4,914 Shares in LPL Financial Holdings Inc. $LPLA Bought by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia acquired 4,914 shares of LPL Financial in the second quarter, valued at approximately $1.38 million. Institutional investors and hedge funds collectively own 95.66% of the company.
• LPL Financial reported quarterly earnings of $5.84 per share, exceeding estimates of $5.39, while revenue rose 35.2% year over year to $5.19 billion.
• Analysts maintain a favorable outlook, with a consensus rating of “Moderate Buy” and an average price target of $406.69. The company also declared a quarterly dividend of $0.30 per share.

Bank of Nova Scotia acquired a new stake in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 4,914 shares of the financial services provider's stock, valued at approximately $1,384,000.

A number of other large investors have also modified their holdings of LPLA. NewEdge Advisors LLC increased its stake in shares of LPL Financial by 42.7% in the 1st quarter. NewEdge Advisors LLC now owns 3,525 shares of the financial services provider's stock valued at $1,153,000 after purchasing an additional 1,055 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in LPL Financial by 0.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 209,126 shares of the financial services provider's stock worth $68,414,000 after purchasing an additional 1,089 shares during the period. Woodline Partners LP purchased a new position in LPL Financial during the first quarter worth approximately $1,636,000. Focus Partners Wealth grew its holdings in LPL Financial by 12.2% in the first quarter. Focus Partners Wealth now owns 4,360 shares of the financial services provider's stock valued at $1,426,000 after purchasing an additional 473 shares during the period. Finally, Acadian Asset Management LLC acquired a new stake in LPL Financial in the first quarter valued at approximately $121,000. Institutional investors and hedge funds own 95.66% of the company's stock.

Insider Buying and Selling at LPL Financial

In other LPL Financial news, Director Aneri Jambusaria sold 308 shares of LPL Financial stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $306.00, for a total transaction of $94,248.00. Following the sale, the director owned 6,415 shares of the company's stock, valued at $1,962,990. The trade was a 4.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through 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 company's stock in a transaction 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 directly owned 13,121 shares of the company's stock, valued at $4,628,039.12. The trade was a 7.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 5,427 shares of company stock worth $1,910,778. Corporate insiders own 0.60% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on LPLA. BMO Capital Markets boosted their price objective on LPL Financial from $300.00 to $390.00 and gave the company an "outperform" rating in a research report on Monday, August 3rd. Keefe, Bruyette & Woods increased their target price on LPL Financial from $365.00 to $390.00 and gave the company an "outperform" rating in a research report on Friday, July 31st. UBS Group dropped their price target on shares of LPL Financial from $395.00 to $391.00 and set a "buy" rating on the stock in a research note on Wednesday, July 8th. TD Cowen boosted their price target on shares of LPL Financial from $330.00 to $372.00 and gave the stock a "hold" rating in a report on Friday, July 31st. Finally, Barclays upped their price objective on shares of LPL Financial from $394.00 to $401.00 and gave the stock an "overweight" rating in a research report on Friday, July 31st. Twelve equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $406.69.

LPL Financial Price Performance

NASDAQ:LPLA opened at $360.24 on Thursday. The stock has a 50 day moving average of $330.25 and a two-hundred day moving average of $315.00. LPL Financial Holdings Inc. has a 12 month low of $260.15 and a 12 month high of $400.16. The firm has a market cap of $28.37 billion, a P/E ratio of 28.73, a price-to-earnings-growth ratio of 0.61 and a beta of 0.48. The company has a current ratio of 2.39, a quick ratio of 2.39 and a debt-to-equity ratio of 1.30.

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

LPL Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be issued a $0.30 dividend. The ex-dividend date is Friday, August 14th. This represents a $1.20 dividend on an annualized basis and a yield of 0.3%. 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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