Broadridge Financial Solutions (NYSE:BR) Hits New 1-Year High on Earnings Beat

Broadridge Financial Solutions, Inc. (NYSE:BR) shares hit a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $225.29 and last traded at $218.99, with a volume of 41015 shares traded. The stock had previously closed at $218.30.

The business services provider reported $1.00 EPS for the quarter, beating the consensus estimate of $0.97 by $0.03. The firm had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.48 billion. Broadridge Financial Solutions had a net margin of 10.73% and a return on equity of 42.77%. The business’s quarterly revenue was down .6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.09 earnings per share.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on BR. Royal Bank of Canada restated an “outperform” rating and issued a $246.00 price target on shares of Broadridge Financial Solutions in a report on Wednesday. JPMorgan Chase & Co. lifted their target price on Broadridge Financial Solutions from $224.00 to $225.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. StockNews.com raised Broadridge Financial Solutions from a “hold” rating to a “buy” rating in a research report on Friday, November 1st. Finally, Morgan Stanley lifted their price objective on shares of Broadridge Financial Solutions from $200.00 to $207.00 and gave the company an “equal weight” rating in a report on Wednesday. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $217.83.

Insider Activity at Broadridge Financial Solutions

In other news, President Christopher John Perry sold 17,534 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $213.41, for a total value 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. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Broadridge Financial Solutions news, Director Leslie A. Brun sold 5,739 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $210.05, for a total value of $1,205,476.95. Following the transaction, the director now directly owns 77,318 shares in the company, valued at $16,240,645.90. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Christopher John Perry sold 17,534 shares of the stock in a transaction dated 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 completion of the transaction, the president now directly owns 50,237 shares in the company, valued at $10,721,078.17. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 133,713 shares of company stock valued at $27,967,456. 1.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Broadridge Financial Solutions

A number of institutional investors have recently made changes to their positions in BR. Vanguard Group Inc. boosted its position in shares of Broadridge Financial Solutions by 0.3% in the first quarter. Vanguard Group Inc. now owns 13,991,206 shares of the business services provider’s stock valued at $2,866,238,000 after acquiring an additional 39,537 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Broadridge Financial Solutions by 0.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,168,197 shares of the business services provider’s stock valued at $853,898,000 after buying an additional 28,180 shares in the last quarter. Capital International Investors boosted its stake in shares of Broadridge Financial Solutions by 0.3% in the first quarter. Capital International Investors now owns 3,061,983 shares of the business services provider’s stock valued at $627,278,000 after buying an additional 7,970 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Broadridge Financial Solutions by 3.0% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,496,678 shares of the business services provider’s stock worth $306,609,000 after buying an additional 43,958 shares in the last quarter. Finally, Bahl & Gaynor Inc. raised its stake in Broadridge Financial Solutions by 0.6% in the second quarter. Bahl & Gaynor Inc. now owns 1,108,867 shares of the business services provider’s stock valued at $218,447,000 after purchasing an additional 6,634 shares in the last quarter. Institutional investors own 90.03% of the company’s stock.

Broadridge Financial Solutions Trading Up 0.8 %

The firm’s fifty day simple moving average is $214.04 and its 200 day simple moving average is $206.69. The company has a debt-to-equity ratio of 1.55, a quick ratio of 1.08 and a current ratio of 1.08. The stock has a market capitalization of $25.85 billion, a P/E ratio of 37.74 and a beta of 1.05.

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.