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

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

Analyst Upgrades and Downgrades

Separately, Raymond James lifted their price target on Broadridge Financial Solutions from $181.00 to $189.00 and gave the stock an outperform rating in a research note on Monday, August 15th.

Broadridge Financial Solutions Stock Down 2.6 %

NYSE BR traded down $4.06 during trading on Friday, reaching $153.11. 12,048 shares of the company’s stock were exchanged, compared to its average volume of 453,255. Broadridge Financial Solutions has a fifty-two week low of $132.40 and a fifty-two week high of $185.40. The firm has a market capitalization of $17.96 billion, a PE ratio of 34.54 and a beta of 0.90. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 1.98. The company’s fifty day simple moving average is $166.60 and its 200-day simple moving average is $153.47.

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 firm had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.66 billion. During the same period last year, the company posted $2.19 EPS. The business’s quarterly revenue was up 12.5% compared to the same quarter last year. Sell-side analysts predict that Broadridge Financial Solutions will post 7.07 EPS for the current year.

Broadridge Financial Solutions Increases Dividend

The firm 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 dividend of $0.725 per share. The ex-dividend date is Wednesday, September 14th. This is a positive change from Broadridge Financial Solutions’s previous quarterly dividend of $0.64. This represents a $2.90 dividend on an annualized basis and a yield of 1.89%. Broadridge Financial Solutions’s dividend payout ratio (DPR) is presently 63.74%.

Insider Activity

In other news, President Christopher John Perry sold 3,702 shares of Broadridge Financial Solutions stock in a transaction dated Friday, August 19th. The stock was sold at an average price of $176.28, for a total transaction of $652,588.56. Following the completion of the sale, the president now directly owns 72,810 shares in the company, valued at approximately $12,834,946.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, President Christopher John Perry sold 3,702 shares of Broadridge Financial Solutions stock in a transaction dated Friday, August 19th. The stock was sold at an average price of $176.28, for a total transaction of $652,588.56. Following the completion of the sale, the president now directly owns 72,810 shares in the company, valued at approximately $12,834,946.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Richard J. Daly sold 72,983 shares of Broadridge Financial Solutions stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $175.35, for a total value of $12,797,569.05. Following the sale, the chairman now owns 143,170 shares of the company’s stock, valued at $25,104,859.50. The disclosure for this sale can be found here. Insiders sold a total of 163,004 shares of company stock worth $28,916,462 in the last three months. 1.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Broadridge Financial Solutions

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC increased its position in Broadridge Financial Solutions by 4.4% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 3,100 shares of the business services provider’s stock worth $442,000 after buying an additional 130 shares during the period. Cresset Asset Management LLC increased its position in Broadridge Financial Solutions by 8.9% in the 1st quarter. Cresset Asset Management LLC now owns 1,731 shares of the business services provider’s stock worth $271,000 after buying an additional 141 shares during the period. Cetera Investment Advisers increased its position in Broadridge Financial Solutions by 2.6% in the 1st quarter. Cetera Investment Advisers now owns 6,141 shares of the business services provider’s stock worth $956,000 after buying an additional 153 shares during the period. Lumature Wealth Partners LLC increased its position in 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 buying an additional 165 shares during the period. Finally, Utah Retirement Systems increased its position in Broadridge Financial Solutions by 1.0% in the 2nd quarter. Utah Retirement Systems now owns 20,791 shares of the business services provider’s stock worth $2,964,000 after buying an additional 200 shares during the period. 87.14% of the stock is currently owned by institutional investors and hedge funds.

About Broadridge Financial Solutions

(Get Rating)

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.

Further Reading

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

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