Broadridge Financial Solutions (NYSE:BR) Reaches New 1-Year High at $189.08

Broadridge Financial Solutions, Inc. (NYSE:BR)’s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $189.08 and last traded at $188.42, with a volume of 110298 shares changing hands. The stock had previously closed at $187.13.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on BR. Raymond James increased their target price on Broadridge Financial Solutions from $183.00 to $186.00 and gave the company an “outperform” rating in a report on Wednesday, August 9th. Morgan Stanley increased their target price on Broadridge Financial Solutions from $165.00 to $175.00 and gave the company an “equal weight” rating in a report on Wednesday, August 9th. StockNews.com downgraded Broadridge Financial Solutions from a “buy” rating to a “hold” rating in a report on Friday. Royal Bank of Canada increased their target price on Broadridge Financial Solutions from $169.00 to $190.00 and gave the company an “outperform” rating in a report on Wednesday, August 9th. Finally, JPMorgan Chase & Co. increased their target price on Broadridge Financial Solutions from $178.00 to $192.00 and gave the company a “neutral” rating in a report on Tuesday, August 22nd. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Broadridge Financial Solutions currently has an average rating of “Hold” and an average target price of $173.67.

Broadridge Financial Solutions Stock Performance

The business has a 50 day moving average of $174.78 and a 200 day moving average of $157.34. The company has a market capitalization of $22.17 billion, a P/E ratio of 35.49 and a beta of 0.98. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 1.00.

Broadridge Financial Solutions (NYSE:BR) last announced its quarterly earnings results on Tuesday, August 8th. The business services provider reported $3.21 EPS for the quarter, beating analysts’ consensus estimates of $3.10 by $0.11. Broadridge Financial Solutions had a return on equity of 42.09% and a net margin of 10.40%. The company had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same period in the prior year, the company earned $2.65 earnings per share. The firm’s revenue was up 6.7% on a year-over-year basis. On average, sell-side analysts predict that Broadridge Financial Solutions, Inc. will post 7.63 earnings per share for the current year.

Broadridge Financial Solutions Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 5th. Stockholders of record on Friday, September 15th will be paid a $0.80 dividend. This represents a $3.20 annualized dividend and a dividend yield of 1.70%. This is a positive change from Broadridge Financial Solutions’s previous quarterly dividend of $0.73. The ex-dividend date is Thursday, September 14th. Broadridge Financial Solutions’s dividend payout ratio (DPR) is presently 54.82%.

Insider Activity

In related news, Chairman Richard J. Daly sold 72,050 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $178.29, for a total transaction of $12,845,794.50. Following the completion of the sale, the chairman now directly owns 120,018 shares of the company’s stock, valued at approximately $21,398,009.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Broadridge Financial Solutions news, President Christopher John Perry sold 10,118 shares of the firm’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $180.57, for a total transaction of $1,827,007.26. Following the transaction, the president now directly owns 69,365 shares in the company, valued at approximately $12,525,238.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Richard J. Daly sold 72,050 shares of the firm’s stock in a transaction on Monday, August 21st. The stock was sold at an average price of $178.29, for a total value of $12,845,794.50. Following the transaction, the chairman now owns 120,018 shares in the company, valued at $21,398,009.22. The disclosure for this sale can be found here. Insiders sold 191,035 shares of company stock valued at $34,423,247 in the last ninety days. Insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Skandinaviska Enskilda Banken AB publ increased its holdings in shares of Broadridge Financial Solutions by 0.6% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 21,851 shares of the business services provider’s stock valued at $3,203,000 after acquiring an additional 136 shares during the period. Ethic Inc. increased its holdings in shares of Broadridge Financial Solutions by 52.7% in the 1st quarter. Ethic Inc. now owns 5,511 shares of the business services provider’s stock valued at $808,000 after acquiring an additional 1,901 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Broadridge Financial Solutions by 20.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,234 shares of the business services provider’s stock valued at $2,043,000 after acquiring an additional 2,554 shares during the period. Moors & Cabot Inc. increased its holdings in shares of Broadridge Financial Solutions by 11.3% in the 4th quarter. Moors & Cabot Inc. now owns 1,665 shares of the business services provider’s stock valued at $223,000 after acquiring an additional 169 shares during the period. Finally, Wendell David Associates Inc. increased its holdings in shares of Broadridge Financial Solutions by 0.7% in the 1st quarter. Wendell David Associates Inc. now owns 105,444 shares of the business services provider’s stock valued at $15,455,000 after acquiring an additional 697 shares during the period. 89.36% of the stock is currently 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.