Meiji Yasuda Asset Management Co Ltd. reduced its stake in shares of Broadridge Financial Solutions, Inc. (NYSE:BR – Get Rating) by 1.9% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,970 shares of the business services provider’s stock after selling 170 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Broadridge Financial Solutions were worth $1,295,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. MGO One Seven LLC lifted its stake in Broadridge Financial Solutions by 3.5% in the second quarter. MGO One Seven LLC now owns 1,742 shares of the business services provider’s stock valued at $248,000 after buying an additional 59 shares during the period. Cambridge Trust Co. boosted its stake in Broadridge Financial Solutions by 2.5% during the second quarter. Cambridge Trust Co. now owns 2,538 shares of the business services provider’s stock worth $361,000 after acquiring an additional 62 shares in the last quarter. Texas Permanent School Fund grew its holdings in Broadridge Financial Solutions by 0.5% in the second quarter. Texas Permanent School Fund now owns 15,223 shares of the business services provider’s stock worth $2,170,000 after purchasing an additional 77 shares during the period. Northstar Group Inc. increased its stake in Broadridge Financial Solutions by 0.3% in the third quarter. Northstar Group Inc. now owns 30,997 shares of the business services provider’s stock valued at $4,473,000 after purchasing an additional 78 shares in the last quarter. Finally, Cypress Capital Management LLC raised its holdings in shares of Broadridge Financial Solutions by 0.4% during the third quarter. Cypress Capital Management LLC now owns 20,775 shares of the business services provider’s stock valued at $2,998,000 after purchasing an additional 80 shares during the period. 86.45% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several analysts have recently commented on the company. Wolfe Research reduced their target price on Broadridge Financial Solutions from $137.00 to $135.00 in a research note on Thursday, January 5th. Raymond James increased their price target on Broadridge Financial Solutions from $180.00 to $183.00 and gave the stock an “outperform” rating in a report on Friday, February 3rd. TheStreet upgraded Broadridge Financial Solutions from a “c+” rating to a “b” rating in a report on Thursday, February 2nd. Finally, Morgan Stanley assumed coverage on Broadridge Financial Solutions in a report on Wednesday, December 14th. They issued an “equal weight” rating and a $160.00 target price on the stock.
Broadridge Financial Solutions Trading Up 0.4 %
Broadridge Financial Solutions (NYSE:BR – Get Rating) last announced its earnings results on Thursday, February 2nd. The business services provider reported $0.91 EPS for the quarter, meeting the consensus estimate of $0.91. Broadridge Financial Solutions had a net margin of 9.13% and a return on equity of 40.38%. The company had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.35 billion. During the same quarter in the prior year, the company posted $0.83 earnings per share. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. As a group, research analysts predict that Broadridge Financial Solutions, Inc. will post 6.91 earnings per share for the current fiscal year.
Broadridge Financial Solutions Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 5th. Stockholders of record on Wednesday, March 15th will be issued a $0.725 dividend. This represents a $2.90 annualized dividend and a dividend yield of 2.12%. The ex-dividend date of this dividend is Tuesday, March 14th. Broadridge Financial Solutions’s dividend payout ratio is presently 64.73%.
Insider Activity at Broadridge Financial Solutions
In other news, Director Robert N. Duelks sold 1,425 shares of Broadridge Financial Solutions stock in a transaction on Friday, February 24th. The stock was sold at an average price of $141.06, for a total transaction of $201,010.50. Following the sale, the director now directly owns 6,275 shares in the company, valued at approximately $885,151.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is currently owned by company insiders.
Broadridge Financial Solutions Profile
Broadridge Financial Solutions, Inc engages in the provision of investor communications and technology solutions to banks, broker-dealers, mutual funds, and corporate issuers. It operates through the following segments: Investor Communication Solutions and Global Technology and Operations. The Investor Communication Solutions segment offers services for broker-dealer investor communication, customer communication, corporate issuer, advisor solutions, and mutual fund and retirement solutions.
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