New Age Alpha Advisors LLC Cuts Stock Holdings in Broadridge Financial Solutions, Inc. (NYSE:BR)

Key Points

• New Age Alpha Advisors LLC has cut its stock holdings in Broadridge Financial Solutions, Inc. by 38.2%, now owning 26,355 shares valued at approximately $6.39 million.
• Various institutional investors have made significant adjustments, including Whipplewood Advisors LLC, which boosted its position by 2,620% during the first quarter.
• Broadridge Financial Solutions recently declared a $0.88 quarterly dividend, representing an annualized yield of 1.4%.

New Age Alpha Advisors LLC trimmed its position in Broadridge Financial Solutions, Inc. (NYSE:BR - Free Report) by 38.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 26,355 shares of the business services provider's stock after selling 16,276 shares during the period. New Age Alpha Advisors LLC's holdings in Broadridge Financial Solutions were worth $6,390,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Brighton Jones LLC bought a new position in Broadridge Financial Solutions in the fourth quarter valued at $580,000. Wellington Management Group LLP raised its stake in shares of Broadridge Financial Solutions by 28.4% during the fourth quarter. Wellington Management Group LLP now owns 4,636 shares of the business services provider's stock valued at $1,048,000 after acquiring an additional 1,026 shares during the last quarter. Resona Asset Management Co. Ltd. purchased a new position in shares of Broadridge Financial Solutions during the fourth quarter valued at approximately $8,634,000. Dynamic Technology Lab Private Ltd bought a new position in Broadridge Financial Solutions in the 4th quarter worth $337,000. Finally, Envestnet Asset Management Inc. raised its stake in Broadridge Financial Solutions by 12.9% in the fourth quarter. Envestnet Asset Management Inc. now owns 714,545 shares of the business services provider's stock worth $161,552,000 after buying an additional 81,737 shares in the last quarter. 90.03% of the stock is currently owned by hedge funds and other institutional investors.

Broadridge Financial Solutions Price Performance

Shares of NYSE:BR traded down $0.29 during mid-day trading on Friday, reaching $266.19. The stock had a trading volume of 536,088 shares, compared to its average volume of 585,513. The company has a market cap of $31.18 billion, a P/E ratio of 37.54 and a beta of 0.94. Broadridge Financial Solutions, Inc. has a 1 year low of $206.29 and a 1 year high of $271.91. The business's 50 day moving average price is $243.20 and its 200 day moving average price is $238.72. The company has a current ratio of 0.98, a quick ratio of 1.32 and a debt-to-equity ratio of 1.04.

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

Broadridge Financial Solutions Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 2nd. Shareholders of record on Thursday, September 11th will be given a $0.975 dividend. 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 currently 49.65%.

Wall Street Analyst Weigh In

BR has been the subject of a number of research reports. Needham & Company LLC increased their price objective on Broadridge Financial Solutions from $300.00 to $305.00 and gave the stock a "buy" rating in a report on Wednesday. Wall Street Zen raised Broadridge Financial Solutions from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Morgan Stanley upped 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. Royal Bank Of Canada reissued an "outperform" rating and set a $259.00 price objective on shares of Broadridge Financial Solutions in a research report on Monday, May 19th. Finally, UBS Group lifted their price target on shares of Broadridge Financial Solutions from $250.00 to $280.00 and gave the company a "neutral" rating in a report on Friday. Five analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $261.50.

Insiders Place Their Bets

In related news, VP Thomas P. Carey sold 3,607 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $237.26, for a total value 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 filing with the SEC, which is accessible through the SEC website. Also, Director Maura A. Markus sold 3,556 shares of Broadridge Financial Solutions stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $243.08, for a total transaction of $864,392.48. Following the sale, the director owned 30,892 shares of the company's stock, valued at $7,509,227.36. The trade was a 10.32% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,048 shares of company stock worth $4,101,083. Insiders own 1.30% of the company's stock.

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.