Envestnet Portfolio Solutions Inc. Sells 2,579 Shares of Broadridge Financial Solutions, Inc. (NYSE:BR)

Envestnet Portfolio Solutions Inc. lessened its stake in Broadridge Financial Solutions, Inc. (NYSE:BR) by 9.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 25,565 shares of the business services provider’s stock after selling 2,579 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Broadridge Financial Solutions were worth $5,036,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Confluence Investment Management LLC purchased a new stake in shares of Broadridge Financial Solutions during the 1st quarter worth approximately $144,033,000. APG Asset Management US Inc. bought a new position in Broadridge Financial Solutions during the fourth quarter valued at $70,498,000. Norges Bank purchased a new position in shares of Broadridge Financial Solutions in the 4th quarter worth $67,605,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Broadridge Financial Solutions by 28.6% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,452,720 shares of the business services provider’s stock worth $286,360,000 after buying an additional 323,051 shares during the last quarter. Finally, Veritas Investment Partners UK Ltd. increased its holdings in shares of Broadridge Financial Solutions by 16.9% in the 4th quarter. Veritas Investment Partners UK Ltd. now owns 1,020,533 shares of the business services provider’s stock worth $210,031,000 after buying an additional 147,293 shares during the last quarter. 90.03% of the stock is owned by hedge funds and other institutional investors.

Broadridge Financial Solutions Stock Down 0.3 %

Shares of NYSE BR traded down $0.64 during midday trading on Thursday, reaching $209.01. 341,545 shares of the company’s stock traded hands, compared to its average volume of 521,218. The stock’s 50 day simple moving average is $204.37 and its 200-day simple moving average is $201.43. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 1.55. The company has a market cap of $24.70 billion, a price-to-earnings ratio of 35.67 and a beta of 1.04. Broadridge Financial Solutions, Inc. has a one year low of $166.73 and a one year high of $223.81.

Broadridge Financial Solutions (NYSE:BR) last posted its earnings results on Tuesday, August 6th. The business services provider reported $3.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.49 by $0.01. Broadridge Financial Solutions had a return on equity of 40.88% and a net margin of 10.92%. The company had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.96 billion. During the same quarter in the previous year, the firm earned $3.21 earnings per share. The firm’s quarterly revenue was up 5.7% compared to the same quarter last year. On average, analysts predict that Broadridge Financial Solutions, Inc. will post 7.72 EPS for the current fiscal year.

Broadridge Financial Solutions Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 3rd. Shareholders of record on Thursday, September 12th will be paid a dividend of $0.88 per share. This is a positive change from Broadridge Financial Solutions’s previous quarterly dividend of $0.80. The ex-dividend date is Thursday, September 12th. This represents a $3.52 dividend on an annualized basis and a yield of 1.68%. Broadridge Financial Solutions’s dividend payout ratio is presently 60.07%.

Analyst Ratings Changes

BR has been the topic of several analyst reports. StockNews.com downgraded Broadridge Financial Solutions from a “buy” rating to a “hold” rating in a research report on Saturday, July 20th. Royal Bank of Canada increased their target price on shares of Broadridge Financial Solutions from $239.00 to $246.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. raised their target price on shares of Broadridge Financial Solutions from $213.00 to $224.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Finally, DA Davidson reiterated a “neutral” rating and set a $185.00 price target on shares of Broadridge Financial Solutions in a report on Tuesday, June 11th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $213.17.

Insiders Place Their Bets

In related news, VP Laura Matlin sold 673 shares of the firm’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $216.00, for a total value of $145,368.00. Following the completion of the transaction, the vice president now owns 5,530 shares in the company, valued at approximately $1,194,480. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, VP Thomas P. Carey sold 2,500 shares of the stock in a transaction on Monday, May 20th. The shares were sold at an average price of $200.40, for a total value of $501,000.00. Following the sale, the vice president now owns 9,361 shares in the company, valued at $1,875,944.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Laura Matlin sold 673 shares of the business’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $216.00, for a total transaction of $145,368.00. Following the transaction, the vice president now owns 5,530 shares of the company’s stock, valued at $1,194,480. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,646 shares of company stock valued at $1,334,230. Insiders own 1.60% 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.