Diamond Hill Capital Management Inc. Has $9.68 Million Position in Broadridge Financial Solutions, Inc. (NYSE:BR)

Diamond Hill Capital Management Inc. raised its holdings in Broadridge Financial Solutions, Inc. (NYSE:BR) by 0.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 49,137 shares of the business services provider’s stock after buying an additional 115 shares during the period. Diamond Hill Capital Management Inc.’s holdings in Broadridge Financial Solutions were worth $9,680,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Confluence Investment Management LLC acquired a new position in shares of Broadridge Financial Solutions during the 1st quarter worth about $144,033,000. APG Asset Management US Inc. acquired a new position in shares of Broadridge Financial Solutions during the 4th quarter worth about $70,498,000. Norges Bank acquired a new position in shares of Broadridge Financial Solutions during the 4th quarter worth about $67,605,000. Veritas Investment Partners UK Ltd. increased its stake in shares of Broadridge Financial Solutions by 16.9% during 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 purchasing an additional 147,293 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its stake in shares of Broadridge Financial Solutions by 206.1% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 200,371 shares of the business services provider’s stock worth $412,000 after purchasing an additional 134,911 shares during the last quarter. 90.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently weighed in on BR shares. DA Davidson restated a “neutral” rating and set a $185.00 price objective on shares of Broadridge Financial Solutions in a research note on Tuesday, June 11th. JPMorgan Chase & Co. upped their price target on shares of Broadridge Financial Solutions from $224.00 to $225.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Royal Bank of Canada upped their price target 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. Finally, StockNews.com upgraded shares of Broadridge Financial Solutions from a “hold” rating to a “buy” rating in a research note on Tuesday, September 10th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $213.33.

Insider Activity at Broadridge Financial Solutions

In related news, CEO Timothy C. Gokey sold 25,000 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $209.11, for a total value of $5,227,750.00. Following the completion of the transaction, the chief executive officer now owns 200,675 shares of the company’s stock, valued at approximately $41,963,149.25. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Timothy C. Gokey sold 25,000 shares of the stock in a transaction on Friday, August 16th. The shares were sold at an average price of $209.11, for a total transaction of $5,227,750.00. Following the completion of the sale, the chief executive officer now directly owns 200,675 shares in the company, valued at $41,963,149.25. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, President Christopher John Perry sold 31,539 shares of the stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $207.37, for a total transaction of $6,540,242.43. Following the transaction, the president now directly owns 67,215 shares in the company, valued at $13,938,374.55. The disclosure for this sale can be found here. Insiders sold a total of 134,386 shares of company stock valued at $28,112,824 in the last quarter. Insiders own 1.60% of the company’s stock.

Broadridge Financial Solutions Stock Performance

NYSE BR opened at $211.95 on Monday. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.55. The company has a market capitalization of $24.74 billion, a P/E ratio of 36.17 and a beta of 1.05. Broadridge Financial Solutions, Inc. has a 12-month low of $166.73 and a 12-month high of $223.81. The firm has a 50-day moving average price of $209.72 and a two-hundred day moving average price of $203.14.

Broadridge Financial Solutions (NYSE:BR) last posted its quarterly earnings data on Tuesday, August 6th. The business services provider reported $3.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.49 by $0.01. The firm had revenue of $1.94 billion during the quarter, compared to the consensus estimate of $1.96 billion. Broadridge Financial Solutions had a net margin of 10.73% and a return on equity of 42.77%. The business’s revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.21 EPS. Analysts anticipate that Broadridge Financial Solutions, Inc. will post 8.51 earnings per share for the current year.

Broadridge Financial Solutions Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Thursday, September 12th will be issued a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date is Thursday, September 12th. This is an increase from Broadridge Financial Solutions’s previous quarterly dividend of $0.80. Broadridge Financial Solutions’s dividend payout ratio is 54.61%.

Broadridge Financial Solutions Company 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.