Parsons Capital Management Inc. RI Decreases Stock Holdings in Broadridge Financial Solutions, Inc. (NYSE:BR)

Parsons Capital Management Inc. RI cut its holdings in shares of Broadridge Financial Solutions, Inc. (NYSE:BR - Free Report) by 6.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,156 shares of the business services provider's stock after selling 1,353 shares during the period. Parsons Capital Management Inc. RI's holdings in Broadridge Financial Solutions were worth $4,402,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Sunburst Financial Group LLC raised its stake in shares of Broadridge Financial Solutions by 4.8% during the 4th quarter. Sunburst Financial Group LLC now owns 1,011 shares of the business services provider's stock worth $229,000 after buying an additional 46 shares in the last quarter. Nicolet Advisory Services LLC grew its holdings in Broadridge Financial Solutions by 4.8% during the fourth quarter. Nicolet Advisory Services LLC now owns 1,010 shares of the business services provider's stock worth $224,000 after acquiring an additional 46 shares during the period. Advisors Capital Management LLC raised its position in Broadridge Financial Solutions by 3.5% in the fourth quarter. Advisors Capital Management LLC now owns 1,440 shares of the business services provider's stock worth $326,000 after acquiring an additional 49 shares in the last quarter. TCTC Holdings LLC raised its position in Broadridge Financial Solutions by 0.9% in the fourth quarter. TCTC Holdings LLC now owns 5,979 shares of the business services provider's stock worth $1,352,000 after acquiring an additional 52 shares in the last quarter. Finally, Mindset Wealth Management LLC lifted its holdings in Broadridge Financial Solutions by 2.8% in the fourth quarter. Mindset Wealth Management LLC now owns 1,971 shares of the business services provider's stock valued at $446,000 after acquiring an additional 54 shares during the period. Institutional investors and hedge funds own 90.03% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on BR. Royal Bank of Canada reaffirmed an "outperform" rating and set a $259.00 price target 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 research report on Friday, May 9th. Finally, Needham & Company LLC started coverage on Broadridge Financial Solutions in a report on Tuesday, May 6th. They issued a "buy" rating and a $300.00 price target on the stock. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, Broadridge Financial Solutions presently has an average rating of "Hold" and a consensus target price of $250.83.

Insider Buying and Selling at Broadridge Financial Solutions

In other news, insider Douglas Richard Deschutter sold 5,056 shares of the stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $239.55, for a total transaction of $1,211,164.80. Following the transaction, the insider now directly owns 21,167 shares in the company, valued at $5,070,554.85. This represents a 19.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Maura A. Markus sold 3,556 shares of the firm's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $243.08, for a total transaction of $864,392.48. Following the completion of the sale, the director now directly owns 30,892 shares in the company, valued at $7,509,227.36. This represents a 10.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,116 shares of company stock worth $4,352,298. Corporate insiders own 1.30% of the company's stock.

Broadridge Financial Solutions Price Performance

BR traded down $0.79 during midday trading on Tuesday, reaching $242.92. 369,796 shares of the company's stock were exchanged, compared to its average volume of 522,892. Broadridge Financial Solutions, Inc. has a 1-year low of $192.68 and a 1-year high of $247.01. The stock has a market capitalization of $28.53 billion, a PE ratio of 38.02 and a beta of 0.96. The company has a debt-to-equity ratio of 1.64, a current ratio of 1.35 and a quick ratio of 1.35. The business's 50-day moving average price is $236.20 and its 200 day moving average price is $234.90.

Broadridge Financial Solutions (NYSE:BR - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The business services provider reported $2.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.41 by $0.03. Broadridge Financial Solutions had a return on equity of 44.40% and a net margin of 11.36%. The firm had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same period in the previous year, the firm posted $2.23 EPS. The company's quarterly revenue was up 5.0% compared to the same quarter last year. As a group, equities analysts anticipate that Broadridge Financial Solutions, Inc. will post 8.53 EPS for the current fiscal year.

Broadridge Financial Solutions Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 2nd. Investors of record on Thursday, June 12th will be paid a $0.88 dividend. This represents a $3.52 annualized dividend and a yield of 1.45%. The ex-dividend date is Thursday, June 12th. Broadridge Financial Solutions's payout ratio is 52.93%.

Broadridge Financial Solutions Profile

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.