Castlekeep Investment Advisors LLC acquired a new position in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 10,448 shares of the financial services provider's stock, valued at approximately $3,411,000.
Other hedge funds have also made changes to their positions in the company. Truist Financial Corp lifted its stake in LPL Financial by 7.9% during the fourth quarter. Truist Financial Corp now owns 192,153 shares of the financial services provider's stock worth $62,740,000 after purchasing an additional 14,106 shares during the last quarter. Bank of Montreal Can lifted its position in shares of LPL Financial by 46.9% during the 4th quarter. Bank of Montreal Can now owns 59,910 shares of the financial services provider's stock worth $19,561,000 after buying an additional 19,126 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of LPL Financial by 4.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 335,749 shares of the financial services provider's stock valued at $109,625,000 after buying an additional 13,936 shares in the last quarter. JPMorgan Chase & Co. raised its stake in LPL Financial by 27.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,275,136 shares of the financial services provider's stock worth $296,635,000 after acquiring an additional 276,166 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC lifted its position in LPL Financial by 35.7% in the fourth quarter. Mount Yale Investment Advisors LLC now owns 3,693 shares of the financial services provider's stock valued at $1,206,000 after acquiring an additional 972 shares during the last quarter. Hedge funds and other institutional investors own 95.66% of the company's stock.
Insider Buying and Selling
In related news, CFO Matthew J. Audette sold 4,588 shares of the firm's stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $360.07, for a total value of $1,652,001.16. Following the completion of the transaction, the chief financial officer now directly owns 16,538 shares of the company's stock, valued at $5,954,837.66. This trade represents a 21.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Marc Eliot Cohen sold 1,100 shares of the business's stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $365.85, for a total transaction of $402,435.00. Following the completion of the transaction, the director now directly owns 4,075 shares of the company's stock, valued at $1,490,838.75. The trade was a 21.26% decrease in their position. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
A number of analysts recently issued reports on LPLA shares. Citigroup decreased their target price on LPL Financial from $415.00 to $400.00 and set a "buy" rating for the company in a research report on Wednesday, April 2nd. Morgan Stanley boosted their price objective on LPL Financial from $330.00 to $450.00 and gave the company an "overweight" rating in a research note on Wednesday, May 21st. Barclays raised their target price on shares of LPL Financial from $365.00 to $400.00 and gave the stock an "overweight" rating in a research report on Monday, May 12th. Keefe, Bruyette & Woods upped their price target on shares of LPL Financial from $390.00 to $405.00 and gave the company an "outperform" rating in a research report on Friday, January 31st. Finally, JPMorgan Chase & Co. raised their price objective on shares of LPL Financial from $397.00 to $405.00 and gave the stock an "overweight" rating in a research report on Friday, January 31st. One research analyst has rated the stock with a sell rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, LPL Financial currently has a consensus rating of "Moderate Buy" and an average target price of $377.50.
Read Our Latest Stock Analysis on LPLA
LPL Financial Stock Performance
Shares of LPLA stock traded up $9.92 during mid-day trading on Tuesday, hitting $382.42. The stock had a trading volume of 664,089 shares, compared to its average volume of 835,116. The firm has a market cap of $30.58 billion, a PE ratio of 27.24, a PEG ratio of 0.94 and a beta of 0.65. The company's 50-day simple moving average is $333.67 and its 200-day simple moving average is $337.77. The company has a debt-to-equity ratio of 1.60, a current ratio of 2.16 and a quick ratio of 2.16. LPL Financial Holdings Inc. has a fifty-two week low of $187.19 and a fifty-two week high of $390.23.
LPL Financial (NASDAQ:LPLA - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The financial services provider reported $5.15 EPS for the quarter, beating analysts' consensus estimates of $4.54 by $0.61. LPL Financial had a net margin of 8.55% and a return on equity of 49.41%. The firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter last year, the firm earned $3.83 earnings per share. The firm's revenue was up 4.5% compared to the same quarter last year. Sell-side analysts anticipate that LPL Financial Holdings Inc. will post 19.35 earnings per share for the current year.
LPL Financial Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Friday, May 30th will be paid a $0.30 dividend. The ex-dividend date is Friday, May 30th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.31%. LPL Financial's dividend payout ratio (DPR) is presently 8.30%.
LPL Financial Profile
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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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