BROADRIDGE FINANCIAL SOLUTIONS INC. $20 (New York symbol BR; Aggressive Growth Portfolio, Finance sector; Shares outstanding: 140.3 million; Market cap: $2.8 billion; WSSF Rating: Extra risk) offers services to the investment industry in three main areas: investor communications; securities processing; and transaction clearing. These services help financial services institutions and public companies improve their efficiency and customer service.
Despite volatile investment industry conditions, Broadridge continues to expand. It recently paid an undisclosed sum for Investigo Corp., which provides accurate and timely data to wealth management firms. This helps them better manage client portfolios, and comply with various securities regulations.
Broadridge’s earnings in the fiscal year ended June 30, 2008 rose 2.4%, to $218.5 million from $213.3 million in the prior year. Earnings per share rose 1.3%, to $1.55 from $1.53, on more shares outstanding. These figures exclude unusual items. Revenue rose 3.3%, to $2.21 billion from $2.14 billion.
Broadridge also raised its quarterly dividend 16.7%, from $0.06 a share to $0.07. The new annual rate of $0.28 yields 1.4%. As well, Broadridge plans to buy back about 1.5% of its stock.
The company will probably earn $1.52 a share in fiscal 2009, and the stock trades at 13.2 times that figure. It also trades at 1.3 times its revenue of $15.65 a share.
Broadridge is a buy.
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