Nuveen LLC Acquires New Position in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Key Points

• Nuveen LLC acquired 186,039 shares of LPL Financial Holdings Inc. for approximately $60.86 million, representing about 0.23% of the company's stock.
• The company recently reported $4.51 EPS for the quarter, exceeding estimates and showing a 30.8% year-over-year revenue increase.
• Analysts have set a consensus price target of $383.58 for LPL Financial, with ratings ranging from "sell" to "outperform" across various firms.

Nuveen LLC bought a new position in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 186,039 shares of the financial services provider's stock, valued at approximately $60,861,000. Nuveen LLC owned approximately 0.23% of LPL Financial as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in LPLA. Millstone Evans Group LLC lifted its stake in shares of LPL Financial by 123.1% in the first quarter. Millstone Evans Group LLC now owns 87 shares of the financial services provider's stock worth $28,000 after buying an additional 48 shares in the last quarter. Private Trust Co. NA lifted its stake in shares of LPL Financial by 234.5% in the first quarter. Private Trust Co. NA now owns 97 shares of the financial services provider's stock worth $32,000 after buying an additional 68 shares in the last quarter. MassMutual Private Wealth & Trust FSB lifted its stake in shares of LPL Financial by 63.9% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 100 shares of the financial services provider's stock worth $33,000 after buying an additional 39 shares in the last quarter. City Holding Co. bought a new position in shares of LPL Financial in the first quarter worth approximately $34,000. Finally, TCTC Holdings LLC lifted its stake in shares of LPL Financial by 116.7% in the first quarter. TCTC Holdings LLC now owns 104 shares of the financial services provider's stock worth $34,000 after buying an additional 56 shares in the last quarter. Institutional investors own 95.66% of the company's stock.

Insider Activity at LPL Financial

In related news, Director Greg Gates sold 1,500 shares of LPL Financial stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $374.05, for a total transaction of $561,075.00. Following the completion of the transaction, the director directly owned 19,120 shares of the company's stock, valued at approximately $7,151,836. The trade was a 7.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.30% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. JMP Securities increased their price objective on shares of LPL Financial from $420.00 to $440.00 and gave the company a "market outperform" rating in a research report on Friday, May 9th. Citigroup cut shares of LPL Financial from a "neutral" rating to a "sell" rating and set a $80.00 price objective for the company. in a research note on Wednesday, July 9th. Morgan Stanley reissued an "overweight" rating and issued a $490.00 price target (up from $450.00) on shares of LPL Financial in a report on Tuesday, July 15th. Wells Fargo & Company boosted their price target on LPL Financial from $402.00 to $420.00 and gave the stock an "overweight" rating in a report on Friday, July 11th. Finally, Keefe, Bruyette & Woods raised their target price on shares of LPL Financial from $425.00 to $435.00 and gave the company an "outperform" rating in a research note on Monday, August 4th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat, LPL Financial presently has a consensus rating of "Moderate Buy" and an average price target of $383.58.

LPL Financial Price Performance

Shares of NASDAQ:LPLA traded down $4.98 on Friday, reaching $350.98. The company's stock had a trading volume of 506,950 shares, compared to its average volume of 934,077. LPL Financial Holdings Inc. has a 52-week low of $204.41 and a 52-week high of $403.58. The company has a market cap of $28.08 billion, a P/E ratio of 24.01, a PEG ratio of 0.82 and a beta of 0.66. The company has a 50-day simple moving average of $375.53 and a 200 day simple moving average of $355.93. The company has a debt-to-equity ratio of 1.41, a quick ratio of 3.22 and a current ratio of 3.22.

LPL Financial (NASDAQ:LPLA - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The financial services provider reported $4.51 EPS for the quarter, topping analysts' consensus estimates of $4.21 by $0.30. LPL Financial had a net margin of 7.91% and a return on equity of 39.80%. The business had revenue of $3.84 billion during the quarter, compared to analysts' expectations of $3.77 billion. During the same period last year, the company posted $3.88 EPS. The business's revenue was up 30.8% on a year-over-year basis. As a group, equities research analysts anticipate that LPL Financial Holdings Inc. will post 19.35 EPS for the current fiscal year.

LPL Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.3%. LPL Financial's payout ratio is currently 8.21%.

About LPL Financial

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.