Bank of America Corp DE Increases Stock Holdings in Broadridge Financial Solutions, Inc. (NYSE:BR)

Posted by Defense World Staff on Jun 4th, 2023

Bank of America Corp DE raised its stake in Broadridge Financial Solutions, Inc. (NYSE:BR – Get Rating) by 2.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 730,616 shares of the business services provider’s stock after purchasing an additional 17,637 shares during the quarter. Bank of America Corp DE owned 0.62% of Broadridge Financial Solutions worth $97,997,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Broadridge Financial Solutions by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 14,043,423 shares of the business services provider’s stock valued at $2,026,747,000 after buying an additional 131,997 shares during the period. BlackRock Inc. lifted its holdings in shares of Broadridge Financial Solutions by 0.7% in the 3rd quarter. BlackRock Inc. now owns 9,830,478 shares of the business services provider’s stock valued at $1,418,737,000 after buying an additional 64,035 shares during the period. State Street Corp lifted its holdings in shares of Broadridge Financial Solutions by 0.4% in the 3rd quarter. State Street Corp now owns 4,654,571 shares of the business services provider’s stock valued at $675,108,000 after buying an additional 19,303 shares during the period. Jensen Investment Management Inc. lifted its holdings in shares of Broadridge Financial Solutions by 6.0% in the 4th quarter. Jensen Investment Management Inc. now owns 1,820,083 shares of the business services provider’s stock valued at $244,128,000 after buying an additional 102,405 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec lifted its holdings in shares of Broadridge Financial Solutions by 86.6% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,195,313 shares of the business services provider’s stock valued at $186,122,000 after buying an additional 554,807 shares during the period. 86.45% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on BR. Royal Bank of Canada began coverage on Broadridge Financial Solutions in a report on Monday, April 24th. They issued an “outperform” rating and a $169.00 price target for the company. StockNews.com began coverage on Broadridge Financial Solutions in a report on Thursday, May 18th. They set a “hold” rating for the company. Two research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $161.40.

Broadridge Financial Solutions Stock Performance

Shares of BR stock opened at $153.25 on Friday. The stock has a fifty day moving average price of $147.65 and a 200 day moving average price of $144.28. The stock has a market cap of $18.08 billion, a PE ratio of 32.89 and a beta of 0.99. Broadridge Financial Solutions, Inc. has a 1 year low of $131.35 and a 1 year high of $183.33. 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 (NYSE:BR – Get Rating) last released its quarterly earnings results on Tuesday, May 2nd. The business services provider reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $2.01 by $0.04. Broadridge Financial Solutions had a return on equity of 40.29% and a net margin of 9.33%. The company had revenue of $1.65 billion during the quarter, compared to analysts’ expectations of $1.65 billion. During the same period in the previous year, the firm posted $1.93 earnings per share. The business’s revenue for the quarter was up 7.3% compared to the same quarter last year. Sell-side analysts forecast that Broadridge Financial Solutions, Inc. will post 6.91 earnings per share for the current fiscal year.

Broadridge Financial Solutions Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 6th. Stockholders of record on Thursday, June 15th will be issued a $0.725 dividend. The ex-dividend date of this dividend is Wednesday, June 14th. This represents a $2.90 dividend on an annualized basis and a dividend yield of 1.89%. Broadridge Financial Solutions’s dividend payout ratio (DPR) is 62.23%.

Insider Transactions at Broadridge Financial Solutions

In other news, Director Leslie A. Brun sold 6,900 shares of the business’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $148.98, for a total value of $1,027,962.00. Following the completion of the transaction, the director now directly owns 59,916 shares of the company’s stock, valued at $8,926,285.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Leslie A. Brun sold 6,900 shares of Broadridge Financial Solutions stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $148.98, for a total value of $1,027,962.00. Following the completion of the sale, the director now owns 59,916 shares of the company’s stock, valued at $8,926,285.68. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Robert Schifellite sold 15,695 shares of Broadridge Financial Solutions stock in a transaction on Thursday, May 4th. The shares were sold at an average price of $152.59, for a total value of $2,394,900.05. Following the completion of the sale, the senior vice president now directly 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 27,397 shares of company stock valued at $4,162,229 over the last three months. 1.60% of the stock is currently owned by insiders.

Broadridge Financial Solutions Profile

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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.