Broadridge Financial Solutions, Inc. (NYSE:BR) Shares Sold by Cresset Asset Management LLC

Cresset Asset Management LLC cut its holdings in Broadridge Financial Solutions, Inc. (NYSE:BR) by 66.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,771 shares of the business services provider’s stock after selling 5,583 shares during the quarter. Cresset Asset Management LLC’s holdings in Broadridge Financial Solutions were worth $629,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. Adero Partners LLC increased its stake in Broadridge Financial Solutions by 2.5% in the fourth quarter. Adero Partners LLC now owns 1,837 shares of the business services provider’s stock valued at $415,000 after purchasing an additional 45 shares during the period. Sunburst Financial Group LLC increased its stake in Broadridge Financial Solutions by 4.8% in the fourth quarter. Sunburst Financial Group LLC now owns 1,011 shares of the business services provider’s stock valued at $229,000 after purchasing an additional 46 shares during the period. Nicolet Advisory Services LLC increased its stake in Broadridge Financial Solutions by 4.8% in the fourth quarter. Nicolet Advisory Services LLC now owns 1,010 shares of the business services provider’s stock valued at $224,000 after purchasing an additional 46 shares during the period. Advisors Capital Management LLC increased its stake in Broadridge Financial Solutions by 3.5% in the fourth quarter. Advisors Capital Management LLC now owns 1,440 shares of the business services provider’s stock valued at $326,000 after purchasing an additional 49 shares during the period. Finally, Foundations Investment Advisors LLC increased its stake in Broadridge Financial Solutions by 3.5% in the fourth quarter. Foundations Investment Advisors LLC now owns 1,528 shares of the business services provider’s stock valued at $345,000 after purchasing an additional 52 shares during the period. 90.03% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Broadridge Financial Solutions news, CEO Timothy C. Gokey sold 95,956 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were 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 owns 169,788 shares of the company’s stock, valued at $39,973,188.84. This represents a 36.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Hope M. Jarkowski sold 1,068 shares of the company’s stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $235.22, for a total transaction of $251,214.96. Following the completion of the sale, the insider now directly owns 1,070 shares in the company, valued at $251,685.40. This trade represents a 49.95% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 119,866 shares of company stock worth $28,216,569. 1.30% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on BR shares. StockNews.com upgraded shares of Broadridge Financial Solutions from a “hold” rating to a “buy” rating in a research note on Friday, May 9th. DA Davidson reiterated a “neutral” rating and set a $215.00 price target on shares of Broadridge Financial Solutions in a research note on Tuesday, January 21st. Royal Bank of Canada boosted their price target on shares of Broadridge Financial Solutions from $246.00 to $259.00 and gave the stock an “outperform” rating in a research note on Monday, February 3rd. UBS Group boosted their price target on shares of Broadridge Financial Solutions from $250.00 to $260.00 and gave the stock a “neutral” rating in a research note on Monday, February 3rd. Finally, JPMorgan Chase & Co. boosted their price target on shares of Broadridge Financial Solutions from $231.00 to $249.00 and gave the stock a “neutral” rating in a research note on Monday, February 3rd. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Broadridge Financial Solutions has an average rating of “Hold” and an average target price of $250.83.

Broadridge Financial Solutions Trading Up 0.2%

Shares of BR opened at $237.52 on Wednesday. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 1.64. The firm’s 50-day moving average is $233.83 and its two-hundred day moving average is $232.19. Broadridge Financial Solutions, Inc. has a twelve month low of $192.68 and a twelve month high of $247.01. The firm has a market capitalization of $27.90 billion, a P/E ratio of 37.17 and a beta of 0.98.

Broadridge Financial Solutions (NYSE:BR) last issued its earnings results on Thursday, May 1st. The business services provider reported $2.44 earnings per share for the quarter, topping the consensus estimate of $2.41 by $0.03. Broadridge Financial Solutions had a net margin of 11.36% and a return on equity of 44.40%. The company had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.86 billion. During the same period in the prior year, the business posted $2.23 earnings per share. The firm’s revenue for the quarter was up 5.0% compared to the same quarter last year. On average, research analysts predict that Broadridge Financial Solutions, Inc. will post 8.53 earnings per share for the current fiscal year.

Broadridge Financial Solutions Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 2nd. Shareholders of record on Thursday, June 12th will be given a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 1.48%. Broadridge Financial Solutions’s payout ratio is currently 52.93%.

About Broadridge Financial Solutions

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.