Russell Investments Group Ltd. Acquires 49,744 Shares of Broadridge Financial Solutions, Inc. (NYSE:BR)

Key Points

• Russell Investments Group Ltd. increased its stake in Broadridge Financial Solutions by 65.3%, acquiring an additional 49,744 shares and owning a total of 125,879 shares valued at approximately $30.5 million.
• Brokerages have raised their target prices for Broadridge Financial Solutions, with Morgan Stanley increasing its target from $222.00 to $261.00 and Needham & Company boosting it from $300.00 to $305.00 amid positive stock ratings.
• Broadridge Financial Solutions announced a quarterly dividend increase to $0.975, up from $0.88, reflecting a strong commitment to returning value to shareholders.

Russell Investments Group Ltd. grew its holdings in Broadridge Financial Solutions, Inc. (NYSE:BR - Free Report) by 65.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 125,879 shares of the business services provider's stock after acquiring an additional 49,744 shares during the quarter. Russell Investments Group Ltd. owned 0.11% of Broadridge Financial Solutions worth $30,463,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Golden State Wealth Management LLC acquired a new position in Broadridge Financial Solutions during the first quarter worth about $29,000. Whipplewood Advisors LLC raised its stake in Broadridge Financial Solutions by 2,620.0% during the first quarter. Whipplewood Advisors LLC now owns 136 shares of the business services provider's stock worth $33,000 after acquiring an additional 131 shares in the last quarter. Continuum Advisory LLC raised its stake in Broadridge Financial Solutions by 48.4% during the first quarter. Continuum Advisory LLC now owns 141 shares of the business services provider's stock worth $34,000 after acquiring an additional 46 shares in the last quarter. Clal Insurance Enterprises Holdings Ltd raised its stake in Broadridge Financial Solutions by 450.0% during the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 143 shares of the business services provider's stock worth $35,000 after acquiring an additional 117 shares in the last quarter. Finally, Olde Wealth Management LLC acquired a new position in Broadridge Financial Solutions during the first quarter worth about $36,000. Institutional investors own 90.03% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on BR. Morgan Stanley boosted their target price on Broadridge Financial Solutions from $222.00 to $261.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 6th. Royal Bank Of Canada reissued an "outperform" rating and set a $259.00 target price on shares of Broadridge Financial Solutions in a research note on Monday, May 19th. Needham & Company LLC boosted their target price on Broadridge Financial Solutions from $300.00 to $305.00 and gave the stock a "buy" 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 research note on Friday, May 9th. Finally, UBS Group upped their price objective on Broadridge Financial Solutions from $250.00 to $280.00 and gave the company a "neutral" rating in a research note on Friday, August 8th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, Broadridge Financial Solutions currently has an average rating of "Hold" and an average price target of $261.50.

Insiders Place Their Bets

In related news, Director Pamela L. Carter sold 4,829 shares of the company's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $242.23, for a total value of $1,169,728.67. Following the sale, the director directly owned 7,242 shares in the company, valued at $1,754,229.66. This represents a 40.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Maura A. Markus sold 3,556 shares of the stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $243.08, for a total value of $864,392.48. Following the transaction, the director owned 30,892 shares in the company, valued at $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 a total of 155,299 shares of company stock valued at $40,196,503 over the last three months. Insiders own 1.30% of the company's stock.

Broadridge Financial Solutions Stock Performance

Broadridge Financial Solutions stock opened at $260.42 on Friday. The business has a 50 day moving average of $245.40 and a 200-day moving average of $239.78. Broadridge Financial Solutions, Inc. has a 1 year low of $206.95 and a 1 year 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 $30.50 billion, a P/E ratio of 36.73 and a beta of 0.94.

Broadridge Financial Solutions (NYSE:BR - Get Free Report) last announced its 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 return on equity of 42.72% and a net margin of 12.19%. The business had revenue of $2.07 billion for the quarter, compared to analysts' expectations of $2.06 billion. During the same period in the prior year, the business posted $3.50 earnings per share. The firm's revenue was up 6.2% on a year-over-year basis. On average, equities research analysts predict 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 will be paid on Thursday, October 2nd. Investors of record on Thursday, September 11th will be issued a $0.975 dividend. The ex-dividend date is Thursday, September 11th. This is a boost from Broadridge Financial Solutions's previous quarterly dividend of $0.88. This represents a $3.90 annualized dividend and a yield of 1.5%. Broadridge Financial Solutions's dividend payout ratio (DPR) is currently 49.65%.

Broadridge Financial Solutions Company 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.

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