NEW YORK (TheStreet) -- The following stocks go ex-dividend Thursday, meaning an investor must purchase the shares Wednesday to qualify for the next dividend payment: Broadridge Financial Solutions (BR), Dr. Pepper Snapple Group (DPS), Huntington Bancshares (HBAN) and Ingersoll-Rand (IR).
Broadridge Financial Solutions
The technology solutions company reported third-quarter earnings on May 8 of $16.7 million, or 13 cents a share, down from year-earlier earnings of $29.7 million, or 23 cents a share.
"Last week, BR dissipated some of its Penson client overhang risk by ending its Penson contract and replacing it with a new outsourcing deal with Apex Clearing (formed by Penson and PEAK6)," JPMorgan analysts wrote in a June 4 report. "We note that BR will be paid on a percentage of revenue basis with no minimums, so it will be tied to the success of Apex, which remains unclear at this time. We suspect the deal will result in lower revenues than the prior deal ($50M annual revenue minimum or $0.12 in EPS) so we are cutting the contract by one third, resulting in a $17M/$0.04 cut to our FY13 estimates. While disappointing, and BR is not out of woods yet as Apex's success is unclear, the outcome could have been far worse as we were prepared to see the contract turn up empty in a bad case. We maintain our OW rating with a cautious bias, and trim our price target to $23 to reflect our lower estimates."Forward Annual Dividend Yield: 3.2%
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