Louisiana State Employees Retirement System decreased its position in Broadridge Financial Solutions, Inc. (NYSE:BR – Free Report) by 5.2% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,300 shares of the business services provider’s stock after selling 400 shares during the period. Louisiana State Employees Retirement System’s holdings in Broadridge Financial Solutions were worth $1,209,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Atria Wealth Solutions Inc. purchased a new position in Broadridge Financial Solutions during the first quarter valued at $207,000. Skandinaviska Enskilda Banken AB publ increased its holdings in Broadridge Financial Solutions by 0.6% during the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 21,851 shares of the business services provider’s stock worth $3,203,000 after purchasing an additional 136 shares during the period. Ethic Inc. grew its holdings in Broadridge Financial Solutions by 52.7% during the 1st quarter. Ethic Inc. now owns 5,511 shares of the business services provider’s stock worth $808,000 after acquiring an additional 1,901 shares in the last quarter. Wendell David Associates Inc. lifted its holdings in Broadridge Financial Solutions by 0.7% during the 1st quarter. Wendell David Associates Inc. now owns 105,444 shares of the business services provider’s stock worth $15,455,000 after buying an additional 697 shares during the last quarter. Finally, ETF Managers Group LLC raised its holdings in Broadridge Financial Solutions by 64.5% during the first quarter. ETF Managers Group LLC now owns 7,585 shares of the business services provider’s stock worth $1,112,000 after purchasing an additional 2,974 shares in the last quarter. Hedge funds and other institutional investors own 89.36% of the company’s stock.
Broadridge Financial Solutions Stock Performance
NYSE:BR opened at $179.42 on Thursday. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 1.00. The firm has a 50-day moving average price of $180.67 and a two-hundred day moving average price of $162.79. Broadridge Financial Solutions, Inc. has a twelve month low of $131.35 and a twelve month high of $189.69. The company has a market capitalization of $21.19 billion, a P/E ratio of 33.92 and a beta of 0.98.
Broadridge Financial Solutions Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 5th. Shareholders of record on Friday, September 15th will be issued a $0.80 dividend. 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. This represents a $3.20 annualized dividend and a yield of 1.78%. Broadridge Financial Solutions’s payout ratio is 60.49%.
Insider Activity
In other news, Director Leslie A. Brun sold 2,000 shares of the company’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $181.20, for a total value of $362,400.00. Following the completion of the transaction, the director now directly owns 72,430 shares in the company, valued at $13,124,316. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, President Christopher John Perry sold 10,118 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $180.57, for a total transaction of $1,827,007.26. Following the sale, the president now directly owns 69,365 shares of the company’s stock, valued at approximately $12,525,238.05. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Leslie A. Brun sold 2,000 shares of the business’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $181.20, for a total transaction of $362,400.00. Following the sale, the director now owns 72,430 shares of the company’s stock, valued at approximately $13,124,316. The disclosure for this sale can be found here. Insiders sold 191,035 shares of company stock valued at $34,423,247 in the last ninety days. Company insiders own 1.60% of the company’s stock.
Analysts Set New Price Targets
A number of brokerages have recently commented on BR. DA Davidson upped their target price on shares of Broadridge Financial Solutions from $160.00 to $164.00 and gave the company a “neutral” rating in a report on Wednesday, August 9th. Morgan Stanley boosted their target price on Broadridge Financial Solutions from $165.00 to $175.00 and gave the company an “equal weight” rating in a report on Wednesday, August 9th. StockNews.com downgraded shares of Broadridge Financial Solutions from a “buy” rating to a “hold” rating in a report on Sunday, September 24th. Raymond James lifted their target price on shares of Broadridge Financial Solutions from $183.00 to $186.00 and gave the company an “outperform” rating in a report on Wednesday, August 9th. Finally, JPMorgan Chase & Co. raised their price target on Broadridge Financial Solutions from $178.00 to $192.00 and gave the company a “neutral” rating in a report on Tuesday, August 22nd. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $173.67.
Check Out Our Latest Stock Analysis on Broadridge Financial Solutions
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.
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