Broadridge Financial Solutions, Inc. (NYSE:BR) Shares Bought by Westpac Banking Corp

Westpac Banking Corp increased its stake in Broadridge Financial Solutions, Inc. (NYSE:BR) by 2.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 19,688 shares of the business services provider’s stock after buying an additional 428 shares during the quarter. Westpac Banking Corp’s holdings in Broadridge Financial Solutions were worth $4,451,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Fortitude Family Office LLC grew its position in Broadridge Financial Solutions by 246.7% in the fourth quarter. Fortitude Family Office LLC now owns 156 shares of the business services provider’s stock valued at $35,000 after acquiring an additional 111 shares in the last quarter. Global X Japan Co. Ltd. acquired a new stake in Broadridge Financial Solutions during the 4th quarter valued at $41,000. Curio Wealth LLC purchased a new stake in Broadridge Financial Solutions during the 4th quarter worth $45,000. Salem Investment Counselors Inc. lifted its holdings in Broadridge Financial Solutions by 200.0% in the 4th quarter. Salem Investment Counselors Inc. now owns 225 shares of the business services provider’s stock worth $51,000 after buying an additional 150 shares in the last quarter. Finally, Promus Capital LLC purchased a new position in Broadridge Financial Solutions in the 4th quarter valued at about $52,000. 90.03% of the stock is currently owned by hedge funds and other institutional investors.

Broadridge Financial Solutions Stock Performance

Shares of NYSE BR opened at $246.68 on Thursday. The stock has a market capitalization of $28.87 billion, a P/E ratio of 38.60 and a beta of 1.05. The firm’s 50-day moving average price is $237.66 and its two-hundred day moving average price is $228.36. Broadridge Financial Solutions, Inc. has a 52-week low of $188.30 and a 52-week high of $247.01. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 1.64.

Broadridge Financial Solutions (NYSE:BR) last released its quarterly earnings data on Friday, January 31st. The business services provider reported $1.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.32 by $0.24. Broadridge Financial Solutions had a return on equity of 44.40% and a net margin of 11.36%. During the same quarter last year, the company posted $0.92 earnings per share. As a group, sell-side analysts forecast that Broadridge Financial Solutions, Inc. will post 8.53 earnings per share for the current year.

Broadridge Financial Solutions Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 3rd. Investors of record on Thursday, March 13th will be given a $0.88 dividend. The ex-dividend date is Thursday, March 13th. This represents a $3.52 annualized dividend and a yield of 1.43%. Broadridge Financial Solutions’s dividend payout ratio is presently 55.09%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. DA Davidson reaffirmed a “neutral” rating and set a $215.00 target price on shares of Broadridge Financial Solutions in a research report on Tuesday, January 21st. Royal Bank of Canada increased their target price on Broadridge Financial Solutions from $246.00 to $259.00 and gave the company an “outperform” rating in a research note on Monday, February 3rd. Wolfe Research restated a “peer perform” rating on shares of Broadridge Financial Solutions in a research note on Thursday, December 12th. UBS Group increased their price objective on shares of Broadridge Financial Solutions from $250.00 to $260.00 and gave the company a “neutral” rating in a research note on Monday, February 3rd. Finally, Morgan Stanley boosted their target price on shares of Broadridge Financial Solutions from $207.00 to $222.00 and gave the stock an “equal weight” rating in a research report on Monday, February 3rd. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat, Broadridge Financial Solutions has an average rating of “Hold” and a consensus target price of $241.00.

Insider Buying and Selling at Broadridge Financial Solutions

In related news, CEO Timothy C. Gokey sold 95,956 shares of Broadridge Financial Solutions stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $235.43, for a total transaction of $22,590,921.08. Following the sale, the chief executive officer now directly owns 169,788 shares in the company, valued at $39,973,188.84. The trade was a 36.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Laura Matlin sold 514 shares of the stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $241.60, for a total transaction of $124,182.40. Following the completion of the transaction, the vice president now owns 6,602 shares of the company’s stock, valued at $1,595,043.20. This represents a 7.22 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 124,754 shares of company stock valued at $29,397,793 in the last ninety days. Company insiders own 1.30% of the company’s stock.

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.