WASHINGTON TRUST Co Trims Stake in Broadridge Financial Solutions, Inc. (NYSE:BR)

WASHINGTON TRUST Co lowered its holdings in Broadridge Financial Solutions, Inc. (NYSE:BR) by 1.4% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 61,210 shares of the business services provider’s stock after selling 872 shares during the quarter. WASHINGTON TRUST Co’s holdings in Broadridge Financial Solutions were worth $13,162,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Brookstone Capital Management purchased a new position in shares of Broadridge Financial Solutions during the 1st quarter valued at about $253,000. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Broadridge Financial Solutions by 86.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 29,814 shares of the business services provider’s stock valued at $6,108,000 after purchasing an additional 13,851 shares during the last quarter. Oak Thistle LLC purchased a new position in Broadridge Financial Solutions in the 1st quarter worth $216,000. Allspring Global Investments Holdings LLC lifted its stake in Broadridge Financial Solutions by 14.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 7,418 shares of the business services provider’s stock worth $1,520,000 after purchasing an additional 926 shares during the last quarter. Finally, State of Michigan Retirement System boosted its position in Broadridge Financial Solutions by 0.3% during the first quarter. State of Michigan Retirement System now owns 32,260 shares of the business services provider’s stock valued at $6,609,000 after buying an additional 100 shares during the period. Hedge funds and other institutional investors own 90.03% of the company’s stock.

Insiders Place Their Bets

In other news, President Christopher John Perry sold 17,534 shares of the business’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $213.41, for a total transaction of $3,741,930.94. Following the completion of the sale, the president now owns 50,237 shares of the company’s stock, valued at $10,721,078.17. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, President Christopher John Perry sold 17,534 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $213.41, for a total value of $3,741,930.94. Following the completion of the sale, the president now directly owns 50,237 shares of the company’s stock, valued at approximately $10,721,078.17. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Timothy C. Gokey sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $209.11, for a total transaction of $5,227,750.00. Following the sale, the chief executive officer now owns 200,675 shares in the company, valued at approximately $41,963,149.25. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 134,386 shares of company stock worth $28,112,824. Company insiders own 1.60% of the company’s stock.

Broadridge Financial Solutions Stock Performance

BR traded up $1.13 during mid-day trading on Wednesday, reaching $213.79. 117,758 shares of the company traded hands, compared to its average volume of 516,630. The company’s fifty day moving average price is $213.48 and its 200-day moving average price is $205.84. The stock has a market capitalization of $25.27 billion, a P/E ratio of 36.30 and a beta of 1.05. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.55. Broadridge Financial Solutions, Inc. has a 52-week low of $168.76 and a 52-week high of $224.32.

Broadridge Financial Solutions (NYSE:BR) last announced its earnings results on Tuesday, August 6th. The business services provider reported $3.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.49 by $0.01. Broadridge Financial Solutions had a return on equity of 42.77% and a net margin of 10.73%. The business had revenue of $1.94 billion for the quarter, compared to analysts’ expectations of $1.96 billion. During the same period last year, the firm posted $3.21 earnings per share. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. On average, sell-side analysts expect that Broadridge Financial Solutions, Inc. will post 8.51 EPS for the current year.

Broadridge Financial Solutions Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 3rd. Shareholders of record on Thursday, September 12th were issued a dividend of $0.88 per share. This is a boost from Broadridge Financial Solutions’s previous quarterly dividend of $0.80. This represents a $3.52 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date of this dividend was Thursday, September 12th. Broadridge Financial Solutions’s dividend payout ratio is currently 60.07%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on BR shares. Royal Bank of Canada lifted their price objective on Broadridge Financial Solutions from $239.00 to $246.00 and gave the stock an “outperform” rating in a report on Wednesday, August 7th. StockNews.com lowered Broadridge Financial Solutions from a “buy” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Broadridge Financial Solutions from $224.00 to $225.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $213.33.

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.