50,000 Shares in LPL Financial Holdings Inc. (NASDAQ:LPLA) Purchased by Pamalican Asset Management Ltd

Key Points

• Pamalican Asset Management Ltd acquired 50,000 shares of LPL Financial Holdings Inc., valued at approximately $16.36 million, making it the firm's 3rd largest holding.
• Other institutional investors, including Principal Financial Group Inc. and Jennison Associates LLC, significantly increased their holdings in LPL Financial, with Principal raising its shares by 1,453.3%.
• LPL Financial reported a $4.51 EPS for the last quarter, exceeding analysts' estimates, and announced a quarterly dividend of $0.30 per share, set to be paid on August 29th.

Pamalican Asset Management Ltd purchased a new position in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 50,000 shares of the financial services provider's stock, valued at approximately $16,357,000. LPL Financial makes up about 21.7% of Pamalican Asset Management Ltd's investment portfolio, making the stock its 3rd largest holding. Pamalican Asset Management Ltd owned 0.06% of LPL Financial at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Principal Financial Group Inc. lifted its holdings in LPL Financial by 1,453.3% in the first quarter. Principal Financial Group Inc. now owns 1,038,683 shares of the financial services provider's stock worth $339,795,000 after acquiring an additional 971,814 shares during the last quarter. Jennison Associates LLC lifted its holdings in LPL Financial by 786.2% in the first quarter. Jennison Associates LLC now owns 959,371 shares of the financial services provider's stock worth $313,849,000 after acquiring an additional 851,115 shares during the last quarter. Egerton Capital UK LLP lifted its holdings in LPL Financial by 238.1% in the first quarter. Egerton Capital UK LLP now owns 871,265 shares of the financial services provider's stock worth $285,026,000 after acquiring an additional 613,555 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in LPL Financial by 20.6% in the fourth quarter. Janus Henderson Group PLC now owns 3,050,529 shares of the financial services provider's stock worth $996,032,000 after acquiring an additional 522,032 shares during the last quarter. Finally, Balyasny Asset Management L.P. bought a new position in LPL Financial in the fourth quarter worth about $153,946,000. 95.66% of the stock is currently owned by institutional investors and hedge funds.

LPL Financial Price Performance

NASDAQ LPLA opened at $369.91 on Friday. LPL Financial Holdings Inc. has a 12 month low of $187.19 and a 12 month high of $403.58. The company has a debt-to-equity ratio of 1.82, a current ratio of 2.31 and a quick ratio of 2.31. The firm has a market capitalization of $29.58 billion, a PE ratio of 25.30, a P/E/G ratio of 0.97 and a beta of 0.64. The company's 50 day simple moving average is $378.53 and its 200 day simple moving average is $354.92.

LPL Financial (NASDAQ:LPLA - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The financial services provider reported $4.51 EPS for the quarter, beating analysts' consensus estimates of $4.21 by $0.30. LPL Financial had a net margin of 7.91% and a return on equity of 47.01%. The business had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.77 billion. During the same quarter last year, the business earned $3.88 earnings per share. The business's revenue for the quarter was up 30.8% on a year-over-year basis. As a group, equities research analysts forecast that LPL Financial Holdings Inc. will post 19.35 EPS for the current fiscal year.

LPL Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be given a $0.30 dividend. The ex-dividend date is Friday, August 15th. This represents a $1.20 annualized dividend and a yield of 0.3%. LPL Financial's payout ratio is 8.21%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on LPLA. Morgan Stanley reissued an "overweight" rating and issued a $490.00 target price (up previously from $450.00) on shares of LPL Financial in a report on Tuesday, July 15th. TD Cowen cut shares of LPL Financial from a "strong-buy" rating to a "hold" rating and cut their target price for the stock from $406.00 to $403.00 in a report on Wednesday, July 9th. Wall Street Zen lowered shares of LPL Financial from a "buy" rating to a "hold" rating in a research note on Saturday, June 14th. Wells Fargo & Company raised their price target on shares of LPL Financial from $402.00 to $420.00 and gave the company an "overweight" rating in a research note on Friday, July 11th. Finally, Redburn Atlantic upgraded shares of LPL Financial from a "neutral" rating to a "buy" rating and raised their price target for the company from $420.00 to $460.00 in a research note on Monday, June 9th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $381.08.

Insider Transactions at LPL Financial

In other LPL Financial news, Director Greg Gates sold 1,500 shares of LPL Financial stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $382.63, for a total value of $573,945.00. Following the transaction, the director owned 20,620 shares in the company, valued at approximately $7,889,830.60. The trade was a 6.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.30% of the company's stock.

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.

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