,070 shares of the company's stock, valued at approximately $251,685.40. This trade represents a 49.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Pamela L. Carter sold 4,829 shares of the firm's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $242.23, for a total value of $1,169,728.67. Following the completion of the transaction, the director directly owned 7,242 shares in the company, valued at $1,754,229.66. The trade was a 40.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 18,116 shares of company stock valued at $4,352,298. 1.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on BR. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $259.00 price objective on shares of Broadridge Financial Solutions in a research note on Monday, May 19th. Wall Street Zen upgraded shares of Broadridge Financial Solutions from a "hold" rating to a "buy" rating in a report on Friday, May 9th. Finally, Needham & Company LLC began coverage on shares of Broadridge Financial Solutions in a report on Tuesday, May 6th. They set a "buy" rating and a $300.00 price target for the company. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Broadridge Financial Solutions has a consensus rating of "Hold" and an average price target of $250.83.

About Broadridge Financial Solutions

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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