Comerica Bank Increases Stake in LPL Financial Holdings Inc. $LPLA

Key Points

• Comerica Bank increased its holdings in LPL Financial Holdings Inc. by 27.0%, owning approximately 159,475 shares valued at $52.17 million after purchasing an additional 33,931 shares.
• LPL Financial posted earnings of $4.51 per share, exceeding analysts' expectations of $4.21, with revenue reaching $3.84 billion for the latest quarter.
• The company announced a quarterly dividend of $0.30 per share, representing an annualized dividend yield of 0.3%.

Comerica Bank lifted its holdings in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 27.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 159,475 shares of the financial services provider's stock after acquiring an additional 33,931 shares during the quarter. Comerica Bank owned 0.20% of LPL Financial worth $52,171,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in LPLA. Natixis acquired a new stake in shares of LPL Financial in the fourth quarter worth $121,000. Adage Capital Partners GP L.L.C. acquired a new stake in shares of LPL Financial in the fourth quarter worth $9,795,000. Two Sigma Securities LLC increased its stake in shares of LPL Financial by 37.5% in the fourth quarter. Two Sigma Securities LLC now owns 993 shares of the financial services provider's stock worth $324,000 after acquiring an additional 271 shares during the period. DE Burlo Group Inc. acquired a new stake in shares of LPL Financial in the fourth quarter worth $327,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of LPL Financial in the fourth quarter worth $24,389,000. Institutional investors and hedge funds own 95.66% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on LPLA. TD Cowen lowered shares of LPL Financial from a "strong-buy" rating to a "hold" rating and dropped their price target for the company from $406.00 to $403.00 in a research report on Wednesday, July 9th. JMP Securities raised their price target on shares of LPL Financial from $420.00 to $440.00 and gave the stock a "market outperform" rating in a research note on Friday, May 9th. Citigroup cut shares of LPL Financial from a "neutral" rating to a "sell" rating and set a $80.00 price target for the company. in a research report on Wednesday, July 9th. Wells Fargo & Company lifted their price objective on shares of LPL Financial from $402.00 to $420.00 and gave the company an "overweight" rating in a report on Friday, July 11th. Finally, Redburn Atlantic upgraded shares of LPL Financial from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $420.00 to $460.00 in a report on Monday, June 9th. Ten investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, LPL Financial presently has a consensus rating of "Moderate Buy" and a consensus target price of $383.58.

Insider Transactions at LPL Financial

In other LPL Financial news, Director Greg Gates sold 1,500 shares of the company's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $374.05, for a total value of $561,075.00. Following the transaction, the director directly owned 19,120 shares in the company, valued at approximately $7,151,836. This represents a 7.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.30% of the company's stock.

LPL Financial Stock Performance

LPL Financial stock traded down $0.59 during trading hours on Friday, reaching $364.25. 90,807 shares of the stock were exchanged, compared to its average volume of 806,166. The stock has a market cap of $29.14 billion, a P/E ratio of 24.91, a P/E/G ratio of 0.86 and a beta of 0.66. LPL Financial Holdings Inc. has a 52-week low of $204.41 and a 52-week high of $403.58. The firm's 50 day moving average is $372.27 and its 200 day moving average is $355.66. 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 (NASDAQ:LPLA - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The financial services provider reported $4.51 EPS for the quarter, beating analysts' consensus estimates of $4.21 by $0.30. The firm had revenue of $3.84 billion for the quarter, compared to analysts' expectations of $3.77 billion. LPL Financial had a net margin of 7.91% and a return on equity of 39.80%. The firm's revenue was up 30.8% on a year-over-year basis. During the same period in the prior year, the company earned $3.88 EPS. Analysts predict that LPL Financial Holdings Inc. will post 19.35 EPS for the current fiscal year.

LPL Financial Announces Dividend

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

LPL Financial Company 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.