Allianz Asset Management GmbH Raises Stock Holdings in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Allianz Asset Management GmbH grew its stake in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 334.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 80,045 shares of the financial services provider's stock after purchasing an additional 61,639 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.10% of LPL Financial worth $26,186,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Millstone Evans Group LLC raised its holdings in 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 purchasing an additional 48 shares in the last quarter. Wealth Alliance LLC increased its holdings in LPL Financial by 11.6% in the 1st quarter. Wealth Alliance LLC now owns 1,655 shares of the financial services provider's stock worth $541,000 after buying an additional 172 shares during the period. Lindbrook Capital LLC increased its holdings in LPL Financial by 18.2% in the 1st quarter. Lindbrook Capital LLC now owns 823 shares of the financial services provider's stock worth $269,000 after buying an additional 127 shares during the period. IFP Advisors Inc grew its stake in shares of LPL Financial by 46.8% during the 1st quarter. IFP Advisors Inc now owns 229 shares of the financial services provider's stock worth $75,000 after purchasing an additional 73 shares during the period. Finally, Kestra Private Wealth Services LLC acquired a new stake in shares of LPL Financial during the 1st quarter worth approximately $290,000. 95.66% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on LPLA shares. Citigroup cut shares of LPL Financial from a "neutral" rating to a "sell" rating and set a $80.00 price target on the stock. in a research note on Wednesday, July 9th. Wall Street Zen lowered LPL Financial from a "buy" rating to a "hold" rating in a report on Saturday, June 14th. JMP Securities lifted their price target on LPL Financial from $420.00 to $440.00 and gave the stock a "market outperform" rating in a report on Friday, May 9th. Barclays raised their price objective on LPL Financial from $450.00 to $460.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Finally, Wells Fargo & Company raised their price objective on LPL Financial from $402.00 to $420.00 and gave the stock an "overweight" rating in a research report on Friday, July 11th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $372.15.

Insiders Place Their Bets

In related news, Director Greg Gates sold 1,500 shares of the business's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $382.63, for a total transaction of $573,945.00. Following the completion of the sale, the director owned 20,620 shares in the company, valued at $7,889,830.60. The trade was a 6.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.30% of the stock is currently owned by insiders.

LPL Financial Stock Down 0.6%

Shares of LPL Financial stock traded down $2.39 on Thursday, reaching $376.79. 803,271 shares of the company were exchanged, compared to its average volume of 739,874. LPL Financial Holdings Inc. has a 1-year low of $187.19 and a 1-year high of $396.25. The company has a market cap of $30.14 billion, a P/E ratio of 26.08, a price-to-earnings-growth ratio of 0.93 and a beta of 0.64. 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 stock's 50 day moving average price is $377.85 and its 200-day moving average price is $352.39.

LPL Financial (NASDAQ:LPLA - Get Free Report) last posted its earnings results on Thursday, May 8th. The financial services provider reported $5.15 earnings per share for the quarter, topping the consensus estimate of $4.54 by $0.61. The firm had revenue of $3.67 billion during the quarter, compared to analysts' expectations of $3.63 billion. LPL Financial had a return on equity of 46.34% and a net margin of 8.23%. The firm's revenue was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.83 earnings per share. As a group, equities analysts forecast that LPL Financial Holdings Inc. will post 19.35 EPS for the current year.

LPL Financial Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 30th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 0.32%. The ex-dividend date of this dividend was Friday, May 30th. LPL Financial's payout ratio is 8.30%.

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.