Broadridge Financial Solutions, Inc. (NYSE:BR) announced a quarterly dividend on Friday, May 4th, Wall Street Journal reports. Investors of record on Friday, June 15th will be given a dividend of 0.365 per share by the business services provider on Tuesday, July 3rd. This represents a $1.46 annualized dividend and a yield of 1.26%. The ex-dividend date of this dividend is Thursday, June 14th.
Broadridge Financial Solutions has increased its dividend payment by an average of 14.6% per year over the last three years and has increased its dividend every year for the last 10 years. Broadridge Financial Solutions has a dividend payout ratio of 39.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Broadridge Financial Solutions to earn $4.50 per share next year, which means the company should continue to be able to cover its $1.46 annual dividend with an expected future payout ratio of 32.4%.
NYSE:BR opened at $116.23 on Wednesday. Broadridge Financial Solutions has a one year low of $71.58 and a one year high of $119.99. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.57 and a current ratio of 1.57. The stock has a market cap of $13.83 billion, a P/E ratio of 37.13, a price-to-earnings-growth ratio of 2.79 and a beta of 0.86.
Several research analysts have recently issued reports on the stock. ValuEngine upgraded shares of Broadridge Financial Solutions from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, May 2nd. DA Davidson upped their target price on shares of Broadridge Financial Solutions from $90.00 to $92.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 28th. Zacks Investment Research downgraded shares of Broadridge Financial Solutions from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 3rd. Finally, Sandler O’Neill reiterated a “hold” rating and issued a $101.00 target price on shares of Broadridge Financial Solutions in a research note on Thursday, February 15th. Six analysts have rated the stock with a hold rating and one has given a buy rating to the company. Broadridge Financial Solutions currently has a consensus rating of “Hold” and a consensus target price of $100.25.
In related news, CEO Richard J. Daly sold 26,000 shares of the stock in a transaction that occurred on Tuesday, April 3rd. The shares were sold at an average price of $107.44, for a total transaction of $2,793,440.00. Following the transaction, the chief executive officer now owns 337,845 shares in the company, valued at $36,298,066.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Adam D. Amsterdam sold 10,000 shares of the stock in a transaction that occurred on Tuesday, June 5th. The shares were sold at an average price of $117.97, for a total transaction of $1,179,700.00. Following the transaction, the insider now owns 10,882 shares in the company, valued at approximately $1,283,749.54. The disclosure for this sale can be found here. In the last quarter, insiders sold 203,270 shares of company stock worth $23,520,457. Insiders own 2.60% of the company’s stock.
About Broadridge Financial Solutions
Broadridge Financial Solutions, Inc provides investor communications and technology-driven solutions for the financial services industry worldwide. 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 offers ProxyEdge, an electronic proxy delivery and voting solution.
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