Connor Clark & Lunn Investment Management Ltd. Sells 1,662 Shares of Broadridge Financial Solutions, Inc. (NYSE:BR)

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in Broadridge Financial Solutions by 5.1%, owning 30,657 shares valued at approximately $7.43 million.
• Recent insider trading included a significant sale by Director Pamela L. Carter, who sold 4,829 shares, reducing her ownership by 40%.
• Broadridge Financial Solutions declared an increased quarterly dividend of $0.975, raising the annualized dividend yield to 1.5% amidst a positive earnings report.

Connor Clark & Lunn Investment Management Ltd. lessened its position in shares of Broadridge Financial Solutions, Inc. (NYSE:BR - Free Report) by 5.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 30,657 shares of the business services provider's stock after selling 1,662 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Broadridge Financial Solutions were worth $7,433,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. D.A. Davidson & CO. acquired a new position in shares of Broadridge Financial Solutions during the first quarter worth about $217,000. CWA Asset Management Group LLC lifted its stake in shares of Broadridge Financial Solutions by 6.8% during the first quarter. CWA Asset Management Group LLC now owns 1,370 shares of the business services provider's stock worth $332,000 after purchasing an additional 87 shares in the last quarter. Golden State Wealth Management LLC acquired a new position in shares of Broadridge Financial Solutions during the first quarter worth about $29,000. Sequoia Financial Advisors LLC lifted its stake in shares of Broadridge Financial Solutions by 9.6% during the first quarter. Sequoia Financial Advisors LLC now owns 1,153 shares of the business services provider's stock worth $279,000 after purchasing an additional 101 shares in the last quarter. Finally, Exchange Traded Concepts LLC lifted its stake in shares of Broadridge Financial Solutions by 12.3% during the first quarter. Exchange Traded Concepts LLC now owns 655 shares of the business services provider's stock worth $159,000 after purchasing an additional 72 shares in the last quarter. Hedge funds and other institutional investors own 90.03% of the company's stock.

Broadridge Financial Solutions Stock Up 0.2%

NYSE BR traded up $0.60 during trading on Friday, hitting $259.83. 370,865 shares of the company traded hands, compared to its average volume of 586,719. Broadridge Financial Solutions, Inc. has a 12 month low of $206.95 and a 12 month high of $271.91. The business has a fifty day simple moving average of $245.10 and a 200 day simple moving average of $239.62. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $30.43 billion, a P/E ratio of 36.60 and a beta of 0.94.

Broadridge Financial Solutions (NYSE:BR - Get Free Report) last posted its earnings results on Tuesday, August 5th. The business services provider reported $3.55 earnings per share for the quarter, beating the consensus estimate of $3.51 by $0.04. The company had revenue of $2.07 billion for the quarter, compared to analyst estimates of $2.06 billion. Broadridge Financial Solutions had a return on equity of 42.72% and a net margin of 12.19%. The business's revenue was up 6.2% compared to the same quarter last year. During the same period last year, the company earned $3.50 earnings per share. As a group, sell-side analysts predict that Broadridge Financial Solutions, Inc. will post 8.53 EPS for the current year.

Broadridge Financial Solutions Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 2nd. Stockholders of record on Thursday, September 11th will be paid a $0.975 dividend. The ex-dividend date is Thursday, September 11th. This is a boost from Broadridge Financial Solutions's previous quarterly dividend of $0.88. This represents a $3.90 dividend on an annualized basis and a dividend yield of 1.5%. Broadridge Financial Solutions's dividend payout ratio is presently 49.65%.

Analyst Upgrades and Downgrades

BR has been the subject of a number of recent analyst reports. UBS Group increased their price objective on Broadridge Financial Solutions from $250.00 to $280.00 and gave the stock a "neutral" rating in a report on Friday, August 8th. Wall Street Zen upgraded Broadridge Financial Solutions from a "hold" rating to a "buy" rating in a report on Friday, May 9th. Royal Bank Of Canada restated an "outperform" rating and issued a $259.00 target price on shares of Broadridge Financial Solutions in a report on Monday, May 19th. Needham & Company LLC increased their target price on Broadridge Financial Solutions from $300.00 to $305.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Finally, Morgan Stanley increased their target price on Broadridge Financial Solutions from $222.00 to $261.00 and gave the company an "equal weight" rating in a report on Wednesday, August 6th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $261.50.

Insiders Place Their Bets

In related news, Director Pamela L. Carter sold 4,829 shares of Broadridge Financial Solutions stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $242.23, for a total transaction of $1,169,728.67. Following the sale, the director directly owned 7,242 shares of the company's stock, valued at $1,754,229.66. This trade represents a 40.00% 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 Broadridge Financial Solutions stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $239.55, for a total value of $1,211,164.80. Following the sale, the insider directly owned 21,167 shares in the company, valued at approximately $5,070,554.85. This trade represents a 19.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,477 shares of company stock valued at $5,093,784. Company insiders own 1.30% of the company's stock.

Broadridge Financial Solutions Company 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.