Bamco Inc. NY purchased a new stake in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 114,224 shares of the financial services provider's stock, valued at approximately $32,175,000. Bamco Inc. NY owned 0.15% of LPL Financial at the end of the most recent quarter.
A number of other institutional investors also recently modified their holdings of the stock. Osterweis Capital Management Inc. purchased a new position in LPL Financial in the second quarter valued at about $26,000. Clearstead Advisors LLC lifted its stake in shares of LPL Financial by 3,650.0% in the fourth quarter. Clearstead Advisors LLC now owns 75 shares of the financial services provider's stock worth $27,000 after buying an additional 73 shares during the last quarter. Core Wealth Advisors LLC bought a new position in LPL Financial in the 4th quarter worth $36,000. Physician Wealth Advisors Inc. raised its holdings in LPL Financial by 580.0% in the 1st quarter. Physician Wealth Advisors Inc. now owns 136 shares of the financial services provider's stock worth $41,000 after acquiring an additional 116 shares during the period. Finally, Pinpoint Asset Management Singapore Pte. Ltd. acquired a new position in LPL Financial during the 4th quarter worth $50,000. Institutional investors and hedge funds own 95.66% of the company's stock.
LPL Financial Stock Performance
LPL Financial stock opened at $360.24 on Thursday. LPL Financial Holdings Inc. has a 12-month low of $260.15 and a 12-month high of $400.16. The stock has a 50-day simple moving average of $330.25 and a 200 day simple moving average of $315.00. The stock has a market capitalization of $28.37 billion, a price-to-earnings ratio of 28.73, a P/E/G ratio of 0.61 and a beta of 0.48. The company has a quick ratio of 2.39, a current ratio of 2.39 and a debt-to-equity ratio of 1.30.
LPL Financial (NASDAQ:LPLA - Get Free Report) last released its earnings results 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 return on equity of 32.20% and a net margin of 5.13%.The company had revenue of $5.19 billion during the quarter, compared to analysts' expectations of $5.04 billion. During the same period last year, the firm earned $4.51 EPS. The business's revenue for the quarter was up 35.2% on a year-over-year basis. On average, research analysts anticipate that LPL Financial Holdings Inc. will post 24.09 earnings per share for the current fiscal year.
LPL Financial Dividend Announcement
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 issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Friday, August 14th. LPL Financial's dividend payout ratio is 9.57%.
Analyst Upgrades and Downgrades
A number of research firms have issued reports on LPLA. William Blair reaffirmed an "outperform" rating on shares of LPL Financial in a report on Thursday, June 4th. Barclays increased their price objective on LPL Financial from $394.00 to $401.00 and gave the company an "overweight" rating in a research report on Friday, July 31st. Weiss Ratings restated a "hold (c)" rating on shares of LPL Financial in a research note on Friday, July 24th. UBS Group dropped their target price on shares of LPL Financial from $395.00 to $391.00 and set a "buy" rating on the stock in a research report on Wednesday, July 8th. Finally, Morgan Stanley lifted their target price on LPL Financial from $374.00 to $387.00 and gave the stock an "overweight" rating in a research report on Friday, July 10th. Twelve research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, LPL Financial currently has an average rating of "Moderate Buy" and a consensus target price of $406.69.
Get Our Latest Stock Report on LPLA
Insiders Place Their Bets
In other news, Director Greg Gates sold 4,119 shares of LPL Financial stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $355.38, for a total transaction of $1,463,810.22. Following the transaction, the director owned 23,602 shares in the company, valued at $8,387,678.76. The trade was a 14.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Aneri Jambusaria sold 308 shares of the company's stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $306.00, for a total transaction of $94,248.00. Following the completion of the transaction, the director owned 6,415 shares of the company's stock, valued at $1,962,990. This trade 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. Insiders sold 5,427 shares of company stock worth $1,910,778 over the last ninety days. 0.60% of the stock is currently owned by corporate insiders.
LPL Financial Company Profile
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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.
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