EFG Asset Management Americas Corp. Makes New Investment in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Key Points

• EFG Asset Management Americas Corp. acquired a new stake in LPL Financial Holdings, purchasing 2,406 shares valued at approximately $787,000.
• LPL Financial reported $5.15 earnings per share for the last quarter, exceeding analyst expectations by $0.61, with a notable 4.5% year-over-year revenue growth.
• The company announced a quarterly dividend of $0.30, resulting in an annualized dividend yield of 0.30%.

EFG Asset Management Americas Corp. bought a new position in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 2,406 shares of the financial services provider's stock, valued at approximately $787,000.

A number of other large investors also recently modified their holdings of LPLA. Millstone Evans Group LLC boosted its position in shares of LPL Financial by 123.1% during the first quarter. Millstone Evans Group LLC now owns 87 shares of the financial services provider's stock worth $28,000 after purchasing an additional 48 shares in the last quarter. Private Trust Co. NA lifted its holdings in LPL Financial by 234.5% during the first quarter. Private Trust Co. NA now owns 97 shares of the financial services provider's stock worth $32,000 after acquiring an additional 68 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in LPL Financial by 63.9% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 100 shares of the financial services provider's stock valued at $33,000 after acquiring an additional 39 shares during the period. City Holding Co. bought a new stake in shares of LPL Financial in the first quarter worth about $34,000. Finally, TCTC Holdings LLC raised its position in shares of LPL Financial by 116.7% during the first quarter. TCTC Holdings LLC now owns 104 shares of the financial services provider's stock worth $34,000 after purchasing an additional 56 shares during the period. 95.66% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have issued reports on LPLA shares. TD Cowen cut LPL Financial from a "strong-buy" rating to a "hold" rating and lowered their target price for the stock from $406.00 to $403.00 in a report on Wednesday, July 9th. Barclays lifted their target price on LPL Financial from $460.00 to $463.00 and gave the company an "overweight" rating in a research report on Friday. JMP Securities upped their price target on LPL Financial from $420.00 to $440.00 and gave the stock a "market outperform" rating in a research report on Friday, May 9th. Redburn Atlantic upgraded shares of LPL Financial from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $420.00 to $460.00 in a report on Monday, June 9th. Finally, Wells Fargo & Company increased their target price 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. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $381.08.

LPL Financial Price Performance

NASDAQ:LPLA traded down $25.82 during trading hours on Friday, reaching $369.91. The stock had a trading volume of 3,277,005 shares, compared to its average volume of 766,592. The company has a 50 day moving average price of $378.53 and a two-hundred day moving average price of $354.92. LPL Financial Holdings Inc. has a 52 week low of $187.19 and a 52 week high of $403.58. The stock has a market capitalization of $29.58 billion, a PE ratio of 25.30, a PEG ratio of 0.97 and a beta of 0.64. The company has a debt-to-equity ratio of 1.82, a quick ratio of 2.31 and a current ratio of 2.31.

LPL Financial (NASDAQ:LPLA - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The financial services provider reported $4.51 EPS for the quarter, topping analysts' consensus estimates of $4.21 by $0.30. LPL Financial had a return on equity of 47.01% and a net margin of 7.91%. The company had revenue of $3.84 billion during the quarter, compared to analysts' expectations of $3.77 billion. During the same quarter in the previous year, the firm posted $3.88 EPS. The firm's revenue was up 30.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that LPL Financial Holdings Inc. will post 19.35 earnings per share for the current fiscal year.

LPL Financial Dividend Announcement

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

Insider Activity

In other LPL Financial news, Director Greg Gates sold 1,500 shares of the company's stock in a transaction on Thursday, July 3rd. The shares were 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. This represents a 6.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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.