Zacks Investment Research Lowers Broadridge Financial Solutions Inc. (BR) to Hold

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Broadridge Financial Solutions Inc. (NYSE:BR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “Broadridge is a leading global provider of technology-based outsourcing solutions to the financial services industry. Their integrated systems and services include investor communication, securities processing, and clearing and outsourcing solutions. Broadridge offers a broad, integrated suite of innovative global solutions across the investment lifecycle and provides a wide range of cost-effective and scalable solutions to the financial industry. Their systems help reduce the need for clients to make significant capital investments in operations infrastructure, thereby allowing them to increase their focus on core business activities. “
Shares of Broadridge Financial Solutions (NYSE:BR) traded up 0.42% during mid-day trading on Tuesday, reaching $71.22. 718,558 shares of the company’s stock were exchanged. The stock has a market cap of $8.42 billion and a price-to-earnings ratio of 28.15. Broadridge Financial Solutions has a 52 week low of $48.56 and a 52 week high of $71.22. The stock has a 50 day moving average price of $68.26 and a 200 day moving average price of $62.84.

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Broadridge Financial Solutions (NYSE:BR) last released its quarterly earnings data on Tuesday, August 9th. The company reported $1.45 earnings per share for the quarter, meeting the consensus estimate of $1.45. The firm earned $975 million during the quarter, compared to analyst estimates of $991.13 million. The business’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.40 earnings per share. Equities research analysts predict that Broadridge Financial Solutions will post $3.14 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, October 1st. Shareholders of record on Thursday, September 15th will be issued a dividend of $0.33 per share. The ex-dividend date is Tuesday, September 13th. This represents a $1.32 annualized dividend and a yield of 1.85%. This is a positive change from Broadridge Financial Solutions’s previous quarterly dividend of $0.30.
Several large investors have recently modified their holdings of the stock. Wedge Capital Management L L P NC increased its stake in shares of Broadridge Financial Solutions by 2.1% in the second quarter. Wedge Capital Management L L P NC now owns 15,964 shares of the company’s stock worth $1,041,000 after buying an additional 333 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Broadridge Financial Solutions by 4,672.0% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 364,440 shares of the company’s stock worth $23,761,000 after buying an additional 356,803 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD bought a new position in shares of Broadridge Financial Solutions during the second quarter worth approximately $531,000. Henderson Group PLC increased its position in shares of Broadridge Financial Solutions by 12.0% in the second quarter. Henderson Group PLC now owns 535,293 shares of the company’s stock worth $34,901,000 after buying an additional 57,345 shares during the last quarter. Finally, First Citizens Bank & Trust Co. increased its position in shares of Broadridge Financial Solutions by 6.4% in the second quarter. First Citizens Bank & Trust Co. now owns 10,350 shares of the company’s stock worth $675,000 after buying an additional 627 shares during the last quarter.
In other news, insider Robert F. Kalenka sold 53,818 shares of the business’s stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $68.96, for a total value of $3,711,289.28. Following the completion of the sale, the insider now directly owns 52,447 shares in the company, valued at approximately $3,616,745.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Adam D. Amsterdam sold 91,412 shares of the business’s stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $68.02, for a total value of $6,217,844.24. Following the completion of the sale, the insider now owns 60,134 shares of the company’s stock, valued at $4,090,314.68. The disclosure for this sale can be found here.
BR has been the topic of several other reports. Raymond James Financial lowered Broadridge Financial Solutions from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 7th. They noted that the move was a valuation call. Avondale Partners downgraded Broadridge Financial Solutions from an “outperform” rating to a “market perform” rating and set a $65.00 price objective on the stock. in a report on Wednesday, June 15th. Finally, Barclays PLC downgraded Broadridge Financial Solutions from an “overweight” rating to an “equal weight” rating and set a $67.00 price objective on the stock. in a report on Thursday, July 7th.
Broadridge Financial Solutions, Inc (Broadridge) is a provider of investor communications and technology-driven solutions to banks, broker-dealers, mutual funds and corporate issuers. The Company delivers a range of solutions that help its clients serve their retail and institutional customers across the entire investment lifecycle, including pre-trade, trade and post-trade processing.
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