Russell Investments Group Ltd. Trims Stock Holdings in Broadridge Financial Solutions, Inc. (NYSE:BR)

Posted by Defense World Staff on May 13th, 2023

Russell Investments Group Ltd. trimmed its position in Broadridge Financial Solutions, Inc. (NYSE:BR – Get Rating) by 2.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 74,934 shares of the business services provider’s stock after selling 1,873 shares during the period. Russell Investments Group Ltd. owned 0.06% of Broadridge Financial Solutions worth $10,105,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Broadridge Financial Solutions by 0.9% in the third quarter. Vanguard Group Inc. now owns 14,043,423 shares of the business services provider’s stock worth $2,026,747,000 after purchasing an additional 131,997 shares during the period. BlackRock Inc. boosted its holdings in Broadridge Financial Solutions by 0.7% in the third quarter. BlackRock Inc. now owns 9,830,478 shares of the business services provider’s stock worth $1,418,737,000 after acquiring an additional 64,035 shares in the last quarter. State Street Corp boosted its holdings in Broadridge Financial Solutions by 0.4% in the third quarter. State Street Corp now owns 4,654,571 shares of the business services provider’s stock worth $675,108,000 after acquiring an additional 19,303 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its holdings in Broadridge Financial Solutions by 86.6% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,195,313 shares of the business services provider’s stock worth $186,122,000 after acquiring an additional 554,807 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Broadridge Financial Solutions by 0.7% in the third quarter. Bank of New York Mellon Corp now owns 1,134,711 shares of the business services provider’s stock worth $163,760,000 after acquiring an additional 7,333 shares in the last quarter. 86.45% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Broadridge Financial Solutions news, VP Richard John Stingi sold 750 shares of the company’s stock in a transaction dated Thursday, May 4th. The stock was sold at an average price of $155.27, for a total value of $116,452.50. Following the completion of the sale, the vice president now owns 4,202 shares in the company, valued at $652,444.54. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, VP Richard John Stingi sold 750 shares of the stock in a transaction dated Thursday, May 4th. The stock was sold at an average price of $155.27, for a total transaction of $116,452.50. Following the completion of the sale, the vice president now owns 4,202 shares in the company, valued at $652,444.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Robert Schifellite sold 15,695 shares of the stock in a transaction dated Thursday, May 4th. The stock was sold at an average price of $152.59, for a total value of $2,394,900.05. Following the sale, the senior vice president now owns 50,314 shares of the company’s stock, valued at approximately $7,677,413.26. The disclosure for this sale can be found here. Insiders sold a total of 17,870 shares of company stock worth $2,712,363 over the last quarter. 1.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have commented on BR. Raymond James boosted their target price on Broadridge Financial Solutions from $180.00 to $183.00 and gave the stock an “outperform” rating in a report on Friday, February 3rd. StockNews.com started coverage on Broadridge Financial Solutions in a report on Thursday, March 16th. They set a “hold” rating on the stock. TheStreet raised Broadridge Financial Solutions from a “c+” rating to a “b” rating in a report on Thursday, February 2nd. Finally, Royal Bank of Canada started coverage on Broadridge Financial Solutions in a report on Monday, April 24th. They set an “outperform” rating and a $169.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Broadridge Financial Solutions has an average rating of “Moderate Buy” and a consensus price target of $161.40.

Broadridge Financial Solutions Stock Down 0.1 %

Broadridge Financial Solutions stock opened at $154.57 on Friday. The stock has a market cap of $18.24 billion, a PE ratio of 33.17 and a beta of 1.00. The company has a debt-to-equity ratio of 2.04, a quick ratio of 1.35 and a current ratio of 1.35. Broadridge Financial Solutions, Inc. has a one year low of $131.35 and a one year high of $183.33. The stock has a fifty day moving average of $143.84 and a 200 day moving average of $143.22.

Broadridge Financial Solutions (NYSE:BR – Get Rating) last posted its quarterly earnings data on Tuesday, May 2nd. The business services provider reported $2.05 EPS for the quarter, beating analysts’ consensus estimates of $2.01 by $0.04. The company had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.65 billion. Broadridge Financial Solutions had a return on equity of 40.29% and a net margin of 9.33%. Broadridge Financial Solutions’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.93 earnings per share. As a group, sell-side analysts predict that Broadridge Financial Solutions, Inc. will post 6.91 EPS for the current year.

Broadridge Financial Solutions Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 6th. Shareholders of record on Thursday, June 15th will be given a $0.725 dividend. This represents a $2.90 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date of this dividend is Wednesday, June 14th. Broadridge Financial Solutions’s payout ratio is 62.23%.

About Broadridge Financial Solutions

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Broadridge Financial Solutions, Inc engages in the provision of investor communications and technology solutions to banks, broker-dealers, mutual funds, and corporate issuers. It operates through the following segments: Investor Communication Solutions and Global Technology and Operations. The Investor Communication Solutions segment offers services for broker-dealer investor communication, customer communication, corporate issuer, advisor solutions, and mutual fund and retirement solutions.