Improved demand for higher efficiency and lower costs led to a 12.5% jump in revenue for this company during the most-recent quarter.
We think the company has integrated its recent acquisitions well and is poised for significant gains.
Meanwhile the stock trades at 27.4 times the company’s 2022 earnings forecast.
BROADRIDGE FINANCIAL SOLUTIONS INC. (New York symbol BR; www.broadridge.com) serves the investment industry in three main areas: investor communications, securities processing and transaction clearing.
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Broadridge stands to gain from the growing push of the financial services industry to improve efficiency and lower its costs. New regulations in the U.S. (Regulation Best Interest) and Europe (Shareholder Rights Directive) also brighten its outlook.
As a result, the company raised its quarterly dividend by 11.3% with the October 2021 payment. The new annual rate of $2.56 a share yields 1.5%.
Including this latest increase, Broadridge has now increased its average annual dividend by 14.2% over the past 5 years. Its TSI Dividend Sustainability Rating is Above Average.
In the quarter ended June 30, 2021, revenue rose 12.5%, to $1.53 billion from $1.36 billion a year earlier. Excluding one-time items, the company earned $2.19 in the quarter. That’s up 1.9% from $2.15. Broadridge continued to invest to support its growth and that held profits back somewhat.
Broadridge will probably earn $6.40 a share in the fiscal year ended June 30, 2022. The stock has jumped 21% in the past year, and now trades at 27.4 times that estimate. That’s an acceptable p/e as the company continues to gain from financial services firms looking to outsource work to cut back-office and staffing costs.
Longer term, growing consumer demand for passive investment products like ETFs should also benefit Broadridge and its investor communications unit. In the meantime, the integration of recent acquisitions is going well and continues to boost the company’s profitability.
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