Axxcess Wealth Management LLC Buys 788 Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)

Axxcess Wealth Management LLC grew its stake in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 58.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,125 shares of the financial services provider's stock after purchasing an additional 788 shares during the quarter. Axxcess Wealth Management LLC's holdings in LPL Financial were worth $695,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Anchor Investment Management LLC boosted its stake in shares of LPL Financial by 0.3% in the 4th quarter. Anchor Investment Management LLC now owns 9,697 shares of the financial services provider's stock valued at $3,166,000 after purchasing an additional 28 shares in the last quarter. Colonial Trust Co SC boosted its position in LPL Financial by 6.1% during the 4th quarter. Colonial Trust Co SC now owns 505 shares of the financial services provider's stock worth $165,000 after buying an additional 29 shares during the period. United Capital Financial Advisors LLC boosted its position in LPL Financial by 2.6% during the 4th quarter. United Capital Financial Advisors LLC now owns 1,203 shares of the financial services provider's stock worth $393,000 after buying an additional 31 shares during the period. Tyler Stone Wealth Management boosted its position in LPL Financial by 3.7% during the 4th quarter. Tyler Stone Wealth Management now owns 1,076 shares of the financial services provider's stock worth $351,000 after buying an additional 38 shares during the period. Finally, Koshinski Asset Management Inc. lifted its position in shares of LPL Financial by 4.9% in the 1st quarter. Koshinski Asset Management Inc. now owns 812 shares of the financial services provider's stock worth $266,000 after purchasing an additional 38 shares during the period. 95.66% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Greg Gates sold 1,500 shares of the company's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $382.63, for a total value 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. This represents a 6.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.30% of the stock is currently owned by insiders.

LPL Financial Stock Performance

Shares of LPLA stock opened at $371.97 on Friday. The firm has a market capitalization of $29.75 billion, a PE ratio of 25.74, a price-to-earnings-growth ratio of 0.91 and a beta of 0.64. The firm has a fifty day simple moving average of $374.51 and a two-hundred day simple moving average of $349.96. 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.

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

LPL Financial Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on LPLA shares. TD Cowen downgraded shares of LPL Financial from a "strong-buy" rating to a "hold" rating and dropped their price target for the stock from $406.00 to $403.00 in a research report on Wednesday. Barclays boosted their target price on shares of LPL Financial from $450.00 to $460.00 and gave the company an "overweight" rating in a research report on Thursday. Redburn Atlantic upgraded shares of LPL Financial from a "neutral" rating to a "buy" rating and boosted their target price for the company from $420.00 to $460.00 in a research report on Monday, June 9th. Wells Fargo & Company boosted their target price on shares of LPL Financial from $402.00 to $420.00 and gave the company an "overweight" rating in a research report on Friday. Finally, Citigroup downgraded shares of LPL Financial from a "neutral" rating to a "sell" rating and set a $80.00 target price on the stock. in a research report on Wednesday. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, LPL Financial has a consensus rating of "Moderate Buy" and an average target price of $369.08.

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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