Bank of Nova Scotia Grows Stake in Broadridge Financial Solutions, Inc. (NYSE:BR)

Bank of Nova Scotia raised its holdings in shares of Broadridge Financial Solutions, Inc. (NYSE:BR) by 428.5% during the fourth quarter, Holdings Channel.com reports. The fund owned 95,177 shares of the business services provider’s stock after buying an additional 77,169 shares during the period. Bank of Nova Scotia’s holdings in Broadridge Financial Solutions were worth $21,519,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Fortitude Family Office LLC boosted its holdings in shares of Broadridge Financial Solutions by 246.7% in the fourth quarter. Fortitude Family Office LLC now owns 156 shares of the business services provider’s stock valued at $35,000 after purchasing an additional 111 shares during the period. Global X Japan Co. Ltd. purchased a new stake in shares of Broadridge Financial Solutions during the 4th quarter worth about $41,000. Curio Wealth LLC purchased a new position in Broadridge Financial Solutions in the 4th quarter valued at about $45,000. Salem Investment Counselors Inc. raised its holdings in Broadridge Financial Solutions by 200.0% in the 4th quarter. Salem Investment Counselors Inc. now owns 225 shares of the business services provider’s stock valued at $51,000 after acquiring an additional 150 shares during the last quarter. Finally, Promus Capital LLC acquired a new stake in shares of Broadridge Financial Solutions during the 4th quarter worth approximately $52,000. 90.03% of the stock is owned by institutional investors.

Broadridge Financial Solutions Stock Performance

NYSE:BR opened at $232.56 on Thursday. The stock’s 50-day moving average is $236.00 and its 200-day moving average is $229.02. Broadridge Financial Solutions, Inc. has a 1-year low of $188.30 and a 1-year high of $247.01. The stock has a market cap of $27.21 billion, a P/E ratio of 36.39 and a beta of 1.06. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 1.64.

Broadridge Financial Solutions (NYSE:BR) last announced its quarterly earnings data on Friday, January 31st. The business services provider reported $1.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.32 by $0.24. Broadridge Financial Solutions had a return on equity of 44.40% and a net margin of 11.36%. During the same period in the prior year, the firm posted $0.92 earnings per share. Equities research analysts anticipate that Broadridge Financial Solutions, Inc. will post 8.53 earnings per share for the current year.

Broadridge Financial Solutions Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, April 3rd. Shareholders of record on Thursday, March 13th were issued a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date of this dividend was Thursday, March 13th. Broadridge Financial Solutions’s payout ratio is presently 55.09%.

Insider Activity

In other Broadridge Financial Solutions news, CEO Timothy C. Gokey sold 95,956 shares of the business’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $235.43, for a total value of $22,590,921.08. Following the sale, the chief executive officer now directly owns 169,788 shares of the company’s stock, valued at approximately $39,973,188.84. The trade was a 36.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Brett Keller sold 5,442 shares of the company’s stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $240.40, for a total value of $1,308,256.80. Following the transaction, the director now directly owns 15,536 shares in the company, valued at approximately $3,734,854.40. The trade was a 25.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 124,754 shares of company stock worth $29,397,793. 1.30% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. UBS Group lifted their price objective on shares of Broadridge Financial Solutions from $250.00 to $260.00 and gave the stock a “neutral” rating in a research report on Monday, February 3rd. Royal Bank of Canada boosted their price objective on shares of Broadridge Financial Solutions from $246.00 to $259.00 and gave the stock an “outperform” rating in a report on Monday, February 3rd. JPMorgan Chase & Co. raised their target price on shares of Broadridge Financial Solutions from $231.00 to $249.00 and gave the stock a “neutral” rating in a research report on Monday, February 3rd. StockNews.com lowered shares of Broadridge Financial Solutions from a “buy” rating to a “hold” rating in a report on Thursday. Finally, DA Davidson reissued a “neutral” rating and set a $215.00 target price on shares of Broadridge Financial Solutions in a research note on Tuesday, January 21st. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $241.00.

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.