Broadridge Financial Solutions, Inc. $BR Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Broadridge Financial Solutions stake by 93.1% in the second quarter, selling 123,709 shares and retaining 9,122 shares valued at approximately $1.25 million. Institutional investors collectively own 90.03% of the company.
• Broadridge beat quarterly expectations, reporting $3.82 in EPS and $2.22 billion in revenue, with revenue up 7.5% year over year. The company also raised its quarterly dividend from $0.97 to $1.09 per share, producing a 2.6% annualized yield.
• Analyst sentiment remains moderately positive: four analysts rate the stock Buy and four rate it Hold, resulting in a consensus “Moderate Buy” rating and an average price target of $213.71 versus the reported share price of $170.82.

Assenagon Asset Management S.A. cut its holdings in shares of Broadridge Financial Solutions, Inc. (NYSE:BR - Free Report) by 93.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,122 shares of the business services provider's stock after selling 123,709 shares during the period. Assenagon Asset Management S.A.'s holdings in Broadridge Financial Solutions were worth $1,249,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Broadridge Financial Solutions in the fourth quarter worth approximately $346,304,000. Van ECK Associates Corp increased its position in Broadridge Financial Solutions by 110.6% during the fourth quarter. Van ECK Associates Corp now owns 1,475,283 shares of the business services provider's stock worth $329,239,000 after acquiring an additional 774,747 shares during the period. Pinebridge Investments LLC acquired a new stake in shares of Broadridge Financial Solutions during the 4th quarter worth approximately $126,553,000. JPMorgan Chase & Co. lifted its holdings in shares of Broadridge Financial Solutions by 52.8% during the 4th quarter. JPMorgan Chase & Co. now owns 1,403,997 shares of the business services provider's stock worth $313,330,000 after acquiring an additional 485,297 shares during the period. Finally, Amundi boosted its stake in shares of Broadridge Financial Solutions by 67.5% in the 1st quarter. Amundi now owns 1,059,021 shares of the business services provider's stock valued at $172,070,000 after purchasing an additional 426,587 shares in the last quarter. 90.03% of the stock is owned by institutional investors.

Broadridge Financial Solutions Stock Down 0.8%

Broadridge Financial Solutions stock opened at $170.82 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. The company's 50-day moving average is $149.92 and its 200-day moving average is $161.51. The firm has a market capitalization of $19.48 billion, a PE ratio of 17.76 and a beta of 0.87. Broadridge Financial Solutions, Inc. has a fifty-two week low of $133.83 and a fifty-two week high of $265.37.

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 EPS for the quarter, beating analysts' consensus estimates of $3.76 by $0.06. The business had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.17 billion. Broadridge Financial Solutions had a net margin of 15.04% and a return on equity of 40.25%. Broadridge Financial Solutions's quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.55 EPS. Broadridge Financial Solutions has set its FY 2027 guidance at 10.370-10.750 EPS. Sell-side analysts anticipate that Broadridge Financial Solutions, Inc. will post 10.54 earnings per share for the current year.

Broadridge Financial Solutions Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 5th. Investors of record on Thursday, September 3rd will be given a dividend of $1.09 per share. 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 yield of 2.6%. The ex-dividend date of this dividend is Thursday, September 3rd. Broadridge Financial Solutions's dividend payout ratio (DPR) is currently 45.32%.

Insiders Place Their Bets

In related 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 directly owned 1 shares of the company's stock, valued at $155. This trade represents a 99.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.10% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently issued reports on BR. Needham & Company LLC decreased their price target on Broadridge Financial Solutions from $255.00 to $230.00 and set a "buy" rating on the stock in a report on Friday, May 1st. DA Davidson lowered their target price on shares of Broadridge Financial Solutions from $228.00 to $214.00 and set a "buy" rating for the company in a report on Tuesday, May 5th. UBS Group decreased their price objective on Broadridge Financial Solutions from $250.00 to $165.00 and set a "neutral" rating for the company in a research note on Monday, May 4th. Morgan Stanley boosted their price objective on shares of Broadridge Financial Solutions from $169.00 to $176.00 and gave the company an "equal weight" rating in a report on Thursday, August 6th. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of Broadridge Financial Solutions in a report on Friday, August 7th. Four analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Broadridge Financial Solutions presently has a consensus rating of "Moderate Buy" and an average target price of $213.71.

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.

Want to see what other hedge funds are holding BR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadridge Financial Solutions, Inc. (NYSE:BR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source