Bank of New York Mellon Corp Makes New $98.66 Million Investment in LPL Financial Holdings Inc. $LPLA

Bank of New York Mellon Corp purchased a new stake in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) during the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 350,265 shares of the financial services provider's stock, valued at approximately $98,663,000. Bank of New York Mellon Corp owned about 0.44% of LPL Financial as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in LPLA. Egerton Capital UK LLP acquired a new position in LPL Financial during the fourth quarter valued at approximately $91,012,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of LPL Financial by 7.1% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 77,992 shares of the financial services provider's stock worth $28,204,000 after acquiring an additional 5,179 shares in the last quarter. Markel Group Inc. raised its stake in shares of LPL Financial by 1.2% in the 4th quarter. Markel Group Inc. now owns 559,951 shares of the financial services provider's stock valued at $199,998,000 after acquiring an additional 6,630 shares during the period. Norges Bank acquired a new position in shares of LPL Financial during the 4th quarter valued at $371,616,000. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in shares of LPL Financial by 56.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 158,783 shares of the financial services provider's stock valued at $56,713,000 after acquiring an additional 57,362 shares in the last quarter. 95.66% of the stock is owned by hedge funds and other institutional investors.

LPL Financial Stock Performance

LPL Financial stock opened at $364.18 on Tuesday. LPL Financial Holdings Inc. has a 52 week low of $260.15 and a 52 week high of $400.16. The company has a current ratio of 2.39, a quick ratio of 2.39 and a debt-to-equity ratio of 1.30. The stock has a market cap of $28.68 billion, a P/E ratio of 29.04, a price-to-earnings-growth ratio of 0.61 and a beta of 0.48. The stock has a 50 day moving average of $327.96 and a 200-day moving average of $315.28.

LPL Financial (NASDAQ:LPLA - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The financial services provider reported $5.84 earnings per share (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 analysts' expectations of $5.04 billion. During the same period in the prior year, the company posted $4.51 earnings per share. The firm's quarterly revenue was up 35.2% on a year-over-year basis. On average, analysts expect that LPL Financial Holdings Inc. will post 24.09 EPS for the current fiscal year.

LPL Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Friday, August 14th will be paid a dividend of $0.30 per share. The ex-dividend date is Friday, August 14th. This represents a $1.20 annualized dividend and a yield of 0.3%. LPL Financial's dividend payout ratio is presently 9.57%.

Insiders Place Their Bets

In related news, Director Aneri Jambusaria sold 308 shares of the company's stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $306.00, for a total transaction of $94,248.00. Following the sale, the director directly owned 6,415 shares of the company's stock, valued at approximately $1,962,990. This represents a 4.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Matthew Enyedi sold 1,000 shares of the firm's stock in a transaction on Friday, July 31st. The stock was sold at an average price of $352.72, for a total value of $352,720.00. Following the transaction, the director owned 13,121 shares in the company, valued at $4,628,039.12. This trade represents a 7.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 5,427 shares of company stock valued at $1,910,778 in the last quarter. Insiders own 0.60% of the company's stock.

Wall Street Analyst Weigh In

LPLA has been the topic of several research reports. Weiss Ratings reissued a "hold (c)" rating on shares of LPL Financial in a research report on Friday, July 24th. Morgan Stanley increased their target price on LPL Financial from $374.00 to $387.00 and gave the company an "overweight" rating in a research note on Friday, July 10th. UBS Group reduced their price target on LPL Financial from $395.00 to $391.00 and set a "buy" rating on the stock in a research report on Wednesday, July 8th. TD Cowen upped their price target on LPL Financial from $330.00 to $372.00 and gave the stock a "hold" rating in a report on Friday, July 31st. Finally, Barclays lifted their price objective on shares of LPL Financial from $394.00 to $401.00 and gave the company an "overweight" rating in a research note on Friday, July 31st. 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, the stock has a consensus rating of "Moderate Buy" and an average price target of $406.69.

LPL Financial Profile

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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