Broadridge Financial Solutions (NYSE:BR) Updates FY 2023 Earnings Guidance

Broadridge Financial Solutions (NYSE:BRGet Rating) issued an update on its FY 2023 earnings guidance on Friday morning. The company provided earnings per share (EPS) guidance of $6.91-$7.17 for the period, compared to the consensus estimate of $7.06. The company issued revenue guidance of -.

Broadridge Financial Solutions Stock Performance

Shares of BR stock traded down $1.12 during mid-day trading on Friday, reaching $176.03. The stock had a trading volume of 387,157 shares, compared to its average volume of 530,948. The firm’s 50 day simple moving average is $152.97 and its 200 day simple moving average is $149.56. The company has a quick ratio of 1.27, a current ratio of 1.01 and a debt-to-equity ratio of 1.98. Broadridge Financial Solutions has a one year low of $132.40 and a one year high of $185.40. The firm has a market cap of $20.65 billion, a PE ratio of 38.93 and a beta of 0.94.

Broadridge Financial Solutions (NYSE:BRGet Rating) last announced its quarterly earnings data on Friday, August 12th. The business services provider reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.62 by $0.03. Broadridge Financial Solutions had a return on equity of 42.29% and a net margin of 9.44%. The company had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter last year, the company earned $2.19 EPS. The company’s quarterly revenue was up 12.5% on a year-over-year basis. On average, analysts forecast that Broadridge Financial Solutions will post 7.09 EPS for the current year.

Broadridge Financial Solutions Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 5th. Shareholders of record on Thursday, September 15th will be given a $0.725 dividend. The ex-dividend date is Wednesday, September 14th. This represents a $2.90 dividend on an annualized basis and a dividend yield of 1.65%. This is an increase from Broadridge Financial Solutions’s previous quarterly dividend of $0.64. Broadridge Financial Solutions’s dividend payout ratio (DPR) is currently 56.26%.

Analysts Set New Price Targets

Separately, Raymond James increased their target price on Broadridge Financial Solutions from $181.00 to $189.00 and gave the stock an outperform rating in a report on Monday.

Insider Activity at Broadridge Financial Solutions

In related news, VP Thomas P. Carey sold 16,703 shares of the firm’s stock in a transaction on Monday, August 15th. The stock was sold at an average price of $179.16, for a total transaction of $2,992,509.48. Following the completion of the sale, the vice president now directly owns 12,902 shares of the company’s stock, valued at approximately $2,311,522.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Thomas P. Carey sold 16,703 shares of Broadridge Financial Solutions stock in a transaction on Monday, August 15th. The stock was sold at an average price of $179.16, for a total value of $2,992,509.48. Following the completion of the sale, the vice president now directly owns 12,902 shares of the company’s stock, valued at approximately $2,311,522.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Robert Schifellite sold 69,616 shares of Broadridge Financial Solutions stock in a transaction on Monday, August 15th. The shares were sold at an average price of $179.18, for a total value of $12,473,794.88. Following the completion of the sale, the senior vice president now directly owns 57,616 shares of the company’s stock, valued at $10,323,634.88. The disclosure for this sale can be found here. Insiders sold 90,021 shares of company stock valued at $16,118,893 in the last three months. Corporate insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Broadridge Financial Solutions

Hedge funds and other institutional investors have recently made changes to their positions in the company. Lumature Wealth Partners LLC boosted its position in shares of Broadridge Financial Solutions by 82.5% in the 1st quarter. Lumature Wealth Partners LLC now owns 365 shares of the business services provider’s stock worth $57,000 after purchasing an additional 165 shares during the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Broadridge Financial Solutions by 1,851.9% in the 1st quarter. Canada Pension Plan Investment Board now owns 527 shares of the business services provider’s stock worth $82,000 after purchasing an additional 500 shares during the last quarter. Quantbot Technologies LP bought a new position in Broadridge Financial Solutions during the first quarter worth about $106,000. Covestor Ltd lifted its holdings in Broadridge Financial Solutions by 101.3% during the first quarter. Covestor Ltd now owns 916 shares of the business services provider’s stock worth $143,000 after acquiring an additional 461 shares in the last quarter. Finally, Horizon Investments LLC bought a new position in Broadridge Financial Solutions during the first quarter worth about $228,000. 87.01% of the stock is owned by institutional investors and hedge funds.

Broadridge Financial Solutions Company Profile

(Get Rating)

Broadridge Financial Solutions, Inc provides investor communications and technology-driven solutions for the financial services industry worldwide. 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 offers ProxyEdge, an electronic proxy delivery and voting solution.

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Earnings History and Estimates for Broadridge Financial Solutions (NYSE:BR)

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