1832 Asset Management L.P. Purchases 181,854 Shares of Broadridge Financial Solutions, Inc. (NYSE:BR)
1832 Asset Management L.P. raised its holdings in shares of Broadridge Financial Solutions, Inc. (NYSE:BR) by 45,463.5% during the first quarter, according to its most recent filing with the SEC. The firm owned 182,254 shares of the business services provider’s stock after purchasing an additional 181,854 shares during the period. 1832 Asset Management L.P. owned 0.16% of Broadridge Financial Solutions worth $17,790,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of BR. Norges Bank bought a new position in shares of Broadridge Financial Solutions during the 4th quarter worth approximately $135,947,000. Wells Fargo & Company MN increased its holdings in Broadridge Financial Solutions by 51.9% in the first quarter. Wells Fargo & Company MN now owns 1,890,826 shares of the business services provider’s stock valued at $179,307,000 after purchasing an additional 645,729 shares during the period. Vaughan Nelson Investment Management L.P. acquired a new stake in Broadridge Financial Solutions in the first quarter valued at $52,463,000. Ceredex Value Advisors LLC acquired a new stake in Broadridge Financial Solutions during the 1st quarter worth about $48,136,000. Finally, Janus Henderson Group PLC grew its holdings in Broadridge Financial Solutions by 5.8% during the 1st quarter. Janus Henderson Group PLC now owns 6,505,192 shares of the business services provider’s stock worth $616,887,000 after acquiring an additional 358,193 shares during the period. 85.17% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have recently issued reports on BR shares. BTIG Research reissued a “buy” rating and set a $135.00 price objective on shares of Broadridge Financial Solutions in a research report on Monday, May 25th. Rosenblatt Securities raised their price target on shares of Broadridge Financial Solutions from $101.00 to $115.00 and gave the company a “neutral” rating in a research report on Monday, May 11th. Finally, Raymond James raised shares of Broadridge Financial Solutions from a “market perform” rating to an “outperform” rating and set a $130.00 target price on the stock in a research report on Friday, February 28th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $132.67.
NYSE BR traded up $0.49 during trading on Friday, reaching $125.28. 2,539 shares of the company’s stock traded hands, compared to its average volume of 727,076. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.08 and a quick ratio of 1.08. The firm has a market cap of $14.38 billion, a price-to-earnings ratio of 35.28 and a beta of 0.89. The company’s 50 day simple moving average is $120.49 and its two-hundred day simple moving average is $115.76. Broadridge Financial Solutions, Inc. has a 12-month low of $81.90 and a 12-month high of $136.99.
Broadridge Financial Solutions (NYSE:BR) last issued its quarterly earnings data on Friday, May 8th. The business services provider reported $1.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.70 by ($0.03). Broadridge Financial Solutions had a return on equity of 46.99% and a net margin of 9.50%. The firm had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.24 billion. During the same period in the previous year, the firm earned $1.59 EPS. The firm’s quarterly revenue was up 2.0% on a year-over-year basis. Research analysts expect that Broadridge Financial Solutions, Inc. will post 4.96 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, July 2nd. Shareholders of record on Friday, June 12th will be given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 1.72%. The ex-dividend date of this dividend is Thursday, June 11th. Broadridge Financial Solutions’s dividend payout ratio is presently 46.35%.
About Broadridge Financial Solutions
Broadridge Financial Solutions, Inc provides investor communications and technology-driven solutions for the financial services industry worldwide. 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 offers ProxyEdge, an electronic proxy delivery and voting solution.
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