Victory Capital Management Inc. Sells 798 Shares of Broadridge Financial Solutions, Inc. (NYSE:BR)

Victory Capital Management Inc. cut its stake in Broadridge Financial Solutions, Inc. (NYSE:BR) by 1.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 47,865 shares of the business services provider’s stock after selling 798 shares during the quarter. Victory Capital Management Inc.’s holdings in Broadridge Financial Solutions were worth $9,429,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. LifeSteps Financial Inc. purchased a new stake in Broadridge Financial Solutions in the first quarter worth $32,000. EdgeRock Capital LLC bought a new position in shares of Broadridge Financial Solutions in the 2nd quarter worth about $32,000. Rothschild Investment LLC purchased a new position in Broadridge Financial Solutions during the 2nd quarter valued at about $32,000. Manchester Capital Management LLC boosted its stake in Broadridge Financial Solutions by 57.1% during the fourth quarter. Manchester Capital Management LLC now owns 165 shares of the business services provider’s stock worth $34,000 after acquiring an additional 60 shares in the last quarter. Finally, New Covenant Trust Company N.A. purchased a new stake in Broadridge Financial Solutions in the first quarter worth about $34,000. 90.03% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on BR shares. StockNews.com raised Broadridge Financial Solutions from a “hold” rating to a “buy” rating in a research report on Tuesday, September 10th. DA Davidson reissued a “neutral” rating and issued a $185.00 target price on shares of Broadridge Financial Solutions in a research note on Tuesday, June 11th. Royal Bank of Canada lifted their price target on Broadridge Financial Solutions from $239.00 to $246.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Broadridge Financial Solutions from $224.00 to $225.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $213.33.

Broadridge Financial Solutions Trading Up 0.7 %

Shares of NYSE:BR opened at $211.95 on Friday. Broadridge Financial Solutions, Inc. has a 1 year low of $166.73 and a 1 year high of $223.81. The stock’s fifty day moving average price is $209.72 and its 200-day moving average price is $203.13. The company has a market cap of $24.74 billion, a P/E ratio of 36.17 and a beta of 1.05. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.08 and a quick ratio of 1.08.

Broadridge Financial Solutions (NYSE:BR) last announced its quarterly earnings results on Tuesday, August 6th. The business services provider reported $3.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.49 by $0.01. Broadridge Financial Solutions had a net margin of 10.73% and a return on equity of 42.77%. The firm had revenue of $1.94 billion for the quarter, compared to the consensus estimate of $1.96 billion. During the same quarter last year, the firm posted $3.21 EPS. The business’s quarterly revenue was up 5.7% compared to the same quarter last year. Sell-side analysts expect that Broadridge Financial Solutions, Inc. will post 8.51 earnings per share for the current year.

Broadridge Financial Solutions Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Shareholders of record on Thursday, September 12th will be paid a dividend of $0.88 per share. The ex-dividend date of this dividend is Thursday, September 12th. This is a positive change from Broadridge Financial Solutions’s previous quarterly dividend of $0.80. This represents a $3.52 dividend on an annualized basis and a yield of 1.66%. Broadridge Financial Solutions’s payout ratio is currently 54.61%.

Insider Activity

In related news, President Christopher John Perry sold 17,534 shares of Broadridge Financial Solutions stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $213.41, for a total value of $3,741,930.94. Following the completion of the sale, the president now owns 50,237 shares of the company’s stock, valued at $10,721,078.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Broadridge Financial Solutions news, VP Laura Matlin sold 673 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $216.00, for a total value of $145,368.00. Following the transaction, the vice president now directly owns 5,530 shares in the company, valued at $1,194,480. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Christopher John Perry sold 17,534 shares of the business’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $213.41, for a total transaction of $3,741,930.94. Following the sale, the president now directly owns 50,237 shares of the company’s stock, valued at approximately $10,721,078.17. The disclosure for this sale can be found here. Insiders have sold 134,386 shares of company stock valued at $28,112,824 in the last ninety days. 1.60% of the stock is currently owned by company 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.