Broadridge Financial Solutions, Inc. (NYSE:BR) Stock Position Lessened by Westpac Banking Corp

Key Points

• Westpac Banking Corp reduced its holdings in Broadridge Financial Solutions by 43.2% in the first quarter, now owning 11,175 shares valued at $2.7 million.
• Broadridge reported a quarterly earnings per share (EPS) of $3.55, surpassing analysts' estimates of $3.51, with revenue rising 6.2% year-over-year.
• The company announced a quarterly dividend of $0.975 per share, an increase from the previous $0.88, representing an annual yield of 1.5%.

Westpac Banking Corp lowered its holdings in Broadridge Financial Solutions, Inc. (NYSE:BR - Free Report) by 43.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,175 shares of the business services provider's stock after selling 8,513 shares during the quarter. Westpac Banking Corp's holdings in Broadridge Financial Solutions were worth $2,709,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Public Sector Pension Investment Board raised its stake in shares of Broadridge Financial Solutions by 9.4% during the 1st quarter. Public Sector Pension Investment Board now owns 15,972 shares of the business services provider's stock worth $3,873,000 after buying an additional 1,366 shares during the last quarter. Nuveen LLC acquired a new position in Broadridge Financial Solutions in the 1st quarter valued at about $91,445,000. Aigen Investment Management LP acquired a new position in Broadridge Financial Solutions in the 1st quarter valued at about $1,351,000. Strengthening Families & Communities LLC grew its holdings in Broadridge Financial Solutions by 3.0% in the 1st quarter. Strengthening Families & Communities LLC now owns 13,153 shares of the business services provider's stock valued at $3,164,000 after buying an additional 386 shares during the period. Finally, King Luther Capital Management Corp grew its holdings in Broadridge Financial Solutions by 3.7% in the 1st quarter. King Luther Capital Management Corp now owns 265,380 shares of the business services provider's stock valued at $64,344,000 after buying an additional 9,391 shares during the period. Institutional investors and hedge funds own 90.03% of the company's stock.

Insider Buying and Selling at Broadridge Financial Solutions

In related news, President Christopher John Perry sold 7,036 shares of the company'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 sale, the president directly owned 48,813 shares of the company's stock, valued at approximately $12,824,151.36. This represents a 12.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Pamela L. Carter sold 4,829 shares of the company's stock in a transaction 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 transaction, the director owned 7,242 shares of the company's stock, valued at approximately $1,754,229.66. The trade was a 40.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 155,299 shares of company stock worth $40,196,503. 1.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on BR. Wall Street Zen upgraded Broadridge Financial Solutions from a "hold" rating to a "buy" rating in a report on Friday, May 9th. Royal Bank Of Canada reiterated an "outperform" rating and set a $259.00 target price on shares of Broadridge Financial Solutions in a report on Monday, May 19th. 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 report on Wednesday, August 6th. 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 report on Wednesday, August 6th. Finally, UBS Group upped their price target on Broadridge Financial Solutions from $250.00 to $280.00 and gave the stock a "neutral" rating in a report on Friday, August 8th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $261.50.

Broadridge Financial Solutions Stock Up 0.5%

Shares of BR traded up $1.19 during trading on Friday, reaching $260.42. The company's stock had a trading volume of 803,783 shares, compared to its average volume of 993,782. The company has a fifty day moving average of $245.40 and a two-hundred day moving average of $239.80. Broadridge Financial Solutions, Inc. has a twelve month low of $206.95 and a twelve month high of $271.91. The company has a market cap of $30.50 billion, a price-to-earnings ratio of 36.73 and a beta of 0.94. 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 announced its earnings results on Tuesday, August 5th. The business services provider reported $3.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 company had revenue of $2.07 billion for the quarter, compared to analyst estimates of $2.06 billion. During the same period in the prior year, the company posted $3.50 EPS. Broadridge Financial Solutions's quarterly revenue was up 6.2% on a year-over-year basis. On average, sell-side analysts predict that Broadridge Financial Solutions, Inc. will post 8.53 EPS for the current fiscal year.

Broadridge Financial Solutions Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 2nd. Investors of record on Thursday, September 11th will be given a dividend of $0.975 per share. The ex-dividend date of this dividend 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 is currently 49.65%.

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.