BROADRIDGE FINANCIAL SOLUTIONS INC. $23 (New York symbol BR; Aggressive Growth Portfolio, Finance sector; Shares outstanding; 140.1 million; Market cap: $3.2 billion; WSSF Rating: Extra risk) was a subsidiary of Automatic Data Processing Inc. (ADP) until April 2, 2007. ADP investors received one Broadridge share for each ADP share held.
Broadridge offers services to the investment industry in three main areas: investor communications; securities processing; and transaction clearing. Broadridge mails and processes 70% of all proxy votes.
The stock fell to $15.25 in April 2008 due to concerns that its clearing services subsidiary, Ridge Clearing & Outsourcing, was taking on too much risk given today’s difficult financial environment. However, Ridge Clearing accepts only high quality, readily marketable securities as collateral.
In its third fiscal quarter ended March 31, 2008, Broadridge earned $0.26 a share before onetime items. That’s down 13.3% from $0.30 a year earlier. However, the latest results exceeded consensus expectations of $0.24. Revenues rose 1.1%, to $505.0 million from $499.4 million.
The company should earn $1.37 a share in fiscal 2008, and the stock trades at 16.8 times that figure.
Broadridge is a buy.
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