Pamalican Asset Management Ltd Invests $16.36 Million in LPL Financial Holdings Inc. (NASDAQ:LPLA)

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 acquired a new position in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm acquired 50,000 shares of the financial services provider's stock, valued at approximately $16,357,000. LPL Financial comprises approximately 21.7% of Pamalican Asset Management Ltd's holdings, making the stock its 3rd biggest holding. Pamalican Asset Management Ltd owned about 0.06% of LPL Financial at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in LPLA. Principal Financial Group Inc. lifted its position in shares of LPL Financial by 1,453.3% in the 1st quarter. Principal Financial Group Inc. now owns 1,038,683 shares of the financial services provider's stock worth $339,795,000 after purchasing an additional 971,814 shares during the period. Jennison Associates LLC increased its position in shares of LPL Financial by 786.2% during the first quarter. Jennison Associates LLC now owns 959,371 shares of the financial services provider's stock valued at $313,849,000 after buying an additional 851,115 shares during the period. Egerton Capital UK LLP raised its stake 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 buying an additional 613,555 shares in 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 buying an additional 522,032 shares during the period. Finally, Balyasny Asset Management L.P. bought a new stake in LPL Financial during the 4th quarter valued at approximately $153,946,000. 95.66% of the stock is owned by hedge funds and other institutional investors.

LPL Financial Stock Up 1.3%

LPLA stock traded up $5.02 during midday trading on Wednesday, hitting $378.96. The company's stock had a trading volume of 450,093 shares, compared to its average volume of 822,203. The firm's 50-day moving average is $378.40 and its 200-day moving average is $355.40. The company has a current ratio of 2.31, a quick ratio of 2.31 and a debt-to-equity ratio of 1.82. LPL Financial Holdings Inc. has a 12 month low of $193.22 and a 12 month high of $403.58. The company has a market cap of $30.31 billion, a PE ratio of 25.92, a P/E/G ratio of 0.89 and a beta of 0.66.

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

LPL Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be paid a $0.30 dividend. The ex-dividend date 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%.

Insider Activity at LPL Financial

In related news, Director Greg Gates sold 1,500 shares of the stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $382.63, for a total transaction of $573,945.00. Following the transaction, the director owned 20,620 shares in the company, valued at $7,889,830.60. This represents a 6.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on LPLA shares. Keefe, Bruyette & Woods raised their target price on LPL Financial from $425.00 to $435.00 and gave the company an "outperform" rating in a research note on Monday. Wells Fargo & Company raised their price objective on LPL Financial from $402.00 to $420.00 and gave the company an "overweight" rating in a research report on Friday, July 11th. Citigroup cut shares of LPL Financial from a "neutral" rating to a "sell" rating and set a $80.00 target price on the stock. in a report on Wednesday, July 9th. TD Cowen lowered shares of LPL Financial from a "strong-buy" rating to a "hold" rating and decreased their price target for the stock from $406.00 to $403.00 in a research note on Wednesday, July 9th. Finally, Morgan Stanley reissued an "overweight" rating and set a $490.00 price target (up from $450.00) on shares of LPL Financial in a research report on Tuesday, July 15th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $383.58.

LPL Financial Company 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.