Nationwide Fund Advisors trimmed its position in Broadridge Financial Solutions, Inc. (NYSE:BR) by 3.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 497,916 shares of the business services provider’s stock after selling 15,955 shares during the period. Nationwide Fund Advisors owned approximately 0.42% of Broadridge Financial Solutions worth $37,623,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. OppenheimerFunds Inc. boosted its stake in Broadridge Financial Solutions by 20.4% in the first quarter. OppenheimerFunds Inc. now owns 12,353 shares of the business services provider’s stock valued at $839,000 after acquiring an additional 2,092 shares in the last quarter. Morgan Stanley raised its holdings in shares of Broadridge Financial Solutions by 47.0% in the first quarter. Morgan Stanley now owns 454,416 shares of the business services provider’s stock worth $30,878,000 after buying an additional 145,274 shares during the last quarter. Confluence Investment Management LLC raised its holdings in shares of Broadridge Financial Solutions by 2.6% in the second quarter. Confluence Investment Management LLC now owns 994,106 shares of the business services provider’s stock worth $75,115,000 after buying an additional 25,421 shares during the last quarter. Alta Capital Management LLC purchased a new position in shares of Broadridge Financial Solutions in the second quarter worth $14,740,000. Finally, Schwab Charles Investment Management Inc. raised its holdings in shares of Broadridge Financial Solutions by 8.7% in the first quarter. Schwab Charles Investment Management Inc. now owns 358,543 shares of the business services provider’s stock worth $24,363,000 after buying an additional 28,636 shares during the last quarter. Institutional investors own 84.29% of the company’s stock.
Broadridge Financial Solutions, Inc. (NYSE BR) traded down 0.33% on Friday, hitting $79.04. 112,058 shares of the company’s stock were exchanged. Broadridge Financial Solutions, Inc. has a 12-month low of $59.86 and a 12-month high of $80.48. The company’s 50-day moving average price is $76.84 and its 200-day moving average price is $73.09. The company has a market cap of $9.21 billion, a PE ratio of 29.27 and a beta of 0.97.
Broadridge Financial Solutions (NYSE:BR) last issued its earnings results on Thursday, August 10th. The business services provider reported $1.71 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.71. Broadridge Financial Solutions had a net margin of 7.89% and a return on equity of 37.99%. The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter in the prior year, the business posted $1.45 EPS. The company’s revenue for the quarter was up 38.1% on a year-over-year basis. Analysts forecast that Broadridge Financial Solutions, Inc. will post $3.71 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 3rd. Investors of record on Friday, September 15th will be paid a dividend of $0.365 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.46 dividend on an annualized basis and a yield of 1.84%. This is a boost from Broadridge Financial Solutions’s previous quarterly dividend of $0.33. Broadridge Financial Solutions’s dividend payout ratio is currently 48.35%.
In related news, insider Adam D. Amsterdam sold 17,813 shares of the stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $76.96, for a total transaction of $1,370,888.48. Following the completion of the sale, the insider now owns 20,646 shares in the company, valued at approximately $1,588,916.16. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Stuart R. Levine sold 7,868 shares of the stock in a transaction on Friday, August 18th. The stock was sold at an average price of $76.58, for a total transaction of $602,531.44. Following the sale, the director now owns 39,747 shares of the company’s stock, valued at approximately $3,043,825.26. The disclosure for this sale can be found here. 3.50% of the stock is owned by corporate insiders.
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A number of research analysts have issued reports on the stock. BidaskClub raised shares of Broadridge Financial Solutions from a “sell” rating to a “hold” rating in a report on Tuesday, August 22nd. DA Davidson assumed coverage on shares of Broadridge Financial Solutions in a report on Monday, August 7th. They issued a “neutral” rating and a $74.00 price target for the company. Finally, Barclays PLC raised their price target on shares of Broadridge Financial Solutions from $72.00 to $74.00 and gave the stock an “equal weight” rating in a report on Friday, August 11th. Five research analysts have rated the stock with a hold rating, The company presently has an average rating of “Hold” and an average price target of $74.00.
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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