ING Groep NV Sells 4,387 Shares of Broadridge Financial Solutions, Inc. (NYSE:BR)

Key Points

• ING Groep NV reduced its stake in Broadridge Financial Solutions by 8.9% during the first quarter, owning 45,002 shares valued at approximately $10.91 million after selling 4,387 shares.
• Several institutional investors have significantly increased their holdings in Broadridge, with GAMMA Investing boosting its stake by 31,011.4% and Price T Rowe Associates increasing by 50.0%.
• Brokers are optimistic about Broadridge, with Royal Bank of Canada rating the stock as outperform and setting a price target of $259, while Needham & Company initiated coverage with a buy rating and a $300 target.

ING Groep NV cut its stake in shares of Broadridge Financial Solutions, Inc. (NYSE:BR - Free Report) by 8.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 45,002 shares of the business services provider's stock after selling 4,387 shares during the quarter. ING Groep NV's holdings in Broadridge Financial Solutions were worth $10,911,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Golden State Wealth Management LLC acquired a new position in shares of Broadridge Financial Solutions during the first quarter worth approximately $29,000. Whipplewood Advisors LLC raised its stake in Broadridge Financial Solutions by 2,620.0% in the 1st quarter. Whipplewood Advisors LLC now owns 136 shares of the business services provider's stock valued at $33,000 after acquiring an additional 131 shares during the period. Minot DeBlois Advisors LLC bought a new position in Broadridge Financial Solutions in the 4th quarter worth approximately $34,000. Continuum Advisory LLC increased its position in shares of Broadridge Financial Solutions by 48.4% during the first quarter. Continuum Advisory LLC now owns 141 shares of the business services provider's stock valued at $34,000 after buying an additional 46 shares during the period. Finally, Gen Wealth Partners Inc bought a new position in Broadridge Financial Solutions in the 4th quarter valued at $36,000. 90.03% of the stock is currently owned by institutional investors.

Insider Transactions at Broadridge Financial Solutions

In related news, VP Thomas P. Carey sold 3,607 shares of Broadridge Financial Solutions stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $237.26, for a total transaction of $855,796.82. Following the transaction, the vice president owned 6,077 shares of the company's stock, valued at $1,441,829.02. This trade represents a 37.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Maura A. Markus sold 3,556 shares of the business's stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $243.08, for a total value of $864,392.48. Following the completion of the transaction, the director directly owned 30,892 shares of the company's stock, valued at approximately $7,509,227.36. The trade was a 10.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,048 shares of company stock valued at $4,101,083 in the last ninety days. 1.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on BR shares. Needham & Company LLC upped 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. Morgan Stanley lifted their target price on shares of Broadridge Financial Solutions from $222.00 to $261.00 and gave the company an "equal weight" rating in a research note on Wednesday. Royal Bank Of Canada restated an "outperform" rating and set a $259.00 target price on shares of Broadridge Financial Solutions in a research report on Monday, May 19th. Finally, Wall Street Zen raised Broadridge Financial Solutions from a "hold" rating to a "buy" rating in a report on Friday, May 9th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $258.17.

Broadridge Financial Solutions Trading Down 0.3%

NYSE BR traded down $0.80 during mid-day trading on Thursday, hitting $266.09. The company's stock had a trading volume of 1,263,361 shares, compared to its average volume of 902,786. Broadridge Financial Solutions, Inc. has a 52-week low of $206.29 and a 52-week high of $271.91. The firm has a market capitalization of $31.17 billion, a P/E ratio of 37.53 and a beta of 0.94. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.98 and a quick ratio of 1.32. The stock's fifty day simple moving average is $243.20 and its two-hundred day simple moving average is $238.72.

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

Broadridge Financial Solutions Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 2nd. Investors of record on Thursday, September 11th will be given a dividend of $0.975 per share. This represents a $3.90 dividend on an annualized basis and a yield of 1.5%. 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. Broadridge Financial Solutions's dividend payout ratio (DPR) is 49.65%.

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.