Assenagon Asset Management S.A. Trims Stock Holdings in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Assenagon Asset Management S.A. trimmed its holdings in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 92.8% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 2,239 shares of the financial services provider's stock after selling 28,970 shares during the period. Assenagon Asset Management S.A.'s holdings in LPL Financial were worth $732,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. Bank of Montreal Can increased its position in LPL Financial by 46.9% in the 4th quarter. Bank of Montreal Can now owns 59,910 shares of the financial services provider's stock valued at $19,561,000 after acquiring an additional 19,126 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of LPL Financial by 4.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 335,749 shares of the financial services provider's stock valued at $109,625,000 after purchasing an additional 13,936 shares during the last quarter. Dynasty Wealth Management LLC increased its holdings in shares of LPL Financial by 58.8% in the fourth quarter. Dynasty Wealth Management LLC now owns 6,165 shares of the financial services provider's stock valued at $2,013,000 after purchasing an additional 2,283 shares during the period. Pinnacle Wealth Planning Services Inc. acquired a new position in shares of LPL Financial in the fourth quarter valued at approximately $450,000. Finally, Merit Financial Group LLC raised its stake in shares of LPL Financial by 195.1% during the first quarter. Merit Financial Group LLC now owns 3,341 shares of the financial services provider's stock worth $1,093,000 after purchasing an additional 2,209 shares during the last quarter. Institutional investors and hedge funds own 95.66% of the company's stock.

LPL Financial Price Performance

Shares of LPLA stock traded up $1.28 during mid-day trading on Thursday, reaching $379.29. The stock had a trading volume of 475,356 shares, compared to its average volume of 837,970. The company has a market cap of $30.34 billion, a P/E ratio of 26.25, a price-to-earnings-growth ratio of 1.04 and a beta of 0.67. 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 $187.19 and a 12-month high of $390.23. The business has a 50-day simple moving average of $353.23 and a 200 day simple moving average of $344.35.

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, beating the consensus estimate of $4.54 by $0.61. The firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.63 billion. LPL Financial had a net margin of 8.23% and a return on equity of 46.34%. The firm's revenue for the quarter was up 4.5% on a year-over-year basis. During the same period last year, the firm posted $3.83 EPS. On average, sell-side analysts anticipate that LPL Financial Holdings Inc. will post 19.35 earnings per share for the current year.

LPL Financial Announces Dividend

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

Analysts Set New Price Targets

LPLA has been the subject of a number of analyst reports. Morgan Stanley upped their price objective on shares of LPL Financial from $330.00 to $450.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 21st. Barclays raised their price objective on shares of LPL Financial from $400.00 to $450.00 and gave the company an "overweight" rating in a research report on Monday, June 9th. Wall Street Zen cut LPL Financial from a "buy" rating to a "hold" rating in a research report on Saturday, June 14th. Wells Fargo & Company cut their target price on LPL Financial from $405.00 to $342.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Finally, Citigroup downgraded LPL Financial from a "buy" rating to a "neutral" rating and set a $400.00 price target on the stock. in a research note on Monday, June 9th. Two equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $387.69.

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.