Broadridge Financial Solutions (NYSE:BR) Hits New 52-Week High – Here’s What Happened

Broadridge Financial Solutions, Inc. (NYSE:BR) shares hit a new 52-week high during trading on Friday . The stock traded as high as $230.30 and last traded at $230.24, with a volume of 943403 shares trading hands. The stock had previously closed at $227.47.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. JPMorgan Chase & Co. boosted their target price on shares of Broadridge Financial Solutions from $224.00 to $225.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. StockNews.com lowered shares of Broadridge Financial Solutions from a “buy” rating to a “hold” rating in a report on Saturday, November 9th. UBS Group assumed coverage on shares of Broadridge Financial Solutions in a research report on Thursday. They issued a “neutral” rating and a $250.00 price objective for the company. Morgan Stanley increased their target price on shares of Broadridge Financial Solutions from $200.00 to $207.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 6th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $246.00 price objective on shares of Broadridge Financial Solutions in a report on Wednesday, November 6th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $222.43.

Broadridge Financial Solutions Trading Up 1.2 %

The stock has a market cap of $26.91 billion, a P/E ratio of 39.83 and a beta of 1.05. The stock’s 50-day moving average is $217.12 and its two-hundred day moving average is $208.88. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.39 and a quick ratio of 1.39.

Broadridge Financial Solutions (NYSE:BR) last posted its quarterly earnings results on Tuesday, November 5th. The business services provider reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.03. Broadridge Financial Solutions had a net margin of 10.57% and a return on equity of 41.79%. The firm had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.48 billion. During the same period in the prior year, the business posted $1.09 earnings per share. The business’s revenue for the quarter was down .6% on a year-over-year basis. Equities research analysts anticipate that Broadridge Financial Solutions, Inc. will post 8.53 EPS for the current year.

Broadridge Financial Solutions Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Friday, December 13th will be given a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date is Friday, December 13th. Broadridge Financial Solutions’s dividend payout ratio is presently 60.90%.

Insiders Place Their Bets

In related news, Director Maura A. Markus sold 3,880 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $227.02, for a total value of $880,837.60. Following the completion of the sale, the director now owns 27,788 shares of the company’s stock, valued at approximately $6,308,431.76. This represents a 12.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Thomas P. Carey sold 10,757 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $226.82, for a total transaction of $2,439,902.74. Following the sale, the vice president now directly owns 12,689 shares in the company, valued at $2,878,118.98. This represents a 45.88 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 84,033 shares of company stock valued at $18,149,572. 1.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Broadridge Financial Solutions

A number of hedge funds have recently modified their holdings of the business. NBC Securities Inc. lifted its holdings in Broadridge Financial Solutions by 0.8% in the third quarter. NBC Securities Inc. now owns 5,951 shares of the business services provider’s stock valued at $1,279,000 after acquiring an additional 45 shares during the period. Avestar Capital LLC lifted its stake in shares of Broadridge Financial Solutions by 4.0% in the 3rd quarter. Avestar Capital LLC now owns 1,248 shares of the business services provider’s stock valued at $268,000 after purchasing an additional 48 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its position in Broadridge Financial Solutions by 0.5% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 10,155 shares of the business services provider’s stock worth $2,001,000 after acquiring an additional 50 shares in the last quarter. Garrison Asset Management LLC lifted its position in Broadridge Financial Solutions by 0.3% during the 2nd quarter. Garrison Asset Management LLC now owns 17,943 shares of the business services provider’s stock worth $3,535,000 after acquiring an additional 50 shares in the last quarter. Finally, Brighton Jones LLC raised its position in shares of Broadridge Financial Solutions by 2.5% in the 2nd quarter. Brighton Jones LLC now owns 2,173 shares of the business services provider’s stock valued at $428,000 after purchasing an additional 52 shares in the last quarter. 90.03% of the stock is currently owned by hedge funds and other institutional investors.

Broadridge Financial Solutions Company Profile

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.