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

DnB Asset Management AS grew its stake in Broadridge Financial Solutions, Inc. (NYSE:BR) by 24.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,521 shares of the business services provider’s stock after purchasing an additional 5,619 shares during the period. DnB Asset Management AS’s holdings in Broadridge Financial Solutions were worth $4,724,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. AMF Tjanstepension AB acquired a new position in shares of Broadridge Financial Solutions during the 2nd quarter worth approximately $1,855,000. Atria Wealth Solutions Inc. acquired a new position in Broadridge Financial Solutions in the 1st quarter valued at $207,000. EP Wealth Advisors LLC acquired a new position in Broadridge Financial Solutions in the 1st quarter valued at $469,000. ProShare Advisors LLC raised its stake in Broadridge Financial Solutions by 22.4% in the 1st quarter. ProShare Advisors LLC now owns 42,294 shares of the business services provider’s stock valued at $6,199,000 after purchasing an additional 7,740 shares during the last quarter. Finally, Empower Advisory Group LLC acquired a new position in Broadridge Financial Solutions in the 1st quarter valued at $248,000. Hedge funds and other institutional investors own 89.36% of the company’s stock.

Broadridge Financial Solutions Stock Performance

NYSE BR opened at $185.14 on Monday. The stock has a market cap of $21.87 billion, a PE ratio of 35.00 and a beta of 0.98. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 1.00. Broadridge Financial Solutions, Inc. has a twelve month low of $131.35 and a twelve month high of $189.69. The stock has a fifty day simple moving average of $177.19 and a 200-day simple moving average of $159.09.

Broadridge Financial Solutions (NYSE:BR) last released its quarterly earnings results on Tuesday, August 8th. The business services provider reported $3.21 earnings per share for the quarter, topping analysts’ consensus estimates of $3.10 by $0.11. The business had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.87 billion. Broadridge Financial Solutions had a return on equity of 42.09% and a net margin of 10.40%. The company’s revenue was up 6.7% compared to the same quarter last year. During the same period in the prior year, the business posted $2.65 EPS. Equities analysts anticipate that Broadridge Financial Solutions, Inc. will post 7.63 earnings per share for the current year.

Broadridge Financial Solutions Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 5th. Investors of record on Friday, September 15th will be issued a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a yield of 1.73%. This is a boost from Broadridge Financial Solutions’s previous quarterly dividend of $0.73. The ex-dividend date of this dividend is Thursday, September 14th. Broadridge Financial Solutions’s dividend payout ratio (DPR) is 54.82%.

Insider Activity at Broadridge Financial Solutions

In related news, Chairman Richard J. Daly sold 72,050 shares of the firm’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $178.29, for a total transaction of $12,845,794.50. Following the completion of the transaction, the chairman now directly owns 120,018 shares in the company, valued at approximately $21,398,009.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Broadridge Financial Solutions news, President Christopher John Perry sold 12,834 shares of the stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $186.45, for a total value of $2,392,899.30. Following the sale, the president now owns 77,352 shares of the company’s stock, valued at approximately $14,422,280.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Richard J. Daly sold 72,050 shares of the stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $178.29, for a total value of $12,845,794.50. Following the completion of the sale, the chairman now directly owns 120,018 shares in the company, valued at approximately $21,398,009.22. The disclosure for this sale can be found here. Insiders sold 191,035 shares of company stock worth $34,423,247 in the last three months. 1.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently commented on the company. DA Davidson increased their price objective on Broadridge Financial Solutions from $160.00 to $164.00 and gave the company a “neutral” rating in a research note on Wednesday, August 9th. Royal Bank of Canada raised their target price on Broadridge Financial Solutions from $169.00 to $190.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 9th. JPMorgan Chase & Co. raised their target price on Broadridge Financial Solutions from $178.00 to $192.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 22nd. StockNews.com raised Broadridge Financial Solutions from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Raymond James raised their target price on Broadridge Financial Solutions from $183.00 to $186.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 9th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $173.67.

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.