Palmer Knight Co Raises Stake in Broadridge Financial Solutions, Inc. (NYSE:BR)

Palmer Knight Co increased its stake in shares of Broadridge Financial Solutions, Inc. (NYSE:BR) by 0.5% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 30,925 shares of the business services provider’s stock after purchasing an additional 157 shares during the period. Broadridge Financial Solutions accounts for 3.1% of Palmer Knight Co’s investment portfolio, making the stock its 19th largest position. Palmer Knight Co’s holdings in Broadridge Financial Solutions were worth $6,992,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the stock. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of Broadridge Financial Solutions in the 3rd quarter valued at about $44,746,000. Assenagon Asset Management S.A. raised its holdings in shares of Broadridge Financial Solutions by 3,197.8% in the 3rd quarter. Assenagon Asset Management S.A. now owns 204,366 shares of the business services provider’s stock valued at $43,945,000 after acquiring an additional 198,169 shares in the last quarter. Benjamin Edwards Inc. raised its holdings in shares of Broadridge Financial Solutions by 2,302.8% in the 3rd quarter. Benjamin Edwards Inc. now owns 147,004 shares of the business services provider’s stock valued at $31,618,000 after acquiring an additional 140,886 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Broadridge Financial Solutions in the 3rd quarter valued at about $274,650,000. Finally, BNP Paribas Financial Markets raised its holdings in shares of Broadridge Financial Solutions by 97.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 198,878 shares of the business services provider’s stock valued at $42,765,000 after acquiring an additional 98,275 shares in the last quarter. Hedge funds and other institutional investors own 90.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BR. StockNews.com cut Broadridge Financial Solutions from a “buy” rating to a “hold” rating in a report on Saturday, November 9th. UBS Group began coverage on Broadridge Financial Solutions in a report on Thursday, November 21st. They issued a “neutral” rating and a $250.00 price target on the stock. Morgan Stanley raised 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. Royal Bank of Canada reissued an “outperform” rating and set a $246.00 price objective on shares of Broadridge Financial Solutions in a report on Wednesday, November 6th. Finally, DA Davidson reissued a “neutral” rating and set a $215.00 price objective on shares of Broadridge Financial Solutions in a report on Tuesday, January 21st. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Broadridge Financial Solutions presently has a consensus rating of “Hold” and an average target price of $226.71.

Broadridge Financial Solutions Price Performance

BR opened at $235.74 on Thursday. The stock’s 50 day simple moving average is $230.87 and its 200 day simple moving average is $219.82. 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, Inc. has a 1 year low of $188.30 and a 1 year high of $241.45. The firm has a market cap of $27.56 billion, a price-to-earnings ratio of 40.79 and a beta of 1.08.

Broadridge Financial Solutions (NYSE:BR) last posted its quarterly earnings results on Tuesday, November 5th. The business services provider reported $1.00 earnings per share (EPS) for the quarter, topping 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 business 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 earned $1.09 EPS. Broadridge Financial Solutions’s revenue for the quarter was down .6% compared to the same quarter last year. As a group, analysts predict that Broadridge Financial Solutions, Inc. will post 8.53 earnings per share for the current year.

Broadridge Financial Solutions Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 3rd. Investors of record on Friday, December 13th were given a dividend of $0.88 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $3.52 annualized dividend and a yield of 1.49%. Broadridge Financial Solutions’s payout ratio is 60.90%.

Insider Buying and Selling

In other news, insider Douglas Richard Deschutter sold 24,185 shares of Broadridge Financial Solutions stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $220.21, for a total value of $5,325,778.85. Following the sale, the insider now directly owns 27,137 shares in the company, valued at approximately $5,975,838.77. This trade represents a 47.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Thomas P. Carey sold 15,710 shares of Broadridge Financial Solutions stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $230.32, for a total value of $3,618,327.20. Following the completion of the sale, the vice president now owns 12,146 shares in the company, valued at approximately $2,797,466.72. This represents a 56.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 54,532 shares of company stock worth $12,264,846 in the last ninety days. 1.30% of the stock is owned by 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.