Empirical Financial Services LLC d.b.a. Empirical Wealth Management Increases Position in Broadridge Financial Solutions, Inc. (NYSE:BR)

Key Points

• Empirical Wealth Management increased its stake in Broadridge Financial Solutions by 390.5%, owning 9,712 shares valued at approximately $2.36 million.
• Broadridge Financial Solutions reported a quarterly EPS of $2.44, exceeding estimates and showing a 5% year-over-year revenue increase, amidst a challenging economic backdrop.
• Following recent developments, several investment analysts have given Broadridge a mix of buy and hold ratings, with an average price target of $250.83.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its holdings in Broadridge Financial Solutions, Inc. (NYSE:BR - Free Report) by 390.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,712 shares of the business services provider's stock after buying an additional 7,732 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Broadridge Financial Solutions were worth $2,355,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of BR. D.A. Davidson & CO. purchased a new position in shares of Broadridge Financial Solutions during the 1st quarter valued at $217,000. CWA Asset Management Group LLC grew its position in shares of Broadridge Financial Solutions by 6.8% during the 1st quarter. CWA Asset Management Group LLC now owns 1,370 shares of the business services provider's stock valued at $332,000 after purchasing an additional 87 shares in the last quarter. Golden State Wealth Management LLC purchased a new position in shares of Broadridge Financial Solutions during the 1st quarter valued at $29,000. Sequoia Financial Advisors LLC grew its position in shares of Broadridge Financial Solutions by 9.6% during the 1st quarter. Sequoia Financial Advisors LLC now owns 1,153 shares of the business services provider's stock valued at $279,000 after purchasing an additional 101 shares in the last quarter. Finally, Exchange Traded Concepts LLC grew its position in shares of Broadridge Financial Solutions by 12.3% during the 1st quarter. Exchange Traded Concepts LLC now owns 655 shares of the business services provider's stock valued at $159,000 after purchasing an additional 72 shares in the last quarter. 90.03% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Hope M. Jarkowski sold 1,068 shares of the stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $235.22, for a total value of $251,214.96. Following the completion of the transaction, the insider directly owned 1,070 shares of the company's stock, valued at $251,685.40. This represents a 49.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Thomas P. Carey sold 3,607 shares of the stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $237.26, for a total transaction of $855,796.82. Following the completion of the transaction, the vice president directly owned 6,077 shares of the company's stock, valued at approximately $1,441,829.02. The trade was a 37.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,116 shares of company stock valued at $4,352,298 over the last three months. 1.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

BR has been the subject of a number of recent analyst reports. Needham & Company LLC initiated coverage on shares of Broadridge Financial Solutions in a research report on Tuesday, May 6th. They set a "buy" rating and a $300.00 price target for the company. 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, Royal Bank Of Canada reiterated an "outperform" rating and issued a $259.00 target price on shares of Broadridge Financial Solutions in a research report on Monday, May 19th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, Broadridge Financial Solutions has an average rating of "Hold" and an average target price of $250.83.

Broadridge Financial Solutions Price Performance

NYSE:BR traded up $4.33 during midday trading on Monday, hitting $248.98. The company had a trading volume of 963,740 shares, compared to its average volume of 569,306. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 1.44. The company has a market capitalization of $29.25 billion, a PE ratio of 37.44 and a beta of 0.94. The stock's fifty day moving average price is $241.40 and its 200-day moving average price is $237.96. Broadridge Financial Solutions, Inc. has a 52-week low of $206.29 and a 52-week high of $257.65.

Broadridge Financial Solutions (NYSE:BR - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The business services provider reported $2.44 earnings per share for the quarter, topping the consensus estimate of $2.41 by $0.03. The business had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.86 billion. Broadridge Financial Solutions had a net margin of 11.65% and a return on equity of 44.82%. The firm's revenue for the quarter was up 5.0% on a year-over-year basis. During the same period in the previous year, the firm posted $2.23 earnings per share. As a group, research analysts expect that Broadridge Financial Solutions, Inc. will post 8.53 earnings per share for the current year.

Broadridge Financial Solutions Dividend Announcement

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

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.