Westpac Banking Corp Acquires New Position in Broadridge Financial Solutions, Inc. $BR

Key Points

• Westpac Banking Corp acquired 30,209 shares of Broadridge Financial Solutions during the second quarter, valued at approximately $4.14 million. Institutional investors collectively own 90.03% of the company.
• Broadridge exceeded quarterly expectations, reporting $3.82 in EPS versus the $3.76 consensus and $2.22 billion in revenue, up 7.5% year over year.
• The company increased its quarterly dividend from $0.97 to $1.09 per share, equivalent to a $4.36 annualized payout and a 2.4% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $215.86.

Westpac Banking Corp acquired a new position in shares of Broadridge Financial Solutions, Inc. (NYSE:BR - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 30,209 shares of the business services provider's stock, valued at approximately $4,137,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Reflection Asset Management purchased a new stake in shares of Broadridge Financial Solutions during the 4th quarter worth approximately $25,000. Nemes Rush Group LLC purchased a new position in Broadridge Financial Solutions in the 4th quarter valued at approximately $27,000. Prosperity Bancshares Inc purchased a new stake in Broadridge Financial Solutions during the fourth quarter worth $28,000. Bell Investment Advisors Inc purchased a new stake in Broadridge Financial Solutions during the second quarter worth $29,000. Finally, WPG Advisers LLC grew its holdings in Broadridge Financial Solutions by 77.5% in the fourth quarter. WPG Advisers LLC now owns 142 shares of the business services provider's stock valued at $32,000 after purchasing an additional 62 shares during the last quarter. 90.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Hope M. Jarkowski sold 1,966 shares of Broadridge Financial Solutions stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $155.00, for a total value of $304,730.00. Following the completion of the sale, the insider owned 1 shares of the company's stock, 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 Securities & Exchange Commission, which is available at the SEC website. 1.10% of the stock is owned by company insiders.

Broadridge Financial Solutions Stock Up 2.0%

BR opened at $182.12 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 1.15. The firm has a market cap of $20.77 billion, a P/E ratio of 18.93 and a beta of 0.87. Broadridge Financial Solutions, Inc. has a 52 week low of $133.83 and a 52 week high of $264.10. The business's fifty day simple moving average is $152.70 and its 200 day simple moving average is $160.54.

Broadridge Financial Solutions (NYSE:BR - Get Free Report) last released its earnings results on Tuesday, August 4th. The business services provider reported $3.82 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.76 by $0.06. The company had revenue of $2.22 billion for the quarter, compared to analyst estimates of $2.17 billion. Broadridge Financial Solutions had a net margin of 15.04% and a return on equity of 40.25%. The firm's quarterly revenue was up 7.5% on a year-over-year basis. During the same period in the prior year, the firm earned $3.55 EPS. Broadridge Financial Solutions has set its FY 2027 guidance at 10.370-10.750 EPS. As a group, equities research analysts anticipate that Broadridge Financial Solutions, Inc. will post 10.54 EPS for the current fiscal year.

Broadridge Financial Solutions Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 5th. Shareholders of record on Thursday, September 3rd will be paid a dividend of $1.09 per share. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $4.36 dividend on an annualized basis and a dividend yield of 2.4%. This is a boost from Broadridge Financial Solutions's previous quarterly dividend of $0.97. Broadridge Financial Solutions's dividend payout ratio is currently 40.54%.

Analysts Set New Price Targets

BR has been the subject of a number of research analyst reports. Needham & Company LLC dropped their price target on Broadridge Financial Solutions from $255.00 to $230.00 and set a "buy" rating for the company in a research report on Friday, May 1st. Royal Bank Of Canada raised their target price on shares of Broadridge Financial Solutions from $200.00 to $225.00 and gave the company an "outperform" rating in a report on Wednesday, August 5th. UBS Group restated a "neutral" rating and set a $180.00 target price on shares of Broadridge Financial Solutions in a research report on Monday. Morgan Stanley upped their price target on shares of Broadridge Financial Solutions from $169.00 to $176.00 and gave the company an "equal weight" rating in a report on Thursday, August 6th. Finally, Weiss Ratings reiterated a "hold (c-)" rating on shares of Broadridge Financial Solutions in a research report on Friday, August 7th. Four research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Broadridge Financial Solutions presently has an average rating of "Moderate Buy" and an average price target of $215.86.

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.

Want to see what other hedge funds are holding BR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadridge Financial Solutions, Inc. (NYSE:BR - Free Report).

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