Commerce Bank Trims Position in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Key Points

• Commerce Bank reduced its stake in LPL Financial Holdings Inc. by 16.9%, selling 3,184 shares, and now holds a total of 15,632 shares valued at approximately $5.1 million.
• Insider trading activity included Director Greg Gates selling 1,500 shares for around $573,945, leading to a 6.78% decrease in his ownership position.
• Analysts have varied ratings for LPL Financial, with Wells Fargo raising its price target to $420 and Citigroup downgrading it to a sell with a target of $80.

Commerce Bank lessened its holdings in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 16.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 15,632 shares of the financial services provider's stock after selling 3,184 shares during the period. Commerce Bank's holdings in LPL Financial were worth $5,114,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Anchor Investment Management LLC boosted its holdings in LPL Financial by 0.3% in the fourth quarter. Anchor Investment Management LLC now owns 9,697 shares of the financial services provider's stock valued at $3,166,000 after acquiring an additional 28 shares during the last quarter. Colonial Trust Co SC boosted its holdings in LPL Financial by 6.1% in the fourth quarter. Colonial Trust Co SC now owns 505 shares of the financial services provider's stock valued at $165,000 after acquiring an additional 29 shares during the last quarter. United Capital Financial Advisors LLC boosted its holdings in LPL Financial by 2.6% in the fourth quarter. United Capital Financial Advisors LLC now owns 1,203 shares of the financial services provider's stock valued at $393,000 after acquiring an additional 31 shares during the last quarter. Koshinski Asset Management Inc. boosted its holdings in LPL Financial by 4.9% in the first quarter. Koshinski Asset Management Inc. now owns 812 shares of the financial services provider's stock valued at $266,000 after acquiring an additional 38 shares during the last quarter. Finally, Mariner LLC boosted its holdings in shares of LPL Financial by 0.3% during the 4th quarter. Mariner LLC now owns 12,611 shares of the financial services provider's stock worth $4,117,000 after buying an additional 39 shares in the last quarter. Institutional investors own 95.66% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Barclays increased their target price on LPL Financial from $460.00 to $463.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Keefe, Bruyette & Woods increased their price target on LPL Financial from $425.00 to $435.00 and gave the company an "outperform" rating in a research report on Monday. Morgan Stanley reissued an "overweight" rating and issued a $490.00 price target (up from $450.00) on shares of LPL Financial in a research report on Tuesday, July 15th. TD Cowen lowered LPL Financial from a "strong-buy" rating to a "hold" rating and decreased their target price for the company from $406.00 to $403.00 in a research report on Wednesday, July 9th. Finally, Citigroup lowered LPL Financial from a "neutral" rating to a "sell" rating and set a $80.00 target price for the company. in a research report on Wednesday, July 9th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, LPL Financial presently has an average rating of "Moderate Buy" and a consensus target price of $383.58.

LPL Financial Price Performance

Shares of NASDAQ LPLA traded down $0.60 during trading hours on Thursday, reaching $378.15. 25,338 shares of the stock traded hands, compared to its average volume of 817,959. The company has a quick ratio of 2.31, a current ratio of 3.22 and a debt-to-equity ratio of 1.41. LPL Financial Holdings Inc. has a 52-week low of $193.22 and a 52-week high of $403.58. The company has a market capitalization of $30.25 billion, a P/E ratio of 25.83, a price-to-earnings-growth ratio of 0.88 and a beta of 0.66. The company's 50-day simple moving average is $378.35 and its two-hundred day simple moving average is $355.56.

LPL Financial (NASDAQ:LPLA - Get Free Report) last released its quarterly 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 return on equity of 39.80% and a net margin of 7.91%. The company had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.77 billion. During the same period in the previous year, the company posted $3.88 earnings per share. The firm's revenue was up 30.8% on a year-over-year basis. Equities research analysts forecast that LPL Financial Holdings Inc. will post 19.35 EPS for the current year.

LPL Financial Announces Dividend

The business 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 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Friday, August 15th. LPL Financial's payout ratio is 8.21%.

Insider Buying and Selling

In other news, Director Greg Gates sold 1,500 shares of the business's stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $382.63, for a total value of $573,945.00. Following the completion of the transaction, the director owned 20,620 shares in the company, valued at $7,889,830.60. The trade was a 6.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.30% of the company's stock.

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.