Caitong International Asset Management Co. Ltd Grows Position in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Key Points

• Caitong International Asset Management Co. Ltd increased its holdings in LPL Financial Holdings Inc. by an astonishing 25,120.0%, owning 1,261 shares worth $413,000 after acquiring an additional 1,256 shares in the first quarter.
• Wall Street analysts have a consensus rating of "Moderate Buy" for LPL Financial, with price targets raised by multiple firms, including Morgan Stanley and Redburn Atlantic.
• LPL Financial reported a significant year-over-year revenue jump of 30.8%, reaching $3.84 billion for the quarter, and beat earnings estimates by $0.30 per share.

Caitong International Asset Management Co. Ltd raised its position in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 25,120.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,261 shares of the financial services provider's stock after acquiring an additional 1,256 shares during the period. Caitong International Asset Management Co. Ltd's holdings in LPL Financial were worth $413,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of LPLA. Russell Investments Group Ltd. lifted its position in shares of LPL Financial by 13.6% in the first quarter. Russell Investments Group Ltd. now owns 74,670 shares of the financial services provider's stock valued at $24,473,000 after acquiring an additional 8,940 shares in the last quarter. Prudential PLC raised its holdings in shares of LPL Financial by 22.0% in the 1st quarter. Prudential PLC now owns 7,021 shares of the financial services provider's stock valued at $2,297,000 after buying an additional 1,264 shares during the period. Resona Asset Management Co. Ltd. lifted its holdings in LPL Financial by 4.9% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 23,592 shares of the financial services provider's stock worth $7,748,000 after buying an additional 1,098 shares in the last quarter. AGF Management Ltd. grew its position in shares of LPL Financial by 0.5% during the first quarter. AGF Management Ltd. now owns 437,444 shares of the financial services provider's stock worth $143,105,000 after buying an additional 2,388 shares in the last quarter. Finally, WP Advisors LLC acquired a new stake in LPL Financial in the first quarter valued at $223,000. Hedge funds and other institutional investors own 95.66% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on LPLA. Redburn Atlantic raised LPL Financial from a "neutral" rating to a "buy" rating and upped their price objective for the company from $420.00 to $460.00 in a research note on Monday, June 9th. Morgan Stanley reaffirmed an "overweight" rating and issued a $490.00 price objective (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 raised their price target on shares of LPL Financial from $460.00 to $463.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Finally, Wells Fargo & Company lifted their price target on LPL Financial from $402.00 to $420.00 and gave the stock an "overweight" rating in a research note on Friday, July 11th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, LPL Financial has a consensus rating of "Moderate Buy" and a consensus target price of $383.58.

Insiders Place Their Bets

In other LPL Financial news, Director Greg Gates sold 1,500 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $374.05, for a total value of $561,075.00. Following the sale, the director owned 19,120 shares in the company, valued at $7,151,836. This trade represents a 7.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.70% of the stock is owned by company insiders.

LPL Financial Stock Performance

Shares of LPLA opened at $373.41 on Wednesday. The firm's 50 day moving average price is $377.18 and its two-hundred day moving average price is $356.00. The firm has a market cap of $29.87 billion, a P/E ratio of 25.54, a PEG ratio of 0.87 and a beta of 0.66. The company has a debt-to-equity ratio of 1.41, a quick ratio of 3.22 and a current ratio of 3.22. LPL Financial Holdings Inc. has a twelve month low of $198.87 and a twelve month high of $403.58.

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, beating the consensus estimate of $4.21 by $0.30. LPL Financial had a net margin of 7.91% and a return on equity of 39.80%. The business had revenue of $3.84 billion during the quarter, compared to analysts' expectations of $3.77 billion. During the same period last year, the business earned $3.88 earnings per share. The firm's revenue was up 30.8% on a year-over-year basis. On average, analysts forecast that LPL Financial Holdings Inc. will post 19.35 EPS for the current fiscal year.

LPL Financial Announces Dividend

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

LPL Financial Profile

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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