14,288 Shares in LPL Financial Holdings Inc. $LPLA Purchased by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management acquired 14,288 LPL Financial shares worth approximately $4.03 million in the second quarter. Institutional investors and hedge funds collectively own 95.66% of the company.
• LPL Financial reported quarterly EPS of $5.84, exceeding estimates of $5.39, while revenue rose 35.2% year over year to $5.19 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $406.69.
• Two directors sold shares under pre-arranged Rule 10b5-1 plans, contributing to 5,427 insider shares sold for $1.91 million over the past 90 days. The stock opened at $361.22, and the company declared a quarterly dividend of $0.30 per share.

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 14,288 shares of the financial services provider's stock, valued at approximately $4,025,000.

A number of other hedge funds have also made changes to their positions in LPLA. Goldstein Advisors LLC boosted its stake in shares of LPL Financial by 4.8% in the fourth quarter. Goldstein Advisors LLC now owns 634 shares of the financial services provider's stock worth $226,000 after acquiring an additional 29 shares during the last quarter. Coastal Bridge Advisors LLC raised its stake in LPL Financial by 0.6% in the 4th quarter. Coastal Bridge Advisors LLC now owns 5,475 shares of the financial services provider's stock valued at $1,956,000 after purchasing an additional 31 shares during the last quarter. Root Financial Partners LLC lifted its holdings in LPL Financial by 1.4% in the 4th quarter. Root Financial Partners LLC now owns 2,318 shares of the financial services provider's stock valued at $828,000 after purchasing an additional 33 shares in the last quarter. Lifestyle Asset Management Inc. lifted its holdings in LPL Financial by 2.9% in the 4th quarter. Lifestyle Asset Management Inc. now owns 1,191 shares of the financial services provider's stock valued at $425,000 after purchasing an additional 34 shares in the last quarter. Finally, Bank of Nova Scotia boosted its stake in LPL Financial by 0.7% during the 1st quarter. Bank of Nova Scotia now owns 5,705 shares of the financial services provider's stock worth $1,716,000 after purchasing an additional 37 shares during the last quarter. Institutional investors and hedge funds own 95.66% of the company's stock.

Insiders Place Their Bets

In other news, Director Aneri Jambusaria sold 308 shares of the stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $306.00, for a total value of $94,248.00. Following the completion of the sale, the director owned 6,415 shares of the company's stock, valued at $1,962,990. This represents a 4.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Matthew Enyedi sold 1,000 shares of the firm's stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $352.72, for a total transaction of $352,720.00. Following the sale, the director owned 13,121 shares of the company's stock, valued at $4,628,039.12. This represents a 7.08% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 5,427 shares of company stock valued at $1,910,778 over the last ninety days. Company insiders own 0.60% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. William Blair reaffirmed an "outperform" rating on shares of LPL Financial in a report on Thursday, June 4th. JPMorgan Chase & Co. raised their price target on shares of LPL Financial from $408.00 to $428.00 and gave the stock an "overweight" rating in a research note on Friday, July 31st. Morgan Stanley boosted their price target on shares of LPL Financial from $374.00 to $387.00 and gave the stock an "overweight" rating in a research report on Friday, July 10th. BMO Capital Markets increased their price objective on shares of LPL Financial from $300.00 to $390.00 and gave the company an "outperform" rating in a report on Monday, August 3rd. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of LPL Financial in a report on Friday, July 24th. Twelve equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $406.69.

LPL Financial Stock Up 0.3%

Shares of NASDAQ:LPLA opened at $361.22 on Friday. LPL Financial Holdings Inc. has a 52-week low of $260.15 and a 52-week high of $400.16. The stock has a market cap of $28.44 billion, a P/E ratio of 28.81, a PEG ratio of 0.61 and a beta of 0.48. The business has a fifty day moving average of $331.59 and a two-hundred day moving average of $314.83. The company has a quick ratio of 2.39, a current ratio of 2.39 and a debt-to-equity ratio of 1.30.

LPL Financial (NASDAQ:LPLA - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The financial services provider reported $5.84 EPS for the quarter, topping the consensus estimate of $5.39 by $0.45. The business had revenue of $5.19 billion for the quarter, compared to analyst estimates of $5.04 billion. LPL Financial had a return on equity of 32.20% and a net margin of 5.13%.The company's quarterly revenue was up 35.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.51 EPS. On average, research analysts expect that LPL Financial Holdings Inc. will post 24.09 earnings per share for the current year.

LPL Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 0.3%. The ex-dividend date is Friday, August 14th. LPL Financial's dividend payout ratio (DPR) is presently 9.57%.

LPL Financial Profile

LPL Financial NASDAQ: LPLA is a U.S.-focused financial services firm that provides brokerage, custodial and advisory platforms to independent financial advisors, registered investment advisers and institutions. Operating primarily as an independent broker-dealer and custodian, the company supports a network of advisors with the operational, compliance and clearing infrastructure needed to manage client accounts and deliver investment advice outside of traditional wirehouse models.

The firm's product and service offerings include trade execution and clearing, custody services, retirement plan services, model portfolio and advisory platforms, wealth management technology, investment research and product access across equities, fixed income, mutual funds, exchange-traded funds and insurance and annuity solutions.

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