BROADRIDGE FINANCIAL SOLUTIONS $26.81 (New York symbol BR; TSINetwork Rating: Extra Risk) (201-714-3000; www.broadridge.com; Shares outstanding: 121.9 million; Market cap: $3.3 billion; Dividend yield: 2.7%) serves the investment industry in three main areas: investor communications, securities processing and transaction clearing. The company processes 85% of all proxy votes in the U.S.
In its fiscal 2013 third quarter, which ended March 31, 2013, Broadridge’s earnings per share, excluding one-time items, climbed 21.9%, to $0.39 from $0.32.
Revenue rose 5.4%, to $576.7 million from $547.0 million. Broadridge continues to do a good job of attracting new clients. It also held on to 99% of its existing customers.
Broadridge spent $138.7 million on share buybacks during the first nine months of fiscal 2013. It aims to repurchase a further 10 million shares, or 8% of the total outstanding.
The company still expects to earn between $1.76 and $1.86 a share in fiscal 2013. The stock trades at a reasonable 14.8 times the midpoint of this range. The annual dividend rate of $0.72 a share yields 2.7%.
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