Assenagon Asset Management S.A. grew its holdings in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 4,435.2% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 747,086 shares of the financial services provider's stock after purchasing an additional 730,613 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.93% of LPL Financial worth $210,439,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also recently made changes to their positions in the company. Dodge & Cox increased its holdings in LPL Financial by 18.6% during the fourth quarter. Dodge & Cox now owns 3,948,970 shares of the financial services provider's stock valued at $1,410,454,000 after buying an additional 619,715 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of LPL Financial by 14.7% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 3,719,447 shares of the financial services provider's stock worth $1,328,475,000 after acquiring an additional 477,094 shares during the last quarter. Janus Henderson Group PLC boosted its stake in shares of LPL Financial by 8.6% during the 1st quarter. Janus Henderson Group PLC now owns 3,666,780 shares of the financial services provider's stock worth $1,103,079,000 after acquiring an additional 289,227 shares during the last quarter. Capital World Investors grew its position in shares of LPL Financial by 37.9% during the 4th quarter. Capital World Investors now owns 3,625,357 shares of the financial services provider's stock valued at $1,294,869,000 after acquiring an additional 996,806 shares during the period. Finally, Principal Financial Group Inc. grew its position in shares of LPL Financial by 36.3% during the 1st quarter. Principal Financial Group Inc. now owns 2,636,544 shares of the financial services provider's stock valued at $793,163,000 after acquiring an additional 702,061 shares during the period. Institutional investors own 95.66% of the company's stock.
Insider Transactions at LPL Financial
In other news, Director Matthew Enyedi sold 1,000 shares of the company's stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $352.72, for a total value of $352,720.00. Following the completion of the transaction, the director owned 13,121 shares of the company's stock, valued at $4,628,039.12. This represents a 7.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Aneri Jambusaria sold 308 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $306.00, for a total value of $94,248.00. Following the sale, the director owned 6,415 shares of the company's stock, valued at $1,962,990. This represents a 4.58% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.60% of the stock is owned by company insiders.
LPL Financial Stock Performance
LPLA opened at $359.05 on Friday. The company has a 50 day simple moving average of $308.32 and a two-hundred day simple moving average of $315.52. The company has a debt-to-equity ratio of 1.30, a current ratio of 2.39 and a quick ratio of 2.56. The firm has a market cap of $28.27 billion, a P/E ratio of 28.63, a PEG ratio of 0.60 and a beta of 0.48. LPL Financial Holdings Inc. has a 1-year low of $260.15 and a 1-year high of $400.16.
LPL Financial (NASDAQ:LPLA - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The financial services provider reported $5.84 EPS for the quarter, beating the consensus estimate of $5.39 by $0.45. LPL Financial had a net margin of 5.13% and a return on equity of 32.20%. The firm had revenue of $5.19 billion for the quarter, compared to the consensus estimate of $5.04 billion. During the same period last year, the firm earned $4.51 EPS. The company's revenue was up 35.2% on a year-over-year basis. Equities analysts forecast that LPL Financial Holdings Inc. will post 24.09 earnings per share for the current fiscal year.
LPL Financial Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Friday, August 14th. LPL Financial's dividend payout ratio is presently 9.57%.
Wall Street Analyst Weigh In
Several equities research analysts have recently commented on LPLA shares. BMO Capital Markets upped their price objective on LPL Financial from $300.00 to $390.00 and gave the stock an "outperform" rating in a research note on Monday. Keefe, Bruyette & Woods lifted their target price on LPL Financial from $365.00 to $390.00 and gave the company an "outperform" rating in a research report on Friday, July 31st. TD Cowen boosted their price target on LPL Financial from $330.00 to $372.00 and gave the company a "hold" rating in a report on Friday, July 31st. JPMorgan Chase & Co. upped their price target on LPL Financial from $408.00 to $428.00 and gave the stock an "overweight" rating in a research report on Friday, July 31st. Finally, Morgan Stanley upped their price target on LPL Financial from $374.00 to $387.00 and gave the stock an "overweight" rating in a research report on Friday, July 10th. Eleven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $408.54.
Check Out Our Latest Stock 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.
Further Reading
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
Before you consider LPL Financial, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and LPL Financial wasn't on the list.
While LPL Financial currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Tesla, Nvidia, and Google helped shape the last era of market growth, but the next wave could come from a new group of companies. Inside this report, you’ll find 7 stocks that could play a major role in the next tech-driven market boom.
Get This Free Report
