Broadridge Financial Solutions (NYSE:BR) Sets New 1-Year High – Here’s What Happened

Shares of Broadridge Financial Solutions, Inc. (NYSE:BR) reached a new 52-week high during trading on Friday . The company traded as high as $230.30 and last traded at $230.24, with a volume of 943403 shares. The stock had previously closed at $227.47.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BR. StockNews.com lowered shares of Broadridge Financial Solutions from a “buy” rating to a “hold” rating in a research report on Saturday, November 9th. JPMorgan Chase & Co. increased their price target on Broadridge Financial Solutions from $224.00 to $225.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Morgan Stanley boosted their price objective on Broadridge Financial Solutions from $200.00 to $207.00 and gave the company an “equal weight” rating in a report on Wednesday, November 6th. Royal Bank of Canada reiterated an “outperform” rating and issued a $246.00 target price on shares of Broadridge Financial Solutions in a research note on Wednesday, November 6th. Finally, UBS Group assumed coverage on shares of Broadridge Financial Solutions in a report on Thursday. They issued a “neutral” rating and a $250.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $222.43.

Broadridge Financial Solutions Stock Up 1.2 %

The firm has a market cap of $26.91 billion, a P/E ratio of 39.83 and a beta of 1.05. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 1.63. The business has a 50-day moving average price of $217.48 and a 200-day moving average price of $209.14.

Broadridge Financial Solutions (NYSE:BR) last released its quarterly earnings data on Tuesday, November 5th. The business services provider reported $1.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.03. The company had revenue of $1.42 billion during the quarter, compared to analyst estimates of $1.48 billion. Broadridge Financial Solutions had a net margin of 10.57% and a return on equity of 41.79%. The firm’s revenue for the quarter was down .6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.09 earnings per share. On average, equities analysts forecast that Broadridge Financial Solutions, Inc. will post 8.53 EPS for the current fiscal year.

Broadridge Financial Solutions Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Friday, December 13th will be issued a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 1.53%. The ex-dividend date is Friday, December 13th. Broadridge Financial Solutions’s payout ratio is 60.90%.

Insider Buying and Selling

In other Broadridge Financial Solutions news, Chairman Richard J. Daly sold 21,938 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $207.66, for a total value of $4,555,645.08. Following the completion of the transaction, the chairman now directly owns 105,094 shares in the company, valued at approximately $21,823,820.04. The trade was a 17.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Maura A. Markus sold 3,880 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $227.02, for a total transaction of $880,837.60. Following the completion of the sale, the director now owns 27,788 shares in the company, valued at $6,308,431.76. This represents a 12.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 84,033 shares of company stock valued at $18,149,572 over the last 90 days. Corporate insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Broadridge Financial Solutions

Several institutional investors and hedge funds have recently bought and sold shares of BR. Bogart Wealth LLC increased its holdings in shares of Broadridge Financial Solutions by 384.0% during the third quarter. Bogart Wealth LLC now owns 121 shares of the business services provider’s stock valued at $26,000 after acquiring an additional 96 shares in the last quarter. True Wealth Design LLC grew its position in Broadridge Financial Solutions by 2,028.6% during the 3rd quarter. True Wealth Design LLC now owns 149 shares of the business services provider’s stock worth $32,000 after purchasing an additional 142 shares during the last quarter. EdgeRock Capital LLC acquired a new position in Broadridge Financial Solutions during the 2nd quarter valued at approximately $32,000. Rothschild Investment LLC purchased a new position in shares of Broadridge Financial Solutions in the second quarter worth $32,000. Finally, New Covenant Trust Company N.A. acquired a new stake in shares of Broadridge Financial Solutions during the first quarter worth $34,000. 90.03% of the stock is owned by hedge funds and other institutional investors.

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.