Boothbay Fund Management LLC bought a new stake in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 29,084 shares of the financial services provider's stock, valued at approximately $9,515,000.
A number of other institutional investors have also modified their holdings of the business. Vanguard Group Inc. increased its holdings in shares of LPL Financial by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 7,372,857 shares of the financial services provider's stock valued at $2,411,956,000 after acquiring an additional 154,200 shares during the period. Janus Henderson Group PLC increased its holdings in shares of LPL Financial by 20.6% in the 4th quarter. Janus Henderson Group PLC now owns 3,050,529 shares of the financial services provider's stock valued at $996,032,000 after acquiring an additional 522,032 shares during the period. Kayne Anderson Rudnick Investment Management LLC increased its holdings in shares of LPL Financial by 0.8% in the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,681,617 shares of the financial services provider's stock valued at $877,264,000 after acquiring an additional 20,881 shares during the period. Dodge & Cox increased its holdings in shares of LPL Financial by 224.1% in the 1st quarter. Dodge & Cox now owns 1,523,460 shares of the financial services provider's stock valued at $498,385,000 after acquiring an additional 1,053,351 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its holdings in shares of LPL Financial by 35.9% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 1,516,060 shares of the financial services provider's stock valued at $495,964,000 after acquiring an additional 400,352 shares during the period. 95.66% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of brokerages have recently commented on LPLA. Morgan Stanley reaffirmed an "overweight" rating and issued a $490.00 target price (up from $450.00) on shares of LPL Financial in a report on Tuesday, July 15th. Wall Street Zen cut shares of LPL Financial from a "buy" rating to a "hold" rating in a report on Saturday, June 14th. TD Cowen cut shares of LPL Financial from a "strong-buy" rating to a "hold" rating and dropped their price objective for the company from $406.00 to $403.00 in a research note on Wednesday, July 9th. Redburn Atlantic raised shares of LPL Financial from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $420.00 to $460.00 in a research note on Monday, June 9th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of LPL Financial from $425.00 to $435.00 and gave the company an "outperform" rating in a research note on Monday, August 4th. Ten research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, LPL Financial currently has a consensus rating of "Moderate Buy" and an average target price of $383.33.
View Our Latest Stock Report on LPLA
Insider Buying and Selling at LPL Financial
In other LPL Financial news, Director Greg Gates sold 1,500 shares of the business's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $374.05, for a total transaction of $561,075.00. Following the sale, the director directly owned 19,120 shares in the company, valued at approximately $7,151,836. The trade was a 7.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Aneri Jambusaria sold 80 shares of the business's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $361.25, for a total transaction of $28,900.00. Following the sale, the director owned 5,582 shares in the company, valued at $2,016,497.50. The trade was a 1.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,080 shares of company stock worth $1,163,920 over the last 90 days. Insiders own 1.30% of the company's stock.
LPL Financial Price Performance
Shares of NASDAQ LPLA traded down $27.05 during trading on Friday, hitting $332.99. 1,643,770 shares of the company were exchanged, compared to its average volume of 622,539. The company has a market cap of $26.64 billion, a price-to-earnings ratio of 22.78, a PEG ratio of 0.78 and a beta of 0.66. LPL Financial Holdings Inc. has a 1 year low of $204.41 and a 1 year high of $403.58. The firm's fifty day moving average price is $371.13 and its 200 day moving average price is $354.85. The company has a debt-to-equity ratio of 1.41, a current ratio of 3.22 and a quick ratio of 3.22.
LPL Financial (NASDAQ:LPLA - Get Free Report) last issued its earnings results on Thursday, July 31st. The financial services provider reported $4.51 EPS for the quarter, topping the consensus estimate of $4.21 by $0.30. The company had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.77 billion. LPL Financial had a net margin of 7.91% and a return on equity of 39.80%. The business's revenue was up 30.8% on a year-over-year basis. During the same period in the previous year, the firm earned $3.88 EPS. On average, sell-side analysts expect that LPL Financial Holdings Inc. will post 19.35 earnings per share for the current fiscal year.
LPL Financial Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Friday, August 15th. LPL Financial's payout ratio is presently 8.21%.
LPL Financial Profile
(
Free Report)
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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