Allianz Asset Management GmbH Sells 34,060 Shares of LPL Financial Holdings Inc. $LPLA

Key Points

• Allianz Asset Management GmbH has reduced its stake in LPL Financial Holdings by 42.6%, selling 34,060 shares during the second quarter.
• The company recently reported an earnings per share (EPS) of $4.51, surpassing analysts' estimates and indicating a 30.8% increase in revenue year-over-year.
• Insider transactions revealed that several directors sold shares, with total insider sales in the last quarter amounting to 3,830 shares valued at approximately $1.33 million.

Allianz Asset Management GmbH reduced its position in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 42.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 45,985 shares of the financial services provider's stock after selling 34,060 shares during the period. Allianz Asset Management GmbH owned 0.06% of LPL Financial worth $17,243,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Summit Securities Group LLC acquired a new position in LPL Financial during the 1st quarter valued at $26,000. Millstone Evans Group LLC raised its stake in LPL Financial by 123.1% during the 1st quarter. Millstone Evans Group LLC now owns 87 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 48 shares during the last quarter. Private Trust Co. NA raised its stake in LPL Financial by 234.5% during the 1st quarter. Private Trust Co. NA now owns 97 shares of the financial services provider's stock valued at $32,000 after purchasing an additional 68 shares during the last quarter. TCTC Holdings LLC raised its stake in LPL Financial by 116.7% during the 1st quarter. TCTC Holdings LLC now owns 104 shares of the financial services provider's stock valued at $34,000 after purchasing an additional 56 shares during the last quarter. Finally, Maseco LLP acquired a new position in LPL Financial during the 2nd quarter valued at $34,000. 95.66% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at LPL Financial

In other LPL Financial news, Director Aneri Jambusaria sold 80 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $361.25, for a total transaction of $28,900.00. Following the sale, the director owned 5,582 shares of the company's stock, valued at $2,016,497.50. This represents a 1.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Greg Gates sold 750 shares of the stock in a transaction dated Monday, October 6th. The stock was sold at an average price of $314.42, for a total transaction of $235,815.00. Following the sale, the director directly owned 16,870 shares in the company, valued at approximately $5,304,265.40. This represents a 4.26% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,830 shares of company stock valued at $1,333,105 in the last quarter. 0.70% of the stock is currently owned by corporate insiders.

LPL Financial Trading Up 1.4%

Shares of LPL Financial stock opened at $337.94 on Monday. The stock has a market capitalization of $27.04 billion, a P/E ratio of 23.11, a price-to-earnings-growth ratio of 0.79 and a beta of 0.61. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 1.41. The company has a 50-day simple moving average of $342.78 and a 200 day simple moving average of $353.33. LPL Financial Holdings Inc. has a 12-month low of $252.55 and a 12-month high of $403.58.

LPL Financial (NASDAQ:LPLA - Get Free Report) last announced its earnings results on Thursday, July 31st. The financial services provider reported $4.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.21 by $0.30. The business had revenue of $3.84 billion during the quarter, compared to analysts' expectations of $3.77 billion. LPL Financial had a net margin of 7.91% and a return on equity of 39.80%. The firm's revenue for the quarter was up 30.8% on a year-over-year basis. During the same quarter last year, the company posted $3.88 EPS. Research analysts expect that LPL Financial Holdings Inc. will post 19.35 earnings per share for the current fiscal year.

LPL Financial Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were given a dividend of $0.30 per share. The ex-dividend date was Friday, August 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.4%. LPL Financial's dividend payout ratio (DPR) is 8.21%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on LPLA shares. BMO Capital Markets started coverage on shares of LPL Financial in a research note on Friday, October 3rd. They set an "outperform" rating and a $365.00 target price for the company. Wells Fargo & Company increased their price objective 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. Barclays dropped their price objective on shares of LPL Financial from $460.00 to $411.00 and set an "overweight" rating for the company in a research note on Wednesday, October 8th. Morgan Stanley dropped their price objective on shares of LPL Financial from $490.00 to $462.00 and set an "overweight" rating for the company in a research note on Wednesday, October 1st. Finally, Rothschild & Co Redburn cut shares of LPL Financial from a "buy" rating to a "neutral" rating and set a $390.00 price objective for the company. in a research note on Friday, September 19th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $395.85.

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.

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