Louisiana State Employees Retirement System Boosts Stake in Broadridge Financial Solutions, Inc. (NYSE:BR)

Posted by Defense World Staff on Jul 7th, 2023

Louisiana State Employees Retirement System increased its holdings in shares of Broadridge Financial Solutions, Inc. (NYSE:BR – Free Report) by 1.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,700 shares of the business services provider’s stock after purchasing an additional 100 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Broadridge Financial Solutions were worth $1,129,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Morgan Stanley grew its stake in shares of Broadridge Financial Solutions by 41.0% in the fourth quarter. Morgan Stanley now owns 7,043,656 shares of the business services provider’s stock valued at $944,766,000 after buying an additional 2,048,184 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its position in Broadridge Financial Solutions by 85.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,230,810 shares of the business services provider’s stock valued at $299,219,000 after acquiring an additional 1,025,907 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec increased its stake in Broadridge Financial Solutions by 86.6% during 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 purchasing an additional 554,807 shares during the period. First Trust Advisors LP lifted its position in shares of Broadridge Financial Solutions by 30.1% during the fourth quarter. First Trust Advisors LP now owns 654,202 shares of the business services provider’s stock worth $87,753,000 after purchasing an additional 151,540 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of 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 valued at $2,026,747,000 after purchasing an additional 131,997 shares during the period. 89.05% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Insider Activity at Broadridge Financial Solutions

In other news, VP Richard John Stingi sold 750 shares of the business’s stock in a transaction that occurred on Thursday, May 4th. The shares were 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 approximately $652,444.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Richard John Stingi sold 750 shares of Broadridge Financial Solutions 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 sale, the vice president now owns 4,202 shares in the company, valued at $652,444.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Leslie A. Brun sold 6,900 shares of the company’s stock in a transaction dated Thursday, June 1st. The shares were 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 directly owns 59,916 shares of the company’s stock, valued at $8,926,285.68. The disclosure for this sale can be found here. Insiders sold 27,397 shares of company stock valued at $4,162,229 over the last three months. 1.60% of the stock is owned by corporate insiders.

Broadridge Financial Solutions Trading Down 0.3 %

NYSE BR opened at $163.49 on Friday. Broadridge Financial Solutions, Inc. has a 52 week low of $131.35 and a 52 week high of $183.33. The firm has a 50 day moving average of $155.24 and a two-hundred day moving average of $146.73. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 2.04. The stock has a market capitalization of $19.29 billion, a PE ratio of 35.08 and a beta of 1.02.

Broadridge Financial Solutions (NYSE:BR – Free Report) last issued its earnings results on Tuesday, May 2nd. The business services provider reported $2.05 EPS for the quarter, topping analysts’ consensus estimates of $2.01 by $0.04. Broadridge Financial Solutions had a net margin of 9.33% and a return on equity of 40.29%. The firm had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same quarter in the previous year, the firm posted $1.93 earnings per share. The company’s revenue was up 7.3% compared to the same quarter last year. As a group, research analysts expect that Broadridge Financial Solutions, Inc. will post 6.9 EPS for the current fiscal year.

Broadridge Financial Solutions Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 6th. Investors of record on Thursday, June 15th were paid a dividend of $0.725 per share. This represents a $2.90 annualized dividend and a yield of 1.77%. The ex-dividend date of this dividend was Wednesday, June 14th. Broadridge Financial Solutions’s payout ratio is 62.23%.

Broadridge Financial Solutions Profile

(Free Report)

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.