Parnassus Investments LLC Sells 21,111 Shares of Broadridge Financial Solutions, Inc. $BR

Key Points

• Parnassus Investments LLC reduced its stake in Broadridge Financial Solutions by 4.6%, selling 21,111 shares and retaining 438,481 shares valued at approximately $106.3 million.
• Broadridge has seen several institutional investors shift their holdings, with 90.03% of the company's stock now owned by such entities.
• The company announced a quarterly dividend increase to $0.975 per share, translating to an annual yield of 1.5%, payable on October 2nd.

Parnassus Investments LLC lessened its position in Broadridge Financial Solutions, Inc. (NYSE:BR - Free Report) by 4.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 438,481 shares of the business services provider's stock after selling 21,111 shares during the quarter. Parnassus Investments LLC owned 0.37% of Broadridge Financial Solutions worth $106,314,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. State of Wyoming lifted its holdings in shares of Broadridge Financial Solutions by 7,766.7% in the 1st quarter. State of Wyoming now owns 1,652 shares of the business services provider's stock worth $401,000 after acquiring an additional 1,631 shares during the last quarter. B. Metzler seel. Sohn & Co. AG lifted its holdings in shares of Broadridge Financial Solutions by 3.5% in the 1st quarter. B. Metzler seel. Sohn & Co. AG now owns 207,437 shares of the business services provider's stock worth $50,295,000 after acquiring an additional 6,936 shares during the last quarter. CreativeOne Wealth LLC lifted its holdings in shares of Broadridge Financial Solutions by 12.8% in the 1st quarter. CreativeOne Wealth LLC now owns 2,209 shares of the business services provider's stock worth $536,000 after acquiring an additional 251 shares during the last quarter. Walleye Capital LLC bought a new stake in shares of Broadridge Financial Solutions in the 1st quarter worth about $2,090,000. Finally, Enterprise Financial Services Corp bought a new stake in shares of Broadridge Financial Solutions in the 1st quarter worth about $209,000. Institutional investors own 90.03% of the company's stock.

Broadridge Financial Solutions Stock Down 0.4%

Shares of NYSE:BR traded down $1.12 during trading hours on Friday, hitting $255.95. The company's stock had a trading volume of 817,491 shares, compared to its average volume of 789,682. Broadridge Financial Solutions, Inc. has a 52 week low of $206.95 and a 52 week high of $271.91. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.98 and a quick ratio of 0.98. The company has a market capitalization of $29.98 billion, a price-to-earnings ratio of 36.10 and a beta of 0.96. The firm's fifty day moving average price is $249.38 and its 200 day moving average price is $241.10.

Broadridge Financial Solutions (NYSE:BR - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The business services provider reported $3.55 EPS for the quarter, beating the consensus estimate of $3.51 by $0.04. Broadridge Financial Solutions had a net margin of 12.19% and a return on equity of 42.72%. The business had revenue of $2.07 billion during the quarter, compared to analyst estimates of $2.06 billion. During the same quarter in the previous year, the business posted $3.50 EPS. The company's quarterly revenue was up 6.2% compared to the same quarter last year. Broadridge Financial Solutions has set its FY 2026 guidance at 9.230-9.580 EPS. As a group, research 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 declared a quarterly dividend, which will be paid on Thursday, October 2nd. Stockholders of record on Thursday, September 11th will be issued a $0.975 dividend. The ex-dividend date is Thursday, September 11th. This represents a $3.90 annualized dividend and a dividend yield of 1.5%. This is an increase from Broadridge Financial Solutions's previous quarterly dividend of $0.88. Broadridge Financial Solutions's dividend payout ratio (DPR) is presently 49.65%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on BR. Royal Bank Of Canada reiterated an "outperform" rating and set a $259.00 price objective on shares of Broadridge Financial Solutions in a report on Monday, May 19th. Wall Street Zen upgraded shares of Broadridge Financial Solutions from a "hold" rating to a "buy" rating in a report on Friday, May 9th. UBS Group lifted their price objective on shares of Broadridge Financial Solutions from $250.00 to $280.00 and gave the company a "neutral" rating in a report on Friday, August 8th. Needham & Company LLC lifted their price objective on shares of Broadridge Financial Solutions from $300.00 to $305.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. Finally, Morgan Stanley lifted their price objective on shares of Broadridge Financial Solutions from $222.00 to $261.00 and gave the company an "equal weight" rating in a report on Wednesday, August 6th. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $261.50.

Insider Activity

In other news, CEO Timothy C. Gokey sold 5,674 shares of the business's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $258.37, for a total value of $1,465,991.38. Following the completion of the sale, the chief executive officer owned 143,285 shares in the company, valued at approximately $37,020,545.45. The trade was a 3.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Christopher John Perry sold 7,036 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $262.72, for a total transaction of $1,848,497.92. Following the transaction, the president owned 48,813 shares of the company's stock, valued at approximately $12,824,151.36. This trade represents a 12.60% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 151,088 shares of company stock worth $39,281,601. 1.30% of the stock is currently owned by corporate insiders.

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.