Retirement Systems of Alabama Reduces Holdings in Broadridge Financial Solutions, Inc. (NYSE:BR)

Retirement Systems of Alabama cut its holdings in Broadridge Financial Solutions, Inc. (NYSE:BR) by 2.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,517 shares of the business services provider’s stock after selling 553 shares during the quarter. Retirement Systems of Alabama’s holdings in Broadridge Financial Solutions were worth $5,487,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the stock. Bogart Wealth LLC raised its holdings in shares of Broadridge Financial Solutions by 384.0% in the third quarter. Bogart Wealth LLC now owns 121 shares of the business services provider’s stock worth $26,000 after acquiring an additional 96 shares during the last quarter. EdgeRock Capital LLC purchased a new position in Broadridge Financial Solutions in the 2nd quarter valued at about $32,000. Rothschild Investment LLC acquired a new stake in shares of Broadridge Financial Solutions during the 2nd quarter worth about $32,000. True Wealth Design LLC raised its position in shares of Broadridge Financial Solutions by 2,028.6% in the third quarter. True Wealth Design LLC now owns 149 shares of the business services provider’s stock valued at $32,000 after buying an additional 142 shares during the last quarter. Finally, Family Firm Inc. acquired a new position in shares of Broadridge Financial Solutions in the second quarter valued at approximately $37,000. 90.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have commented on BR. UBS Group initiated coverage on shares of Broadridge Financial Solutions in a research note on Thursday, November 21st. They issued a “neutral” rating and a $250.00 target price for the company. DA Davidson increased their target price on Broadridge Financial Solutions from $210.00 to $215.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Wolfe Research restated a “peer perform” rating on shares of Broadridge Financial Solutions in a report on Thursday, December 12th. Royal Bank of Canada reissued an “outperform” rating and issued a $246.00 target price on shares of Broadridge Financial Solutions in a research report on Wednesday, November 6th. Finally, Morgan Stanley upped their price target on shares of Broadridge Financial Solutions from $200.00 to $207.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 6th. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Broadridge Financial Solutions presently has a consensus rating of “Hold” and an average price target of $226.71.

Broadridge Financial Solutions Price Performance

Broadridge Financial Solutions stock opened at $223.09 on Thursday. The firm has a fifty day moving average of $225.09 and a 200-day moving average of $213.52. Broadridge Financial Solutions, Inc. has a 52-week low of $188.30 and a 52-week high of $237.96. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 1.63. The firm has a market capitalization of $26.08 billion, a P/E ratio of 38.60 and a beta of 1.07.

Broadridge Financial Solutions (NYSE:BR) last released its quarterly earnings data on Tuesday, November 5th. The business services provider reported $1.00 EPS for the quarter, beating the consensus estimate of $0.97 by $0.03. Broadridge Financial Solutions had a return on equity of 41.79% and a net margin of 10.57%. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.48 billion. During the same period last year, the company posted $1.09 earnings per share. The firm’s revenue was down .6% compared to the same quarter last year. As a group, analysts predict that Broadridge Financial Solutions, Inc. will post 8.52 EPS for the current year.

Broadridge Financial Solutions Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Shareholders of record on Friday, December 13th will be issued a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date is Friday, December 13th. Broadridge Financial Solutions’s dividend payout ratio is presently 60.90%.

Insider Buying and Selling at Broadridge Financial Solutions

In other Broadridge Financial Solutions news, insider Douglas Richard Deschutter sold 24,185 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $220.21, for a total transaction of $5,325,778.85. Following the completion of the sale, the insider now owns 27,137 shares in the company, valued at $5,975,838.77. This trade represents a 47.12 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Maura A. Markus sold 3,880 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $227.02, for a total value of $880,837.60. Following the completion of the transaction, the director now directly owns 27,788 shares in the company, valued at approximately $6,308,431.76. The trade was a 12.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 54,532 shares of company stock valued at $12,264,846 over the last 90 days. 1.30% of the stock is owned by corporate insiders.

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.