Wealthsource Partners LLC lessened its holdings in Broadridge Financial Solutions, Inc. (NYSE:BR) by 20.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 6,930 shares of the business services provider’s stock after selling 1,769 shares during the quarter. Wealthsource Partners LLC’s holdings in Broadridge Financial Solutions were worth $524,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. ETF Managers Group LLC purchased a new position in shares of Broadridge Financial Solutions in the second quarter worth about $144,000. Acrospire Investment Management LLC purchased a new position in shares of Broadridge Financial Solutions in the second quarter worth about $108,000. Global X Management Co. LLC raised its stake in shares of Broadridge Financial Solutions by 8.5% in the second quarter. Global X Management Co. LLC now owns 1,533 shares of the business services provider’s stock worth $116,000 after purchasing an additional 120 shares during the last quarter. Commonwealth Bank of Australia raised its stake in shares of Broadridge Financial Solutions by 60.0% in the second quarter. Commonwealth Bank of Australia now owns 1,600 shares of the business services provider’s stock worth $120,000 after purchasing an additional 600 shares during the last quarter. Finally, Van ECK Associates Corp raised its stake in shares of Broadridge Financial Solutions by 8.0% in the first quarter. Van ECK Associates Corp now owns 1,814 shares of the business services provider’s stock worth $123,000 after purchasing an additional 135 shares during the last quarter. 83.72% of the stock is owned by institutional investors and hedge funds.
Several brokerages have recently issued reports on BR. BidaskClub cut Broadridge Financial Solutions from a “hold” rating to a “sell” rating in a research note on Saturday, August 12th. DA Davidson initiated coverage on Broadridge Financial Solutions in a research report on Monday, August 7th. They issued a “neutral” rating and a $74.00 price objective for the company. Finally, Barclays PLC boosted their price objective on Broadridge Financial Solutions from $72.00 to $74.00 and gave the company an “equal weight” rating in a research report on Friday, August 11th.
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In other news, insider Richard J. Daly sold 94,039 shares of the firm’s stock in a transaction on Wednesday, October 11th. The stock was sold at an average price of $81.95, for a total transaction of $7,706,496.05. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Stuart R. Levine sold 7,868 shares of the firm’s stock in a transaction on Friday, August 18th. The stock was sold at an average price of $76.58, for a total value of $602,531.44. Following the sale, the director now owns 39,747 shares in the company, valued at approximately $3,043,825.26. The disclosure for this sale can be found here. Insiders have sold 119,720 shares of company stock valued at $9,679,916 in the last three months. 2.60% of the stock is currently owned by company insiders.
Broadridge Financial Solutions (NYSE:BR) last released its quarterly earnings data on Thursday, August 10th. The business services provider reported $1.71 earnings per share for the quarter, meeting the consensus estimate of $1.71. The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.31 billion. Broadridge Financial Solutions had a return on equity of 37.99% and a net margin of 7.89%. Broadridge Financial Solutions’s quarterly revenue was up 38.1% on a year-over-year basis. During the same period last year, the business posted $1.45 EPS.
The business also recently declared a quarterly dividend, which was paid on Tuesday, October 3rd. Shareholders of record on Friday, September 15th were given a dividend of $0.365 per share. This is an increase from Broadridge Financial Solutions’s previous quarterly dividend of $0.33. The ex-dividend date was Thursday, September 14th. This represents a $1.46 annualized dividend and a yield of 1.78%. Broadridge Financial Solutions’s dividend payout ratio (DPR) is presently 53.48%.
About Broadridge Financial Solutions
Broadridge Financial Solutions, Inc (Broadridge) is a provider of investor communications and technology-driven solutions to banks, broker-dealers, mutual funds and corporate issuers. The Company’s segments include Investor Communication Solutions, and Global Technology and Operations. The Company offers Bank/Broker-Dealer Investor Communication Solutions, Customer Communication Solutions, Corporate Issuer Solutions, Advisor Solutions and Mutual Fund and Retirement Solutions through Investor Communication Solutions segment.
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