Diamond Hill Capital Management Inc. lifted its holdings in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 25.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 34,517 shares of the financial services provider's stock after acquiring an additional 7,109 shares during the period. Diamond Hill Capital Management Inc.'s holdings in LPL Financial were worth $11,292,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in LPLA. Virtu Financial LLC bought a new stake in shares of LPL Financial during the fourth quarter worth about $260,000. Graney & King LLC purchased a new position in LPL Financial during the fourth quarter worth about $30,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund purchased a new position in LPL Financial during the fourth quarter worth about $327,000. Tyler Stone Wealth Management boosted its holdings in LPL Financial by 3.7% during the fourth quarter. Tyler Stone Wealth Management now owns 1,076 shares of the financial services provider's stock worth $351,000 after purchasing an additional 38 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in LPL Financial by 9.8% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 54,631 shares of the financial services provider's stock worth $18,197,000 after purchasing an additional 4,869 shares during the last quarter. 95.66% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several research firms recently weighed in on LPLA. Barclays boosted their price target on shares of LPL Financial from $450.00 to $460.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. TD Cowen cut shares of LPL Financial from a "strong-buy" rating to a "hold" rating and cut their price target for the stock from $406.00 to $403.00 in a report on Wednesday, July 9th. Wells Fargo & Company boosted their price target on shares of LPL Financial from $402.00 to $420.00 and gave the stock an "overweight" rating in a report on Friday, July 11th. Citigroup cut shares of LPL Financial from a "neutral" rating to a "sell" rating and set a $80.00 price target on the stock. in a report on Wednesday, July 9th. Finally, Wall Street Zen cut shares of LPL Financial from a "buy" rating to a "hold" rating in a report on Saturday, June 14th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $372.15.
Read Our Latest Stock Report on LPLA
LPL Financial Stock Performance
Shares of LPLA stock traded up $2.96 during trading on Monday, reaching $383.00. 121,160 shares of the company's stock traded hands, compared to its average volume of 795,718. The company has a market capitalization of $30.63 billion, a P/E ratio of 26.42, a PEG ratio of 0.93 and a beta of 0.64. The company has a current ratio of 2.31, a quick ratio of 2.31 and a debt-to-equity ratio of 1.82. The firm's 50-day moving average is $377.67 and its 200 day moving average is $353.25. LPL Financial Holdings Inc. has a 1 year low of $187.19 and a 1 year high of $396.25.
LPL Financial (NASDAQ:LPLA - Get Free Report) last announced its quarterly earnings results 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. The company had revenue of $3.67 billion for the quarter, compared to analysts' expectations of $3.63 billion. LPL Financial had a net margin of 8.23% and a return on equity of 46.34%. LPL Financial's revenue was up 4.5% compared to the same quarter last year. During the same period in the prior year, the company posted $3.83 EPS. Equities research analysts expect that LPL Financial Holdings Inc. will post 19.35 EPS for the current year.
LPL Financial Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 30th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.31%. The ex-dividend date of this dividend was Friday, May 30th. LPL Financial's payout ratio is currently 8.30%.
Insider Activity at LPL Financial
In related news, Director Greg Gates sold 1,500 shares of the company's stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $382.63, for a total transaction of $573,945.00. Following the sale, the director directly owned 20,620 shares in the company, valued at approximately $7,889,830.60. This represents a 6.78% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.70% of the company's stock.
LPL Financial Company 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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