Bank of Nova Scotia Buys New Position in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Key Points

• The Bank of Nova Scotia has invested approximately $941,000 in LPL Financial Holdings Inc., acquiring 2,876 shares of the company in the first quarter.
• LPL Financial reported a quarterly EPS of $4.51, exceeding analysts' expectations, with revenue up 30.8% year-over-year at $3.84 billion.
• The company has announced a quarterly dividend of $0.30 per share, with an annualized yield of 0.3%, to be paid on August 29th.

Bank of Nova Scotia acquired a new stake in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The fund acquired 2,876 shares of the financial services provider's stock, valued at approximately $941,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. R Squared Ltd grew its position in shares of LPL Financial by 158.3% in the 1st quarter. R Squared Ltd now owns 620 shares of the financial services provider's stock valued at $203,000 after purchasing an additional 380 shares during the period. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund boosted its stake in shares of LPL Financial by 110.0% during the 1st quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund now owns 2,100 shares of the financial services provider's stock worth $687,000 after buying an additional 1,100 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of LPL Financial by 45.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,110 shares of the financial services provider's stock valued at $2,326,000 after buying an additional 2,213 shares during the last quarter. Pamalican Asset Management Ltd acquired a new stake in shares of LPL Financial in the 1st quarter valued at approximately $16,357,000. Finally, IFG Advisory LLC lifted its holdings in LPL Financial by 10.9% during the 1st quarter. IFG Advisory LLC now owns 813 shares of the financial services provider's stock valued at $266,000 after purchasing an additional 80 shares during the last quarter. 95.66% of the stock is currently owned by institutional investors and hedge funds.

LPL Financial Price Performance

Shares of LPLA traded up $2.09 during trading hours on Tuesday, reaching $372.74. 178,780 shares of the company's stock traded hands, compared to its average volume of 812,636. The firm's 50 day simple moving average is $377.43 and its 200-day simple moving average is $355.88. The stock has a market cap of $29.82 billion, a PE ratio of 25.49, a price-to-earnings-growth ratio of 0.87 and a beta of 0.66. LPL Financial Holdings Inc. has a 12 month low of $198.87 and a 12 month high of $403.58. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 1.41.

LPL Financial (NASDAQ:LPLA - Get Free Report) last released its earnings results on Thursday, July 31st. The financial services provider reported $4.51 earnings per share for the quarter, topping analysts' consensus estimates of $4.21 by $0.30. The company had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.77 billion. LPL Financial had a return on equity of 39.80% and a net margin of 7.91%. LPL Financial's quarterly revenue was up 30.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.88 EPS. Equities analysts expect that LPL Financial Holdings Inc. will post 19.35 EPS for the current year.

LPL Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be given a $0.30 dividend. The ex-dividend date is Friday, August 15th. This represents a $1.20 annualized dividend and a yield of 0.3%. LPL Financial's payout ratio is presently 8.21%.

Insiders Place Their Bets

In other LPL Financial news, Director Greg Gates sold 1,500 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $374.05, for a total value of $561,075.00. Following the completion of the sale, the director owned 19,120 shares in the company, valued at approximately $7,151,836. The trade was a 7.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.70% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently commented on LPLA. Morgan Stanley restated an "overweight" rating and issued a $490.00 price target (up previously from $450.00) on shares of LPL Financial in a research report on Tuesday, July 15th. Wall Street Zen cut LPL Financial from a "buy" rating to a "hold" rating in a report on Saturday, June 14th. Barclays upped their target price on LPL Financial from $460.00 to $463.00 and gave the company an "overweight" rating in a report on Friday, August 1st. JMP Securities upped their target price on LPL Financial from $420.00 to $440.00 and gave the company a "market outperform" rating in a report on Friday, May 9th. Finally, Redburn Atlantic raised LPL Financial from a "neutral" rating to a "buy" rating and boosted their price target for the company from $420.00 to $460.00 in a research note on Monday, June 9th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, LPL Financial has an average rating of "Moderate Buy" and a consensus target price of $383.58.

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.