Broadridge Financial Solutions (NYSE:BR) Releases FY 2023 Earnings Guidance

Broadridge Financial Solutions (NYSE:BRGet Rating) issued an update on its FY 2023 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of $6.91-$7.17 for the period, compared to the consensus estimate of $7.06. The company issued revenue guidance of -.

Broadridge Financial Solutions Price Performance

BR stock opened at $157.17 on Friday. Broadridge Financial Solutions has a 52-week low of $132.40 and a 52-week high of $185.40. The stock’s fifty day simple moving average is $166.60 and its 200-day simple moving average is $153.47. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 1.98. The stock has a market capitalization of $18.44 billion, a price-to-earnings ratio of 34.54 and a beta of 0.90.

Broadridge Financial Solutions (NYSE:BRGet Rating) last posted its quarterly earnings data on Friday, August 12th. The business services provider reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.62 by $0.03. Broadridge Financial Solutions had a return on equity of 42.29% and a net margin of 9.44%. The business had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.66 billion. During the same quarter last year, the firm earned $2.19 earnings per share. The business’s revenue was up 12.5% on a year-over-year basis. Equities research analysts expect that Broadridge Financial Solutions will post 7.07 EPS for the current year.

Broadridge Financial Solutions Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 5th. Investors of record on Thursday, September 15th will be given a $0.725 dividend. This is a positive change from Broadridge Financial Solutions’s previous quarterly dividend of $0.64. This represents a $2.90 annualized dividend and a dividend yield of 1.85%. The ex-dividend date of this dividend is Wednesday, September 14th. Broadridge Financial Solutions’s dividend payout ratio (DPR) is 63.74%.

Analyst Upgrades and Downgrades

Separately, Raymond James increased their target price on Broadridge Financial Solutions from $181.00 to $189.00 and gave the stock an outperform rating in a research report on Monday, August 15th.

Insider Buying and Selling

In related news, Chairman Richard J. Daly sold 72,983 shares of the stock in a transaction on Friday, August 26th. The stock was sold at an average price of $175.35, for a total value of $12,797,569.05. Following the transaction, the chairman now directly owns 143,170 shares of the company’s stock, valued at approximately $25,104,859.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Broadridge Financial Solutions news, Chairman Richard J. Daly sold 72,983 shares of the firm’s stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $175.35, for a total value of $12,797,569.05. Following the transaction, the chairman now directly owns 143,170 shares of the company’s stock, valued at $25,104,859.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Christopher John Perry sold 3,702 shares of the firm’s stock in a transaction dated Friday, August 19th. The shares were sold at an average price of $176.28, for a total value of $652,588.56. Following the sale, the president now owns 72,810 shares of the company’s stock, valued at $12,834,946.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 163,004 shares of company stock valued at $28,916,462. 1.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Broadridge Financial Solutions

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in Broadridge Financial Solutions by 0.8% during the first quarter. Vanguard Group Inc. now owns 13,714,442 shares of the business services provider’s stock worth $2,135,476,000 after purchasing an additional 108,223 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec increased its holdings in shares of Broadridge Financial Solutions by 86.6% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,195,313 shares of the business services provider’s stock valued at $186,122,000 after buying an additional 554,807 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Broadridge Financial Solutions by 3.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 569,006 shares of the business services provider’s stock valued at $88,600,000 after buying an additional 18,458 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Broadridge Financial Solutions by 12.8% in the second quarter. Goldman Sachs Group Inc. now owns 398,218 shares of the business services provider’s stock valued at $56,766,000 after buying an additional 45,242 shares in the last quarter. Finally, Eaton Vance Management increased its holdings in shares of Broadridge Financial Solutions by 8.5% in the first quarter. Eaton Vance Management now owns 390,644 shares of the business services provider’s stock valued at $60,827,000 after buying an additional 30,451 shares in the last quarter. Institutional investors own 87.14% of the company’s stock.

Broadridge Financial Solutions Company Profile

(Get Rating)

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.

See Also

Earnings History and Estimates for Broadridge Financial Solutions (NYSE:BR)

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