Broadridge Financial Solutions Inc. (BR) Downgraded by Zacks Investment Research to “Sell”
Broadridge Financial Solutions Inc. (NYSE:BR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.
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. “
A number of other equities analysts have also commented on the stock. Atlantic Securities assumed coverage on shares of Broadridge Financial Solutions in a research report on Tuesday, September 13th. They set an “overweight” rating and a $82.00 price target on the stock. Barclays PLC raised their price target on shares of Broadridge Financial Solutions from $67.00 to $69.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 10th. Avondale Partners lowered shares of Broadridge Financial Solutions from an “outperform” rating to a “market perform” rating and set a $65.00 price target on the stock. in a research report on Wednesday, June 15th. Finally, Raymond James Financial Inc. lowered shares of Broadridge Financial Solutions from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 7th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. Broadridge Financial Solutions currently has an average rating of “Hold” and an average target price of $72.25.
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Shares of Broadridge Financial Solutions (NYSE:BR) traded up 0.19% during trading on Tuesday, hitting $68.72. 446,738 shares of the company’s stock were exchanged. The stock has a market cap of $8.13 billion, a PE ratio of 27.16 and a beta of 0.99. The stock’s 50-day moving average price is $68.81 and its 200-day moving average price is $63.78. Broadridge Financial Solutions has a 1-year low of $48.56 and a 1-year high of $71.74.
Broadridge Financial Solutions (NYSE:BR) last issued its quarterly earnings data on Tuesday, August 9th. The company reported $1.45 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $1.45. The company had revenue of $975 million for the quarter, compared to analyst estimates of $991.13 million. Broadridge Financial Solutions had a net margin of 10.61% and a return on equity of 34.79%. The company’s revenue was up 4.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.40 earnings per share. On average, equities analysts expect that Broadridge Financial Solutions will post $3.14 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Saturday, October 1st. Shareholders of record on Thursday, September 15th will be paid a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.92%. This is an increase from Broadridge Financial Solutions’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Tuesday, September 13th. Broadridge Financial Solutions’s dividend payout ratio is presently 52.17%.
In other Broadridge Financial Solutions news, insider Robert Schifellite sold 9,000 shares of the stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $69.30, for a total transaction of $623,700.00. Following the sale, the insider now directly owns 82,937 shares in the company, valued at $5,747,534.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Laura Matlin sold 900 shares of the stock in a transaction dated Friday, August 12th. The stock was sold at an average price of $68.51, for a total transaction of $61,659.00. Following the sale, the vice president now owns 5,561 shares in the company, valued at $380,984.11. The disclosure for this sale can be found here. Company insiders own 3.50% of the company’s stock.
A number of large investors have recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. increased its stake in shares of Broadridge Financial Solutions by 12.6% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,574 shares of the company’s stock worth $103,000 after buying an additional 176 shares during the last quarter. Integrated Investment Consultants LLC increased its stake in shares of Broadridge Financial Solutions by 214.8% in the second quarter. Integrated Investment Consultants LLC now owns 2,125 shares of the company’s stock worth $139,000 after buying an additional 1,450 shares during the last quarter. IFP Advisors Inc increased its stake in shares of Broadridge Financial Solutions by 64.5% in the first quarter. IFP Advisors Inc now owns 2,254 shares of the company’s stock worth $134,000 after buying an additional 884 shares during the last quarter. Capital Guardian Trust Co. increased its stake in shares of Broadridge Financial Solutions by 13.4% in the second quarter. Capital Guardian Trust Co. now owns 2,525 shares of the company’s stock worth $165,000 after buying an additional 299 shares during the last quarter. Finally, Strs Ohio purchased a new stake in shares of Broadridge Financial Solutions during the second quarter worth about $173,000. Hedge funds and other institutional investors own 87.43% of the company’s stock.
Broadridge Financial Solutions Company Profile
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 delivers a range of solutions that help its clients serve their retail and institutional customers across the entire investment lifecycle, including pre-trade, trade and post-trade processing.
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