Principal Financial Group Inc. trimmed its holdings in Broadridge Financial Solutions, Inc. (NYSE:BR – Free Report) by 46.7% during the first quarter, Holdings Channel.com reports. The fund owned 150,280 shares of the business services provider’s stock after selling 131,872 shares during the period. Principal Financial Group Inc.’s holdings in Broadridge Financial Solutions were worth $24,417,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the business. Brighton Jones LLC acquired a new position in Broadridge Financial Solutions during the fourth quarter worth about $580,000. Empowered Funds LLC increased its stake in shares of Broadridge Financial Solutions by 41.5% during the 1st quarter. Empowered Funds LLC now owns 3,957 shares of the business services provider’s stock worth $959,000 after purchasing an additional 1,160 shares in the last quarter. Woodline Partners LP increased its stake in shares of Broadridge Financial Solutions by 6.9% during the 1st quarter. Woodline Partners LP now owns 9,886 shares of the business services provider’s stock worth $2,397,000 after purchasing an additional 635 shares in the last quarter. Acadian Asset Management LLC raised its position in shares of Broadridge Financial Solutions by 480.8% during the 1st quarter. Acadian Asset Management LLC now owns 2,544 shares of the business services provider’s stock worth $616,000 after purchasing an additional 2,106 shares during the last quarter. Finally, Cerity Partners LLC raised its position in shares of Broadridge Financial Solutions by 8.5% during the 2nd quarter. Cerity Partners LLC now owns 25,523 shares of the business services provider’s stock worth $6,203,000 after purchasing an additional 2,004 shares during the last quarter. 90.03% of the stock is currently owned by hedge funds and other institutional investors.
Broadridge Financial Solutions Stock Performance
Shares of BR opened at $149.90 on Tuesday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.94 and a current ratio of 0.94. The company has a market capitalization of $17.34 billion, a price-to-earnings ratio of 16.05 and a beta of 0.89. The company’s 50 day simple moving average is $146.21 and its 200 day simple moving average is $168.95. Broadridge Financial Solutions, Inc. has a 1 year low of $133.83 and a 1 year high of $271.91.
Broadridge Financial Solutions Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 2nd. Stockholders of record on Friday, June 12th were given a $0.975 dividend. The ex-dividend date of this dividend was Friday, June 12th. This represents a $3.90 dividend on an annualized basis and a dividend yield of 2.6%. Broadridge Financial Solutions’s payout ratio is currently 41.76%.
Wall Street Analyst Weigh In
A number of equities research analysts recently issued reports on the company. Needham & Company LLC reduced their target price on Broadridge Financial Solutions from $255.00 to $230.00 and set a “buy” rating on the stock in a research note on Friday, May 1st. Weiss Ratings cut Broadridge Financial Solutions from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, May 11th. UBS Group reduced their price objective on Broadridge Financial Solutions from $250.00 to $165.00 and set a “neutral” rating on the stock in a research report on Monday, May 4th. DA Davidson decreased their price objective on Broadridge Financial Solutions from $228.00 to $214.00 and set a “buy” rating on the stock in a research note on Tuesday, May 5th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $200.00 price objective on shares of Broadridge Financial Solutions in a research note on Monday, June 22nd. Four analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $221.57.
Check Out Our Latest Report on BR
Insider Activity at Broadridge Financial Solutions
In related news, insider Hope M. Jarkowski sold 1,966 shares of the company’s stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $155.00, for a total value of $304,730.00. Following the completion of the transaction, the insider directly owned 1 shares in the company, valued at approximately $155. This represents a 99.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.10% of the stock is currently owned by corporate insiders.
Broadridge Financial Solutions Profile
Broadridge Financial Solutions is a global fintech company that provides technology-driven solutions and outsourcing services to the financial services industry. The firm’s core offerings center on investor communications, securities processing and post-trade services, and technology platforms that support capital markets and wealth management operations. Broadridge positions itself as a provider of mission-critical infrastructure that helps financial institutions manage regulatory requirements, investor engagement and operational complexity.
Products and services include proxy and shareholder communications, investor disclosure and digital communications, proxy voting and tabulation, clearing and settlement support, trade processing and reconciliation, and a range of software-as-a-service platforms for wealth and asset managers.
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