BlackRock Inc. Cuts Position in Broadridge Financial Solutions, Inc. (NYSE:BR)

BlackRock Inc. lessened its position in shares of Broadridge Financial Solutions, Inc. (NYSE:BR) by 2.9% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 9,196,210 shares of the business services provider’s stock after selling 270,995 shares during the quarter. BlackRock Inc. owned about 0.08% of Broadridge Financial Solutions worth $1,485,463,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. RMR Wealth Builders purchased a new position in shares of Broadridge Financial Solutions in the 1st quarter worth approximately $25,000. Ameritas Investment Company LLC purchased a new position in shares of Broadridge Financial Solutions in the 1st quarter worth approximately $26,000. FormulaFolio Investments LLC purchased a new position in shares of Broadridge Financial Solutions in the 1st quarter worth approximately $39,000. Sandy Spring Bank boosted its holdings in shares of Broadridge Financial Solutions by 38.0% in the 2nd quarter. Sandy Spring Bank now owns 294 shares of the business services provider’s stock worth $47,000 after purchasing an additional 81 shares during the period. Finally, CSat Investment Advisory L.P. boosted its holdings in shares of Broadridge Financial Solutions by 46.8% in the 1st quarter. CSat Investment Advisory L.P. now owns 342 shares of the business services provider’s stock worth $52,000 after purchasing an additional 109 shares during the period. Institutional investors and hedge funds own 86.60% of the company’s stock.

In other news, VP Michael Liberatore sold 32,727 shares of the stock in a transaction on Monday, August 16th. The stock was sold at an average price of $175.65, for a total transaction of $5,748,497.55. Following the transaction, the vice president now owns 20,612 shares of the company’s stock, valued at approximately $3,620,497.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Timothy C. Gokey sold 49,897 shares of the stock in a transaction on Thursday, September 23rd. The stock was sold at an average price of $167.61, for a total value of $8,363,236.17. The disclosure for this sale can be found here. In the last quarter, insiders sold 104,473 shares of company stock worth $17,841,693. Insiders own 2.00% of the company’s stock.

A number of brokerages have recently commented on BR. Raymond James lifted their target price on Broadridge Financial Solutions from $185.00 to $187.00 and gave the stock an “outperform” rating in a report on Friday, August 13th. DA Davidson lifted their target price on Broadridge Financial Solutions from $152.00 to $158.00 and gave the stock a “neutral” rating in a report on Monday, August 16th. They noted that the move was a valuation call. Finally, JPMorgan Chase & Co. lifted their target price on Broadridge Financial Solutions from $181.00 to $197.00 and gave the stock a “neutral” rating in a report on Tuesday, August 17th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $178.60.

BR stock opened at $169.01 on Friday. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 2.15. The business’s fifty day simple moving average is $171.16 and its two-hundred day simple moving average is $162.94. Broadridge Financial Solutions, Inc. has a twelve month low of $126.77 and a twelve month high of $177.16. The firm has a market cap of $19.63 billion, a price-to-earnings ratio of 36.42 and a beta of 0.87.

Broadridge Financial Solutions (NYSE:BR) last released its earnings results on Wednesday, August 11th. The business services provider reported $2.19 earnings per share for the quarter, hitting analysts’ consensus estimates of $2.19. Broadridge Financial Solutions had a return on equity of 42.69% and a net margin of 10.96%. The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.47 billion. During the same quarter last year, the firm posted $2.15 earnings per share. Research analysts expect that Broadridge Financial Solutions, Inc. will post 6.37 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 5th. Shareholders of record on Wednesday, September 15th will be paid a $0.64 dividend. This is a positive change from Broadridge Financial Solutions’s previous quarterly dividend of $0.58. The ex-dividend date is Tuesday, September 14th. This represents a $2.56 dividend on an annualized basis and a yield of 1.51%. Broadridge Financial Solutions’s dividend payout ratio (DPR) is presently 45.23%.

Broadridge Financial Solutions Company 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.

Recommended Story: Different Options Trading Strategies

Want to see what other hedge funds are holding BR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadridge Financial Solutions, Inc. (NYSE:BR).

Institutional Ownership by Quarter for Broadridge Financial Solutions (NYSE:BR)

Receive News & Ratings for Broadridge Financial Solutions Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Broadridge Financial Solutions and related companies with MarketBeat.com's FREE daily email newsletter.