Marks Group Wealth Management Inc increased its position in Broadridge Financial Solutions, Inc. (NYSE:BR) by 1.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 36,101 shares of the business services provider’s stock after acquiring an additional 531 shares during the period. Marks Group Wealth Management Inc’s holdings in Broadridge Financial Solutions were worth $5,833,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also recently added to or reduced their stakes in BR. IndexIQ Advisors LLC grew its stake in shares of Broadridge Financial Solutions by 3.2% during the 2nd quarter. IndexIQ Advisors LLC now owns 1,900 shares of the business services provider’s stock worth $307,000 after purchasing an additional 59 shares during the period. First Horizon Advisors Inc. grew its position in shares of Broadridge Financial Solutions by 10.7% during the 2nd quarter. First Horizon Advisors Inc. now owns 619 shares of the business services provider’s stock valued at $100,000 after acquiring an additional 60 shares during the period. Fort L.P. raised its holdings in Broadridge Financial Solutions by 0.7% in the 1st quarter. Fort L.P. now owns 11,826 shares of the business services provider’s stock worth $1,811,000 after purchasing an additional 80 shares during the period. Sandy Spring Bank boosted its position in Broadridge Financial Solutions by 38.0% during the second quarter. Sandy Spring Bank now owns 294 shares of the business services provider’s stock worth $47,000 after purchasing an additional 81 shares in the last quarter. Finally, Ropes Wealth Advisors LLC raised its stake in shares of Broadridge Financial Solutions by 2.1% during the 2nd quarter. Ropes Wealth Advisors LLC now owns 4,124 shares of the business services provider’s stock worth $666,000 after buying an additional 84 shares during the period. 86.60% of the stock is owned by hedge funds and other institutional investors.
In related news, President Christopher John Perry sold 12,621 shares of Broadridge Financial Solutions stock in a transaction on Wednesday, July 14th. The shares were sold at an average price of $170.04, for a total value of $2,146,074.84. Following the transaction, the president now directly owns 68,783 shares in the company, valued at approximately $11,695,861.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Vijay Mayadas sold 1,093 shares of Broadridge Financial Solutions stock in a transaction that occurred on Tuesday, September 7th. The shares were sold at an average price of $169.42, for a total value of $185,176.06. Following the completion of the sale, the vice president now directly owns 25,023 shares in the company, valued at approximately $4,239,396.66. The disclosure for this sale can be found here. Insiders have sold a total of 54,576 shares of company stock valued at $9,478,456 in the last quarter. 2.00% of the stock is currently owned by company insiders.
Broadridge Financial Solutions (NYSE:BR) last announced its quarterly earnings data on Wednesday, August 11th. The business services provider reported $2.19 earnings per share (EPS) for the quarter, meeting the consensus estimate of $2.19. The business had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.47 billion. Broadridge Financial Solutions had a return on equity of 42.69% and a net margin of 10.96%. During the same period last year, the firm earned $2.15 earnings per share. Equities research analysts expect that Broadridge Financial Solutions, Inc. will post 6.37 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 5th. Investors of record on Wednesday, September 15th will be paid a $0.64 dividend. The ex-dividend date is Tuesday, September 14th. This represents a $2.56 dividend on an annualized basis and a yield of 1.50%. This is an increase from Broadridge Financial Solutions’s previous quarterly dividend of $0.58. Broadridge Financial Solutions’s payout ratio is currently 40.64%.
BR has been the subject of several research analyst reports. DA Davidson upped their price target on shares of Broadridge Financial Solutions from $152.00 to $158.00 and gave the stock a “neutral” rating in a research report on Monday, August 16th. They noted that the move was a valuation call. JPMorgan Chase & Co. upped their price objective on shares of Broadridge Financial Solutions from $181.00 to $197.00 and gave the company a “neutral” rating in a report on Tuesday, August 17th. Finally, Raymond James lifted their target price on Broadridge Financial Solutions from $185.00 to $187.00 and gave the company an “outperform” rating in a research report on Friday, August 13th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $178.60.
Broadridge Financial Solutions Profile
Broadridge Financial Solutions, Inc engages in the provision of investor communications and technology solutions to banks, broker-dealers, mutual funds, and corporate issuers. It operates through the following segments: Investor Communication Solutions and Global Technology and Operations. The Investor Communication Solutions segment offers services for broker-dealer investor communication, customer communication, corporate issuer, advisor solutions, and mutual fund and retirement solutions.
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