CIBC Asset Management Inc Grows Position in Broadridge Financial Solutions, Inc. (NYSE:BR)

CIBC Asset Management Inc lifted its position in Broadridge Financial Solutions, Inc. (NYSE:BR) by 7.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,244 shares of the business services provider’s stock after purchasing an additional 1,161 shares during the quarter. CIBC Asset Management Inc’s holdings in Broadridge Financial Solutions were worth $3,708,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in BR. Bogart Wealth LLC lifted its stake in shares of Broadridge Financial Solutions by 384.0% during the 3rd quarter. Bogart Wealth LLC now owns 121 shares of the business services provider’s stock worth $26,000 after acquiring an additional 96 shares during the last quarter. EdgeRock Capital LLC bought a new position in Broadridge Financial Solutions in the second quarter worth about $32,000. Rothschild Investment LLC purchased a new stake in Broadridge Financial Solutions during the second quarter valued at approximately $32,000. New Covenant Trust Company N.A. purchased a new stake in shares of Broadridge Financial Solutions during the 1st quarter valued at $34,000. Finally, Family Firm Inc. purchased a new stake in shares of Broadridge Financial Solutions during the second quarter worth about $37,000. 90.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on BR shares. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $246.00 price objective on shares of Broadridge Financial Solutions in a report on Wednesday, November 6th. JPMorgan Chase & Co. upped their price objective on shares of Broadridge Financial Solutions from $224.00 to $225.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Morgan Stanley boosted their price target on Broadridge Financial Solutions from $200.00 to $207.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 6th. Finally, StockNews.com cut Broadridge Financial Solutions from a “buy” rating to a “hold” rating in a report on Saturday, November 9th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $217.83.

Insider Buying and Selling at Broadridge Financial Solutions

In related news, President Christopher John Perry sold 6,501 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $210.22, for a total value of $1,366,640.22. Following the completion of the sale, the president now directly owns 67,771 shares in the company, valued at approximately $14,246,819.62. This represents a 8.75 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Maura A. Markus sold 3,880 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $227.02, for a total transaction of $880,837.60. Following the sale, the director now owns 27,788 shares of the company’s stock, valued at $6,308,431.76. This trade represents a 12.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 115,534 shares of company stock worth $24,748,962 over the last quarter. 1.30% of the stock is owned by corporate insiders.

Broadridge Financial Solutions Stock Performance

Shares of BR opened at $227.08 on Tuesday. Broadridge Financial Solutions, Inc. has a 1 year low of $182.57 and a 1 year high of $230.00. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.39 and a current ratio of 1.39. The company’s fifty day moving average is $216.28 and its two-hundred day moving average is $208.45. The stock has a market capitalization of $26.54 billion, a P/E ratio of 39.29 and a beta of 1.05.

Broadridge Financial Solutions (NYSE:BR) last issued its quarterly earnings data on Tuesday, November 5th. The business services provider reported $1.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.03. Broadridge Financial Solutions had a net margin of 10.57% and a return on equity of 41.79%. The business had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same period last year, the company posted $1.09 EPS. The company’s revenue was down .6% on a year-over-year basis. On average, sell-side analysts predict that Broadridge Financial Solutions, Inc. will post 8.53 earnings per share for the current year.

Broadridge Financial Solutions Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Friday, December 13th will be paid a $0.88 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.55%. Broadridge Financial Solutions’s dividend payout ratio (DPR) is presently 60.90%.

Broadridge Financial Solutions 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.