M&T Bank Corp Cuts Stake in Broadridge Financial Solutions, Inc. (NYSE:BR)

M&T Bank Corp cut its position in Broadridge Financial Solutions, Inc. (NYSE:BR) by 0.7% in the 4th quarter, Holdings Channel reports. The institutional investor owned 19,722 shares of the business services provider’s stock after selling 131 shares during the quarter. M&T Bank Corp’s holdings in Broadridge Financial Solutions were worth $4,058,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in BR. Nordea Investment Management AB lifted its stake in Broadridge Financial Solutions by 680.1% during the 4th quarter. Nordea Investment Management AB now owns 85,325 shares of the business services provider’s stock valued at $17,584,000 after acquiring an additional 74,387 shares during the period. International Assets Investment Management LLC purchased a new stake in Broadridge Financial Solutions in the fourth quarter worth approximately $227,750,000. Crown Oak Advisors LLC bought a new stake in Broadridge Financial Solutions in the 4th quarter worth approximately $7,032,000. Comerica Bank purchased a new stake in Broadridge Financial Solutions during the 3rd quarter valued at $8,116,000. Finally, Cornercap Investment Counsel Inc. bought a new position in shares of Broadridge Financial Solutions during the 4th quarter valued at $1,089,000. Institutional investors own 90.03% of the company’s stock.

Broadridge Financial Solutions Stock Performance

Broadridge Financial Solutions stock opened at $201.36 on Wednesday. Broadridge Financial Solutions, Inc. has a fifty-two week low of $144.54 and a fifty-two week high of $210.24. The company has a market capitalization of $23.71 billion, a PE ratio of 35.08 and a beta of 0.98. The company has a 50 day moving average price of $200.29 and a 200-day moving average price of $195.66. The company has a debt-to-equity ratio of 1.77, a quick ratio of 1.40 and a current ratio of 1.40.

Broadridge Financial Solutions Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were given a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date of this dividend was Thursday, March 14th. Broadridge Financial Solutions’s payout ratio is 55.75%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on BR shares. Raymond James lifted their price objective on Broadridge Financial Solutions from $205.00 to $214.00 and gave the stock an “outperform” rating in a report on Friday, February 2nd. Royal Bank of Canada upped their price target on shares of Broadridge Financial Solutions from $212.00 to $239.00 and gave the company an “outperform” rating in a research report on Friday, February 2nd. StockNews.com raised shares of Broadridge Financial Solutions from a “hold” rating to a “buy” rating in a report on Saturday. Evercore ISI restated an “outperform” rating and issued a $230.00 price objective on shares of Broadridge Financial Solutions in a research report on Tuesday, March 26th. Finally, DA Davidson reiterated a “neutral” rating and set a $185.00 target price on shares of Broadridge Financial Solutions in a research report on Wednesday, April 10th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Broadridge Financial Solutions presently has a consensus rating of “Moderate Buy” and an average price target of $206.67.

Insider Transactions at Broadridge Financial Solutions

In other news, insider Douglas Richard Deschutter sold 12,200 shares of the business’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $204.71, for a total value of $2,497,462.00. Following the completion of the sale, the insider now owns 32,480 shares in the company, valued at approximately $6,648,980.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider Douglas Richard Deschutter sold 12,200 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $204.71, for a total transaction of $2,497,462.00. Following the completion of the sale, the insider now directly owns 32,480 shares in the company, valued at approximately $6,648,980.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Thomas P. Carey sold 12,731 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $201.02, for a total transaction of $2,559,185.62. Following the completion of the sale, the vice president now owns 13,303 shares in the company, valued at $2,674,169.06. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,761 shares of company stock valued at $5,223,959. 1.60% of the stock is currently owned by corporate insiders.

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.