Independent Advisor Alliance Sells 6,944 Shares of Broadridge Financial Solutions, Inc. (NYSE:BR)

Key Points

• Independent Advisor Alliance has reduced its stake in Broadridge Financial Solutions by 29.4% in the first quarter, now holding 16,690 shares valued at approximately $4 million.
• Several institutions have actively traded Broadridge, with Nuveen LLC acquiring a new position worth $91.4 million, while others, like Strengthening Families & Communities LLC, increased their holdings.
• Broadridge Financial Solutions plans to boost its quarterly dividend to $0.975 per share, reflecting a 10.3% increase from the previous dividend, effective October 2nd.

Independent Advisor Alliance decreased its position in Broadridge Financial Solutions, Inc. (NYSE:BR - Free Report) by 29.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,690 shares of the business services provider's stock after selling 6,944 shares during the quarter. Independent Advisor Alliance's holdings in Broadridge Financial Solutions were worth $4,047,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Nuveen LLC bought a new position in shares of Broadridge Financial Solutions during the first quarter valued at $91,445,000. Aigen Investment Management LP bought a new position in shares of Broadridge Financial Solutions during the first quarter valued at $1,351,000. Strengthening Families & Communities LLC increased its holdings in shares of Broadridge Financial Solutions by 3.0% during the first quarter. Strengthening Families & Communities LLC now owns 13,153 shares of the business services provider's stock valued at $3,164,000 after acquiring an additional 386 shares in the last quarter. King Luther Capital Management Corp increased its holdings in shares of Broadridge Financial Solutions by 3.7% during the first quarter. King Luther Capital Management Corp now owns 265,380 shares of the business services provider's stock valued at $64,344,000 after acquiring an additional 9,391 shares in the last quarter. Finally, Pandora Wealth Inc. bought a new position in shares of Broadridge Financial Solutions during the first quarter valued at $770,000. Institutional investors own 90.03% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on BR. UBS Group raised their price target on Broadridge Financial Solutions from $250.00 to $280.00 and gave the company a "neutral" rating in a report on Friday. Morgan Stanley increased their price objective on Broadridge Financial Solutions from $222.00 to $261.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 6th. Needham & Company LLC increased their price objective on Broadridge Financial Solutions from $300.00 to $305.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Wall Street Zen raised Broadridge Financial Solutions from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $259.00 price objective on shares of Broadridge Financial Solutions in a research report on Monday, May 19th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $261.50.

Broadridge Financial Solutions Trading Down 0.9%

Shares of NYSE:BR opened at $263.47 on Tuesday. The stock has a market capitalization of $30.86 billion, a price-to-earnings ratio of 37.16 and a beta of 0.94. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.98 and a current ratio of 0.98. The stock's 50-day simple moving average is $244.10 and its two-hundred day simple moving average is $239.17. Broadridge Financial Solutions, Inc. has a 52-week low of $206.29 and a 52-week high of $271.91.

Broadridge Financial Solutions (NYSE:BR - Get Free Report) last announced its earnings results on Tuesday, August 5th. The business services provider reported $3.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.51 by $0.04. The business had revenue of $2.07 billion for the quarter, compared to analysts' expectations 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 for the quarter was up 6.2% on a year-over-year basis. During the same period last year, the firm posted $3.50 earnings per share. Analysts expect that Broadridge Financial Solutions, Inc. will post 8.53 EPS for the current year.

Broadridge Financial Solutions Increases Dividend

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

Insider Activity at Broadridge Financial Solutions

In related news, Director Pamela L. Carter sold 4,829 shares of Broadridge Financial Solutions stock in a transaction that occurred on 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 owned 7,242 shares of the company's stock, valued at approximately $1,754,229.66. This trade represents a 40.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Maura A. Markus sold 3,556 shares of Broadridge Financial Solutions stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $243.08, for a total value of $864,392.48. Following the completion of the sale, the director directly owned 30,892 shares in the company, valued at approximately $7,509,227.36. The trade was a 10.32% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,441 shares of company stock valued at $3,245,286. 1.30% of the stock is owned by company insiders.

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.

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