The Manufacturers Life Insurance Company Sells 814 Shares of Broadridge Financial Solutions, Inc. (NYSE:BR)

The Manufacturers Life Insurance Company reduced its position in shares of Broadridge Financial Solutions, Inc. (NYSE:BR) by 1.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 70,759 shares of the business services provider’s stock after selling 814 shares during the period. The Manufacturers Life Insurance Company owned 0.06% of Broadridge Financial Solutions worth $15,215,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Qsemble Capital Management LP acquired a new stake in Broadridge Financial Solutions in the 3rd quarter valued at approximately $1,412,000. Bank of Montreal Can boosted its position in shares of Broadridge Financial Solutions by 25.9% in the third quarter. Bank of Montreal Can now owns 139,763 shares of the business services provider’s stock valued at $29,634,000 after acquiring an additional 28,720 shares during the period. Horizon Kinetics Asset Management LLC acquired a new stake in shares of Broadridge Financial Solutions in the third quarter worth $483,000. Truvestments Capital LLC bought a new position in Broadridge Financial Solutions during the third quarter worth $45,000. Finally, Brown Brothers Harriman & Co. raised its stake in Broadridge Financial Solutions by 49.2% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 998 shares of the business services provider’s stock valued at $215,000 after purchasing an additional 329 shares during the last quarter. 90.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Broadridge Financial Solutions

In related news, VP Thomas P. Carey sold 10,757 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were 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 $2,878,118.98. This trade represents a 45.88 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Maura A. Markus sold 3,880 shares of the business’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 transaction of $880,837.60. Following the transaction, the director now owns 27,788 shares of the company’s stock, valued at approximately $6,308,431.76. This represents a 12.25 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 78,294 shares of company stock worth $16,944,095. Company insiders own 1.30% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Royal Bank of Canada restated an “outperform” rating and set a $246.00 price objective on shares of Broadridge Financial Solutions in a report on Wednesday, November 6th. Morgan Stanley upped their price target on Broadridge Financial Solutions from $200.00 to $207.00 and gave the company an “equal weight” rating in a report on Wednesday, November 6th. UBS Group assumed coverage on Broadridge Financial Solutions in a report on Thursday, November 21st. They set a “neutral” rating and a $250.00 price objective on the stock. JPMorgan Chase & Co. upped their target price on Broadridge Financial Solutions from $224.00 to $225.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Finally, StockNews.com cut shares of Broadridge Financial Solutions from a “buy” rating to a “hold” rating in a research note on Saturday, November 9th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $222.43.

Broadridge Financial Solutions Stock Up 0.1 %

NYSE BR opened at $236.02 on Monday. The stock’s 50 day simple moving average is $220.06 and its 200 day simple moving average is $210.54. Broadridge Financial Solutions, Inc. has a one year low of $188.30 and a one year high of $237.74. The firm has a market cap of $27.59 billion, a PE ratio of 40.83 and a beta of 1.05. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.39 and a quick ratio of 1.39.

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

Broadridge Financial Solutions Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Stockholders of record on Friday, December 13th will be paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 1.49%. The ex-dividend date is Friday, December 13th. Broadridge Financial Solutions’s dividend payout ratio (DPR) is presently 60.90%.

Broadridge Financial Solutions 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.