Broadridge Financial Solutions, Inc. (NYSE:BR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Friday.
According to Zacks, “Broadridge is a leading global provider of technology-based outsourcing solutions to the financial services industry. Their integrated systems and services include investor communication, securities processing, and clearing and outsourcing solutions. Broadridge offers a broad, integrated suite of innovative global solutions across the investment lifecycle and provides a wide range of cost-effective and scalable solutions to the financial industry. Their systems help reduce the need for clients to make significant capital investments in operations infrastructure, thereby allowing them to increase their focus on core business activities. “
Broadridge Financial Solutions (NYSE:BR) opened at 67.88 on Friday. The firm’s 50-day moving average price is $66.75 and its 200-day moving average price is $66.64. The firm has a market cap of $8.03 billion, a price-to-earnings ratio of 27.80 and a beta of 1.07. Broadridge Financial Solutions has a 12 month low of $53.58 and a 12 month high of $71.74.
Broadridge Financial Solutions (NYSE:BR) last posted its quarterly earnings results on Wednesday, February 8th. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Broadridge Financial Solutions had a return on equity of 33.76% and a net margin of 8.62%. The business earned $893 million during the quarter, compared to analysts’ expectations of $940.07 million. During the same quarter last year, the company posted $0.38 earnings per share. Broadridge Financial Solutions’s quarterly revenue was up 39.7% on a year-over-year basis. Equities research analysts predict that Broadridge Financial Solutions will post $3.11 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 3rd. Investors of record on Tuesday, March 14th will be issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date of this dividend is Friday, March 10th. Broadridge Financial Solutions’s payout ratio is currently 53.88%.
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In related news, Director Alan J. Weber sold 3,770 shares of Broadridge Financial Solutions stock in a transaction dated Tuesday, November 29th. The stock was sold at an average price of $66.32, for a total transaction of $250,026.40. Following the completion of the transaction, the director now owns 32,668 shares in the company, valued at $2,166,541.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard J. Haviland sold 8,180 shares of Broadridge Financial Solutions stock in a transaction dated Wednesday, December 7th. The stock was sold at an average price of $65.30, for a total value of $534,154.00. Following the transaction, the director now owns 38,953 shares of the company’s stock, valued at approximately $2,543,630.90. The disclosure for this sale can be found here. Insiders have sold 28,045 shares of company stock valued at $1,811,648 in the last quarter. 3.50% of the stock is currently owned by corporate insiders.
Large investors have recently modified their holdings of the company. Fiera Capital Corp purchased a new stake in shares of Broadridge Financial Solutions during the second quarter worth about $51,374,000. AMI Asset Management Corp purchased a new stake in shares of Broadridge Financial Solutions during the third quarter worth about $24,735,000. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Broadridge Financial Solutions by 4,672.0% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 364,440 shares of the company’s stock worth $23,761,000 after buying an additional 356,803 shares in the last quarter. Sawgrass Asset Management LLC boosted its stake in shares of Broadridge Financial Solutions by 2,354.5% in the third quarter. Sawgrass Asset Management LLC now owns 336,508 shares of the company’s stock worth $22,812,000 after buying an additional 322,798 shares in the last quarter. Finally, FIL Ltd boosted its stake in shares of Broadridge Financial Solutions by 65.9% in the fourth quarter. FIL Ltd now owns 673,556 shares of the company’s stock worth $44,657,000 after buying an additional 267,525 shares in the last quarter. Institutional investors own 83.30% of the company’s stock.
About Broadridge Financial Solutions
Broadridge Financial Solutions, Inc (Broadridge) is a provider of investor communications and technology-driven solutions to banks, broker-dealers, mutual funds and corporate issuers. The Company’s segments include Investor Communication Solutions, and Global Technology and Operations. The Company offers Bank/Broker-Dealer Investor Communication Solutions, Customer Communication Solutions, Corporate Issuer Solutions, Advisor Solutions and Mutual Fund and Retirement Solutions through Investor Communication Solutions segment.
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