Allstate Corp Invests $812,000 in Broadridge Financial Solutions, Inc. (NYSE:BR)

Allstate Corp acquired a new stake in Broadridge Financial Solutions, Inc. (NYSE:BR - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 3,590 shares of the business services provider's stock, valued at approximately $812,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. True Wealth Design LLC lifted its holdings in Broadridge Financial Solutions by 2,028.6% in the third quarter. True Wealth Design LLC now owns 149 shares of the business services provider's stock valued at $32,000 after buying an additional 142 shares during the period. Fortitude Family Office LLC lifted its stake in shares of Broadridge Financial Solutions by 246.7% in the 4th quarter. Fortitude Family Office LLC now owns 156 shares of the business services provider's stock valued at $35,000 after purchasing an additional 111 shares during the period. Global X Japan Co. Ltd. acquired a new position in shares of Broadridge Financial Solutions in the 4th quarter valued at $41,000. FSA Wealth Management LLC acquired a new stake in shares of Broadridge Financial Solutions during the third quarter worth $39,000. Finally, Curio Wealth LLC bought a new stake in Broadridge Financial Solutions in the fourth quarter valued at about $45,000. 90.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. UBS Group raised their target price on Broadridge Financial Solutions from $250.00 to $260.00 and gave the stock a "neutral" rating in a report on Monday, February 3rd. Wolfe Research reissued a "peer perform" rating on shares of Broadridge Financial Solutions in a research note on Thursday, December 12th. DA Davidson reaffirmed a "neutral" rating and issued a $215.00 target price on shares of Broadridge Financial Solutions in a research note on Tuesday, January 21st. Morgan Stanley increased their target price on shares of Broadridge Financial Solutions from $207.00 to $222.00 and gave the stock an "equal weight" rating in a report on Monday, February 3rd. Finally, Royal Bank of Canada boosted their price target on shares of Broadridge Financial Solutions from $246.00 to $259.00 and gave the company an "outperform" rating in a report on Monday, February 3rd. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Broadridge Financial Solutions has an average rating of "Hold" and an average target price of $241.00.

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Broadridge Financial Solutions Stock Down 6.1 %

Shares of BR stock traded down $14.72 during trading hours on Friday, hitting $225.19. 740,604 shares of the company were exchanged, compared to its average volume of 516,868. The company has a market capitalization of $26.35 billion, a PE ratio of 35.24 and a beta of 1.06. Broadridge Financial Solutions, Inc. has a 52 week low of $188.30 and a 52 week high of $247.01. The business has a 50 day moving average of $237.48 and a two-hundred day moving average of $228.66. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 1.64.

Broadridge Financial Solutions (NYSE:BR - Get Free Report) last released its quarterly earnings results on Friday, January 31st. The business services provider reported $1.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.32 by $0.24. Broadridge Financial Solutions had a return on equity of 44.40% and a net margin of 11.36%. During the same period in the prior year, the business posted $0.92 EPS. Analysts anticipate that Broadridge Financial Solutions, Inc. will post 8.53 earnings per share for the current fiscal year.

Broadridge Financial Solutions Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 3rd. Stockholders of record on Thursday, March 13th were issued a $0.88 dividend. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.56%. Broadridge Financial Solutions's dividend payout ratio (DPR) is presently 55.09%.

Insider Transactions at Broadridge Financial Solutions

In other news, Director Robert N. Duelks sold 485 shares of the firm's stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $237.93, for a total value of $115,396.05. Following the completion of the transaction, the director now owns 4,960 shares in the company, valued at $1,180,132.80. This trade represents a 8.91 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Timothy C. Gokey sold 95,956 shares of the company's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $235.43, for a total value of $22,590,921.08. Following the sale, the chief executive officer now owns 169,788 shares in the company, valued at $39,973,188.84. The trade was a 36.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 124,754 shares of company stock valued at $29,397,793 over the last 90 days. 1.30% of the stock is owned by corporate insiders.

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.