Empowered Funds LLC acquired a new stake in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 19,405 shares of the financial services provider's stock, valued at approximately $5,466,000.
Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. bought a new position in LPL Financial in the 2nd quarter valued at about $1,333,189,000. Jupiter Topco LLC acquired a new position in LPL Financial during the 2nd quarter valued at about $1,182,595,000. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in LPL Financial during the 4th quarter worth approximately $450,493,000. SurgoCap Partners LP bought a new stake in LPL Financial during the 2nd quarter worth approximately $299,487,000. Finally, Norges Bank purchased a new stake in shares of LPL Financial in the fourth quarter worth approximately $371,616,000. 95.66% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several brokerages recently issued reports on LPLA. UBS Group cut their target price on LPL Financial from $395.00 to $391.00 and set a "buy" rating on the stock in a research report on Wednesday, July 8th. BMO Capital Markets upped their price target on LPL Financial from $300.00 to $390.00 and gave the stock an "outperform" rating in a report on Monday, August 3rd. TD Cowen increased their price target on LPL Financial from $330.00 to $372.00 and gave the company a "hold" rating in a research report on Friday, July 31st. JPMorgan Chase & Co. raised their price objective on LPL Financial from $408.00 to $428.00 and gave the company an "overweight" rating in a research note on Friday, July 31st. Finally, William Blair reaffirmed an "outperform" rating on shares of LPL Financial in a report on Thursday, June 4th. Twelve equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, LPL Financial presently has an average rating of "Moderate Buy" and a consensus target price of $406.69.
Check Out Our Latest Stock Analysis on LPLA
LPL Financial Price Performance
LPL Financial stock opened at $370.14 on Tuesday. LPL Financial Holdings Inc. has a 52 week low of $260.15 and a 52 week high of $400.16. The company's 50 day moving average price is $334.58 and its two-hundred day moving average price is $314.74. The company has a quick ratio of 2.39, a current ratio of 2.39 and a debt-to-equity ratio of 1.30. The stock has a market cap of $29.14 billion, a P/E ratio of 29.52, a P/E/G ratio of 0.62 and a beta of 0.48.
LPL Financial (NASDAQ:LPLA - Get Free Report) last announced its earnings results on Thursday, July 30th. The financial services provider reported $5.84 earnings per share for the quarter, topping analysts' consensus estimates of $5.39 by $0.45. The firm had revenue of $5.19 billion for the quarter, compared to the consensus estimate of $5.04 billion. LPL Financial had a return on equity of 32.20% and a net margin of 5.13%.The company's revenue was up 35.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.51 EPS. On average, equities analysts predict that LPL Financial Holdings Inc. will post 24.09 earnings per share for the current year.
LPL Financial Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date was Friday, August 14th. LPL Financial's dividend payout ratio (DPR) is 9.57%.
Insiders Place Their Bets
In other LPL Financial news, Director Aneri Jambusaria sold 308 shares of the company's stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $357.36, for a total value of $110,066.88. Following the completion of the transaction, the director owned 6,107 shares in the company, valued at $2,182,397.52. This represents a 4.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Matthew Enyedi sold 1,000 shares of the company's stock in a transaction on Friday, July 31st. The shares were sold at an average price of $352.72, for a total value of $352,720.00. Following the completion of the transaction, the director owned 13,121 shares of the company's stock, valued at $4,628,039.12. This trade represents a 7.08% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 5,735 shares of company stock valued at $2,020,845. Insiders own 0.60% of the company's stock.
LPL Financial Profile
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Free Report)
LPL Financial NASDAQ: LPLA is a U.S.-focused financial services firm that provides brokerage, custodial and advisory platforms to independent financial advisors, registered investment advisers and institutions. Operating primarily as an independent broker-dealer and custodian, the company supports a network of advisors with the operational, compliance and clearing infrastructure needed to manage client accounts and deliver investment advice outside of traditional wirehouse models.
The firm's product and service offerings include trade execution and clearing, custody services, retirement plan services, model portfolio and advisory platforms, wealth management technology, investment research and product access across equities, fixed income, mutual funds, exchange-traded funds and insurance and annuity solutions.
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