Northern Trust Corp cut its position in Broadridge Financial Solutions, Inc. (NYSE:BR) by 10.7% in the 1st quarter, Holdings Channel reports. The firm owned 1,481,902 shares of the business services provider’s stock after selling 176,970 shares during the period. Northern Trust Corp’s holdings in Broadridge Financial Solutions were worth $153,659,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of the business. Whittier Trust Co. raised its position in shares of Broadridge Financial Solutions by 117.3% during the fourth quarter. Whittier Trust Co. now owns 289 shares of the business services provider’s stock worth $28,000 after acquiring an additional 156 shares during the last quarter. Roble Belko & Company Inc bought a new position in shares of Broadridge Financial Solutions during the first quarter worth about $30,000. Pinnacle Bank bought a new position in shares of Broadridge Financial Solutions during the fourth quarter worth about $34,000. 1832 Asset Management L.P. bought a new position in shares of Broadridge Financial Solutions during the fourth quarter worth about $39,000. Finally, Capital Financial Planning LLC bought a new position in shares of Broadridge Financial Solutions during the fourth quarter worth about $39,000. Hedge funds and other institutional investors own 84.10% of the company’s stock.
A number of equities research analysts have weighed in on the company. ValuEngine upgraded Broadridge Financial Solutions from a “hold” rating to a “buy” rating in a report on Friday, May 17th. Zacks Investment Research upgraded Broadridge Financial Solutions from a “hold” rating to a “buy” rating and set a $131.00 target price for the company in a report on Friday, May 10th. DA Davidson downgraded Broadridge Financial Solutions from a “buy” rating to a “neutral” rating and set a $128.00 target price for the company. in a report on Wednesday, May 8th. They noted that the move was a valuation call. SunTrust Banks lifted their target price on Broadridge Financial Solutions to $130.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Finally, Raymond James lifted their target price on Broadridge Financial Solutions from $125.00 to $127.00 and gave the stock an “outperform” rating in a report on Monday, May 20th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company has an average rating of “Buy” and an average target price of $126.00.
Broadridge Financial Solutions (NYSE:BR) last announced its quarterly earnings data on Tuesday, May 7th. The business services provider reported $1.59 EPS for the quarter, beating the Zacks’ consensus estimate of $1.49 by $0.10. Broadridge Financial Solutions had a return on equity of 48.71% and a net margin of 11.31%. The firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same quarter last year, the firm posted $1.00 earnings per share. The company’s revenue for the quarter was up 14.3% compared to the same quarter last year. Research analysts forecast that Broadridge Financial Solutions, Inc. will post 4.65 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 3rd. Shareholders of record on Friday, June 14th will be paid a $0.485 dividend. The ex-dividend date is Thursday, June 13th. This represents a $1.94 dividend on an annualized basis and a yield of 1.47%. Broadridge Financial Solutions’s dividend payout ratio (DPR) is presently 46.30%.
In other Broadridge Financial Solutions news, VP Thomas P. Carey sold 1,215 shares of the firm’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $108.82, for a total value of $132,216.30. Following the completion of the sale, the vice president now owns 4,202 shares of the company’s stock, valued at $457,261.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Robert F. Kalenka sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $132.58, for a total value of $1,060,640.00. Following the completion of the sale, the insider now directly owns 28,986 shares of the company’s stock, valued at approximately $3,842,963.88. The disclosure for this sale can be found here. Insiders sold 162,984 shares of company stock valued at $20,133,104 in the last three months. Insiders own 2.30% 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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