Broadridge Financial Solutions (NYSE:BR) Hits New 52-Week High After Dividend Announcement

Broadridge Financial Solutions, Inc. (NYSE:BR) shares reached a new 52-week high during trading on Tuesday after the company announced a dividend. The company traded as high as $241.56 and last traded at $242.12, with a volume of 163687 shares. The stock had previously closed at $238.65.

The newly announced dividend which will be paid on Thursday, April 3rd. Shareholders of record on Thursday, March 13th will be issued a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a yield of 1.46%. Broadridge Financial Solutions’s dividend payout ratio is presently 55.09%.

Analyst Ratings Changes

A number of research firms have weighed in on BR. Morgan Stanley upped their price target on Broadridge Financial Solutions from $207.00 to $222.00 and gave the stock an “equal weight” rating in a report on Monday. DA Davidson reiterated a “neutral” rating and set a $215.00 target price on shares of Broadridge Financial Solutions in a research note on Tuesday, January 21st. UBS Group increased their target price on Broadridge Financial Solutions from $250.00 to $260.00 and gave the company a “neutral” rating in a research note on Monday. Royal Bank of Canada raised their price objective on Broadridge Financial Solutions from $246.00 to $259.00 and gave the stock an “outperform” rating in a research note on Monday. Finally, JPMorgan Chase & Co. raised their price objective on Broadridge Financial Solutions from $231.00 to $249.00 and gave the stock a “neutral” rating in a research note on Monday. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Broadridge Financial Solutions presently has a consensus rating of “Hold” and an average price target of $239.17.

Broadridge Financial Solutions Price Performance

The firm has a market cap of $28.20 billion, a price-to-earnings ratio of 37.78 and a beta of 1.08. The company has a current ratio of 1.35, a quick ratio of 1.39 and a debt-to-equity ratio of 1.64. The stock has a 50-day moving average of $231.37 and a two-hundred day moving average of $220.56.

Broadridge Financial Solutions (NYSE:BR) last announced its quarterly earnings results on Friday, January 31st. The business services provider reported $1.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.32 by $0.24. Broadridge Financial Solutions had a return on equity of 44.40% and a net margin of 11.36%. During the same quarter last year, the business posted $0.92 earnings per share. On average, analysts anticipate that Broadridge Financial Solutions, Inc. will post 8.55 EPS for the current year.

Insider Activity

In other Broadridge Financial Solutions news, insider Douglas Richard Deschutter sold 24,185 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $220.21, for a total value of $5,325,778.85. Following the transaction, the insider now owns 27,137 shares of the company’s stock, valued at approximately $5,975,838.77. This represents a 47.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Thomas P. Carey sold 10,757 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $226.82, for a total value of $2,439,902.74. Following the sale, the vice president now directly owns 12,689 shares in the company, valued at approximately $2,878,118.98. This represents a 45.88 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 54,532 shares of company stock worth $12,264,846. Company insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Crestwood Advisors Group LLC acquired a new position in Broadridge Financial Solutions in the 4th quarter valued at $206,000. Union Bancaire Privee UBP SA acquired a new position in shares of Broadridge Financial Solutions in the 4th quarter valued at about $2,328,000. MONECO Advisors LLC lifted its stake in shares of Broadridge Financial Solutions by 14.6% in the 4th quarter. MONECO Advisors LLC now owns 1,795 shares of the business services provider’s stock valued at $406,000 after purchasing an additional 229 shares during the period. Wealthspire Advisors LLC acquired a new position in Broadridge Financial Solutions during the 4th quarter worth approximately $225,000. Finally, First Horizon Advisors Inc. increased its holdings in Broadridge Financial Solutions by 7.9% during the 4th quarter. First Horizon Advisors Inc. now owns 1,192 shares of the business services provider’s stock worth $270,000 after purchasing an additional 87 shares in the last quarter. 90.03% of the stock is currently owned by institutional investors.

Broadridge Financial Solutions Company Profile

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.