Royal Bank of Canada Has $39.05 Million Holdings in Broadridge Financial Solutions, Inc. $BR

Key Points

• Royal Bank of Canada reduced its Broadridge Financial Solutions stake by 20.2% in the first quarter, selling 61,004 shares and retaining 240,319 shares valued at approximately $39.05 million.
• Institutional investors own about 90.03% of Broadridge, while analysts maintain a “Moderate Buy” consensus with an average price target of $221.57, despite several recent target cuts.
• Broadridge shares opened at $157.41, and the company pays a quarterly dividend of $0.975 per share, equivalent to an annualized $3.90 dividend and a 2.5% yield.

Royal Bank of Canada lessened its stake in Broadridge Financial Solutions, Inc. (NYSE:BR - Free Report) by 20.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 240,319 shares of the business services provider's stock after selling 61,004 shares during the quarter. Royal Bank of Canada owned about 0.21% of Broadridge Financial Solutions worth $39,047,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Empowered Funds LLC grew its position in shares of Broadridge Financial Solutions by 29.9% during the 1st quarter. Empowered Funds LLC now owns 48,430 shares of the business services provider's stock worth $7,869,000 after buying an additional 11,152 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Broadridge Financial Solutions by 481.9% in the 1st quarter. The Manufacturers Life Insurance Company now owns 386,435 shares of the business services provider's stock valued at $62,788,000 after acquiring an additional 320,022 shares during the period. SummitTX Capital L.P. bought a new position in Broadridge Financial Solutions during the 1st quarter worth approximately $1,325,000. Lazard Asset Management LLC bought a new position in Broadridge Financial Solutions during the 1st quarter worth approximately $1,153,000. Finally, OMERS ADMINISTRATION Corp increased its stake in Broadridge Financial Solutions by 31.1% in the first quarter. OMERS ADMINISTRATION Corp now owns 5,539 shares of the business services provider's stock valued at $900,000 after purchasing an additional 1,314 shares in the last quarter. Institutional investors own 90.03% of the company's stock.

Insider Activity

In other news, insider Hope M. Jarkowski sold 1,966 shares of the business's stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $155.00, for a total value of $304,730.00. Following the sale, the insider directly owned 1 shares in the company, valued at $155. The trade was a 99.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.10% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. DA Davidson reduced their price target on shares of Broadridge Financial Solutions from $228.00 to $214.00 and set a "buy" rating on the stock in a research report on Tuesday, May 5th. UBS Group dropped their price objective on Broadridge Financial Solutions from $250.00 to $165.00 and set a "neutral" rating on the stock in a research note on Monday, May 4th. Weiss Ratings cut Broadridge Financial Solutions from a "hold (c)" rating to a "hold (c-)" rating in a research note on Monday, May 11th. Needham & Company LLC lowered their price target on Broadridge Financial Solutions from $255.00 to $230.00 and set a "buy" rating for the company in a report on Friday, May 1st. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $200.00 price target on shares of Broadridge Financial Solutions in a research report on Monday, June 22nd. Four research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $221.57.

Broadridge Financial Solutions Trading Up 2.3%

Shares of NYSE:BR opened at $157.41 on Tuesday. Broadridge Financial Solutions, Inc. has a 12 month low of $133.83 and a 12 month high of $271.91. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.97. The company's fifty day simple moving average is $146.94 and its 200 day simple moving average is $164.00. The firm has a market cap of $18.21 billion, a price-to-earnings ratio of 16.85 and a beta of 0.87.

Broadridge Financial Solutions Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 2nd. Shareholders of record on Friday, June 12th were issued a dividend of $0.975 per share. This represents a $3.90 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Friday, June 12th. Broadridge Financial Solutions's dividend payout ratio is 41.76%.

About Broadridge Financial Solutions

Broadridge Financial Solutions is a global fintech company that provides technology-driven solutions and outsourcing services to the financial services industry. The firm's core offerings center on investor communications, securities processing and post-trade services, and technology platforms that support capital markets and wealth management operations. Broadridge positions itself as a provider of mission-critical infrastructure that helps financial institutions manage regulatory requirements, investor engagement and operational complexity.

Products and services include proxy and shareholder communications, investor disclosure and digital communications, proxy voting and tabulation, clearing and settlement support, trade processing and reconciliation, and a range of software-as-a-service platforms for wealth and asset managers.

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