New York State Teachers Retirement System Raises Stock Holdings in Broadridge Financial Solutions, Inc. $BR

Key Points

• New York State Teachers Retirement System has increased its stake in Broadridge Financial Solutions, Inc. by 2.8%, now owning 90,148 shares valued at approximately $21.9 million.
• Broadridge recently announced a quarterly dividend of $0.975 per share, marking an increase from the previous dividend of $0.88, with a yield of 1.7%.
• Analysts have positive outlooks on Broadridge, with multiple firms raising their price targets, including Needham & Company increasing theirs to $305 and Morgan Stanley to $261.

New York State Teachers Retirement System increased its stake in shares of Broadridge Financial Solutions, Inc. (NYSE:BR - Free Report) by 2.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 90,148 shares of the business services provider's stock after purchasing an additional 2,438 shares during the quarter. New York State Teachers Retirement System owned approximately 0.08% of Broadridge Financial Solutions worth $21,909,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BR. ORG Partners LLC raised its stake in Broadridge Financial Solutions by 360.0% in the second quarter. ORG Partners LLC now owns 115 shares of the business services provider's stock valued at $28,000 after buying an additional 90 shares during the last quarter. Golden State Wealth Management LLC purchased a new stake in Broadridge Financial Solutions in the first quarter valued at about $29,000. Continuum Advisory LLC raised its stake in Broadridge Financial Solutions by 48.4% in 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 last quarter. Clal Insurance Enterprises Holdings Ltd raised its stake in Broadridge Financial Solutions by 450.0% in the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 143 shares of the business services provider's stock valued at $35,000 after buying an additional 117 shares during the last quarter. Finally, Olde Wealth Management LLC purchased a new stake in Broadridge Financial Solutions in the first quarter valued at about $36,000. 90.03% of the stock is currently owned by hedge funds and other institutional investors.

Broadridge Financial Solutions Stock Up 1.1%

Broadridge Financial Solutions stock opened at $228.97 on Friday. The firm has a market cap of $26.73 billion, a price-to-earnings ratio of 32.30 and a beta of 0.95. Broadridge Financial Solutions, Inc. has a 52 week low of $208.20 and a 52 week high of $271.91. The business's 50-day moving average price is $246.88 and its 200 day moving average price is $242.21. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.04.

Broadridge Financial Solutions (NYSE:BR - Get Free Report) last posted its earnings results on Thursday, March 3rd. The business services provider reported $0.73 EPS for the quarter. The firm had revenue of $1.05 billion for the quarter. Broadridge Financial Solutions had a return on equity of 42.72% and a net margin of 12.19%. As a group, sell-side analysts anticipate that Broadridge Financial Solutions, Inc. will post 8.53 earnings per share for the current year.

Broadridge Financial Solutions Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 2nd. Investors of record on Thursday, September 11th were issued a dividend of $0.975 per share. This represents a $3.90 annualized dividend and a yield of 1.7%. This is a positive change from Broadridge Financial Solutions's previous quarterly dividend of $0.88. The ex-dividend date of this dividend was Thursday, September 11th. Broadridge Financial Solutions's dividend payout ratio is 55.01%.

Insider Activity

In related news, CEO Timothy C. Gokey sold 5,674 shares of the firm's stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $258.37, for a total transaction of $1,465,991.38. Following the sale, the chief executive officer directly owned 143,285 shares of the company's stock, valued at $37,020,545.45. This trade represents a 3.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Christopher John Perry sold 7,036 shares of the firm's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $262.72, for a total value of $1,848,497.92. Following the sale, the president directly owned 48,813 shares in the company, valued at approximately $12,824,151.36. This trade represents a 12.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 147,532 shares of company stock worth $38,417,208. 1.10% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Morgan Stanley increased their price target on Broadridge Financial Solutions from $222.00 to $261.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 6th. Wall Street Zen raised Broadridge Financial Solutions from a "hold" rating to a "buy" rating in a report on Saturday, October 4th. 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 report on Wednesday, August 6th. UBS Group increased their price objective on Broadridge Financial Solutions from $250.00 to $280.00 and gave the company a "neutral" rating in a report on Friday, August 8th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Broadridge Financial Solutions in a report on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $261.50.

About Broadridge Financial Solutions

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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