Azora Capital LP acquired a new position in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 525,867 shares of the financial services provider's stock, valued at approximately $148,126,000. LPL Financial accounts for about 6.2% of Azora Capital LP's holdings, making the stock its 4th biggest holding. Azora Capital LP owned 0.67% of LPL Financial as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also bought and sold shares of LPLA. Osterweis Capital Management Inc. purchased a new stake in shares of LPL Financial in the second quarter worth approximately $26,000. Clearstead Advisors LLC boosted its holdings in LPL Financial by 3,650.0% during the 4th quarter. Clearstead Advisors LLC now owns 75 shares of the financial services provider's stock valued at $27,000 after acquiring an additional 73 shares during the period. Core Wealth Advisors LLC purchased a new position in LPL Financial during the 4th quarter valued at $36,000. Physician Wealth Advisors Inc. grew its position in LPL Financial by 580.0% in the 1st quarter. Physician Wealth Advisors Inc. now owns 136 shares of the financial services provider's stock valued at $41,000 after acquiring an additional 116 shares during the last quarter. Finally, Graney & King LLC grew its position in LPL Financial by 49.5% in the 2nd quarter. Graney & King LLC now owns 139 shares of the financial services provider's stock valued at $52,000 after acquiring an additional 46 shares during the last quarter. Institutional investors own 95.66% of the company's stock.
LPL Financial Stock Performance
Shares of LPLA stock opened at $360.24 on Thursday. The business's fifty day simple moving average is $330.25 and its 200-day simple moving average is $315.00. 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 Holdings Inc. has a 12-month low of $260.15 and a 12-month high of $400.16. The company has a market cap of $28.37 billion, a PE ratio of 28.73, a PEG ratio of 0.61 and a beta of 0.48.
LPL Financial (NASDAQ:LPLA - Get Free Report) last released its earnings results on Thursday, July 30th. The financial services provider reported $5.84 EPS for the quarter, topping analysts' consensus estimates of $5.39 by $0.45. LPL Financial had a net margin of 5.13% and a return on equity of 32.20%. The company had revenue of $5.19 billion during the quarter, compared to analysts' expectations of $5.04 billion. During the same period last year, the business earned $4.51 EPS. LPL Financial's revenue for the quarter was up 35.2% on a year-over-year basis. 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 announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.3%. LPL Financial's payout ratio is 9.57%.
Insider Activity at LPL Financial
In other LPL Financial news, Director Aneri Jambusaria sold 308 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the director directly owned 6,415 shares of the company's stock, valued at approximately $1,962,990. This trade represents a 4.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Greg Gates sold 4,119 shares of LPL Financial stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $355.38, for a total transaction of $1,463,810.22. Following the sale, the director owned 23,602 shares of the company's stock, valued at approximately $8,387,678.76. The trade was a 14.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 5,427 shares of company stock worth $1,910,778 over the last quarter. Insiders own 0.60% of the company's stock.
Analyst Upgrades and Downgrades
LPLA has been the subject of a number of recent analyst reports. UBS Group lowered their target price on shares of LPL Financial from $395.00 to $391.00 and set a "buy" rating for the company in a research note on Wednesday, July 8th. BMO Capital Markets raised their price target on shares of LPL Financial from $300.00 to $390.00 and gave the stock an "outperform" rating in a research note on Monday, August 3rd. Wolfe Research reissued an "outperform" rating and issued a $454.00 price objective on shares of LPL Financial in a research report on Wednesday, August 12th. Barclays upped their target price on shares of LPL Financial from $394.00 to $401.00 and gave the stock an "overweight" rating in a research note on Friday, July 31st. Finally, JPMorgan Chase & Co. raised their target price on shares of LPL Financial from $408.00 to $428.00 and gave the stock an "overweight" rating in a research report on Friday, July 31st. Twelve analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $406.69.
Check Out Our Latest Analysis on LPLA
About LPL Financial
(
Free Report)
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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