Broadridge Financial Solutions (NYSE:BR) Sets New 52-Week High Following Strong Earnings

Shares of Broadridge Financial Solutions, Inc. (NYSE:BR - Get Free Report) reached a new 52-week high during trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $225.29 and last traded at $218.99, with a volume of 41015 shares. The stock had previously closed at $218.30.

The business services provider reported $1.00 earnings per share for the quarter, topping analysts' consensus estimates of $0.97 by $0.03. The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.48 billion. Broadridge Financial Solutions had a net margin of 10.73% and a return on equity of 42.77%. The firm's revenue for the quarter was down .6% on a year-over-year basis. During the same period in the previous year, the company earned $1.09 earnings per share.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. JPMorgan Chase & Co. increased their target price on Broadridge Financial Solutions from $224.00 to $225.00 and gave the stock a "neutral" rating in a research note on Tuesday, August 20th. StockNews.com upgraded shares of Broadridge Financial Solutions from a "hold" rating to a "buy" rating in a research note on Friday, November 1st. Royal Bank of Canada restated an "outperform" rating and set a $246.00 target price on shares of Broadridge Financial Solutions in a research report on Wednesday. Finally, Morgan Stanley lifted their price target on shares of Broadridge Financial Solutions from $200.00 to $207.00 and gave the company an "equal weight" rating in a research report on Wednesday. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $217.83.

Insider Activity

In other news, VP Laura Matlin sold 673 shares of Broadridge Financial Solutions 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 in the company, valued at approximately $1,194,480. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, VP Laura Matlin sold 673 shares of the company's stock in a transaction that occurred 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 sale, the vice president now directly owns 5,530 shares in the company, valued at $1,194,480. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, President Christopher John Perry sold 31,539 shares of the firm's stock in a transaction that occurred 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 owns 67,215 shares of the company's stock, valued at approximately $13,938,374.55. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 134,386 shares of company stock valued at $28,112,824 over the last quarter. 1.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Broadridge Financial Solutions

Several institutional investors have recently added to or reduced their stakes in the business. NBC Securities Inc. boosted its holdings in Broadridge Financial Solutions by 0.8% in the third quarter. NBC Securities Inc. now owns 5,951 shares of the business services provider's stock worth $1,279,000 after acquiring an additional 45 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its holdings in shares of Broadridge Financial Solutions by 0.5% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 10,155 shares of the business services provider's stock worth $2,001,000 after purchasing an additional 50 shares in the last quarter. Garrison Asset Management LLC grew its position in Broadridge Financial Solutions by 0.3% in the 2nd quarter. Garrison Asset Management LLC now owns 17,943 shares of the business services provider's stock valued at $3,535,000 after purchasing an additional 50 shares during the period. TIAA Trust National Association increased its stake in Broadridge Financial Solutions by 1.0% during the 1st quarter. TIAA Trust National Association now owns 5,469 shares of the business services provider's stock valued at $1,120,000 after purchasing an additional 52 shares in the last quarter. Finally, Brighton Jones LLC raised its holdings in Broadridge Financial Solutions by 2.5% during the second quarter. Brighton Jones LLC now owns 2,173 shares of the business services provider's stock worth $428,000 after buying an additional 52 shares during the last quarter. 90.03% of the stock is owned by institutional investors and hedge funds.

Broadridge Financial Solutions Price Performance

The stock has a market capitalization of $25.64 billion, a P/E ratio of 37.05 and a beta of 1.05. The business's 50 day simple moving average is $213.71 and its two-hundred day simple moving average is $206.50. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.55.

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.