Bridgeway Capital Management LLC Sells 3,010 Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)

Bridgeway Capital Management LLC reduced its position in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 26.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 8,310 shares of the financial services provider's stock after selling 3,010 shares during the period. Bridgeway Capital Management LLC's holdings in LPL Financial were worth $2,713,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in LPLA. Truist Financial Corp boosted its holdings in shares of LPL Financial by 7.9% in the 4th quarter. Truist Financial Corp now owns 192,153 shares of the financial services provider's stock worth $62,740,000 after acquiring an additional 14,106 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in LPL Financial by 4.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 31,209 shares of the financial services provider's stock worth $10,190,000 after purchasing an additional 1,383 shares in the last quarter. Bank of Montreal Can boosted its stake in LPL Financial by 46.9% in the fourth quarter. Bank of Montreal Can now owns 59,910 shares of the financial services provider's stock worth $19,561,000 after purchasing an additional 19,126 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of LPL Financial by 4.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 335,749 shares of the financial services provider's stock worth $109,625,000 after purchasing an additional 13,936 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in LPL Financial by 27.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,275,136 shares of the financial services provider's stock worth $296,635,000 after buying an additional 276,166 shares in the last quarter. 95.66% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at LPL Financial

In other LPL Financial news, Director Marc Eliot Cohen sold 1,100 shares of the stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $365.85, for a total transaction of $402,435.00. Following the completion of the sale, the director now owns 4,075 shares of the company's stock, valued at approximately $1,490,838.75. This represents a 21.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Matthew J. Audette sold 4,588 shares of the company's stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $360.07, for a total transaction of $1,652,001.16. Following the sale, the chief financial officer now directly owns 16,538 shares in the company, valued at $5,954,837.66. This trade represents a 21.72% decrease in their position. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.

LPL Financial Price Performance

Shares of NASDAQ LPLA traded up $1.41 during midday trading on Wednesday, reaching $384.40. The company's stock had a trading volume of 202,537 shares, compared to its average volume of 831,268. The company has a market cap of $30.50 billion, a P/E ratio of 27.38, a P/E/G ratio of 0.94 and a beta of 0.65. The company has a debt-to-equity ratio of 1.60, a quick ratio of 2.16 and a current ratio of 2.16. The business's 50 day moving average price is $322.20 and its two-hundred day moving average price is $331.02. LPL Financial Holdings Inc. has a fifty-two week low of $187.19 and a fifty-two week high of $390.23.

LPL Financial (NASDAQ:LPLA - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The financial services provider reported $5.15 earnings per share for the quarter, topping the consensus estimate of $4.54 by $0.61. LPL Financial had a net margin of 8.55% and a return on equity of 49.41%. The business had revenue of $3.67 billion during the quarter, compared to analysts' expectations of $3.63 billion. During the same quarter in the prior year, the business posted $3.83 earnings per share. LPL Financial's revenue was up 4.5% compared to the same quarter last year. On average, analysts forecast that LPL Financial Holdings Inc. will post 19.35 EPS for the current fiscal year.

LPL Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Stockholders of record on Friday, May 30th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.20 annualized dividend and a dividend yield of 0.31%. LPL Financial's payout ratio is 8.30%.

Wall Street Analyst Weigh In

Several research firms have issued reports on LPLA. Barclays upped their price objective on LPL Financial from $365.00 to $400.00 and gave the stock an "overweight" rating in a report on Monday. Keefe, Bruyette & Woods increased their target price on shares of LPL Financial from $390.00 to $405.00 and gave the stock an "outperform" rating in a report on Friday, January 31st. Morgan Stanley upped their price target on LPL Financial from $379.00 to $413.00 and gave the stock an "overweight" rating in a research report on Thursday, February 6th. JPMorgan Chase & Co. boosted their price target on LPL Financial from $397.00 to $405.00 and gave the stock an "overweight" rating in a research report on Friday, January 31st. Finally, JMP Securities increased their price objective on LPL Financial from $420.00 to $440.00 and gave the company a "market outperform" rating in a report on Friday, May 9th. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $374.42.

LPL Financial Profile

LPL Financial Holdings Inc, together with its subsidiaries, provides an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at enterprises in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, equities, fixed income, alternative investments, retirement and 529 education savings plans, and insurance.