Envestnet Asset Management Inc. Grows Stock Holdings in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Envestnet Asset Management Inc. raised its position in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 15.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 384,482 shares of the financial services provider's stock after acquiring an additional 50,558 shares during the period. Envestnet Asset Management Inc. owned approximately 0.48% of LPL Financial worth $125,780,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. von Borstel & Associates Inc. acquired a new position in shares of LPL Financial in the 1st quarter valued at $66,000. Truist Financial Corp increased its position in shares of LPL Financial by 6.9% in the 1st quarter. Truist Financial Corp now owns 205,485 shares of the financial services provider's stock valued at $67,222,000 after acquiring an additional 13,332 shares during the period. IFM Investors Pty Ltd increased its position in shares of LPL Financial by 8.0% in the 1st quarter. IFM Investors Pty Ltd now owns 15,876 shares of the financial services provider's stock valued at $5,194,000 after acquiring an additional 1,181 shares during the period. OneDigital Investment Advisors LLC increased its position in shares of LPL Financial by 8.7% in the 1st quarter. OneDigital Investment Advisors LLC now owns 3,823 shares of the financial services provider's stock valued at $1,251,000 after acquiring an additional 305 shares during the period. Finally, Checchi Capital Advisers LLC acquired a new position in shares of LPL Financial in the 1st quarter valued at $235,000. 95.66% of the stock is currently owned by institutional investors and hedge funds.

LPL Financial Price Performance

LPL Financial stock traded down $8.21 during midday trading on Friday, reaching $371.97. The company had a trading volume of 422,028 shares, compared to its average volume of 852,822. The company has a market capitalization of $29.75 billion, a P/E ratio of 25.74, a P/E/G ratio of 0.93 and a beta of 0.64. LPL Financial Holdings Inc. has a 12-month low of $187.19 and a 12-month high of $390.23. The firm's fifty day simple moving average is $374.51 and its 200-day simple moving average is $349.86. The company has a debt-to-equity ratio of 1.82, a current ratio of 2.31 and a quick ratio of 2.31.

LPL Financial (NASDAQ:LPLA - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The financial services provider reported $5.15 earnings per share for the quarter, beating analysts' consensus estimates of $4.54 by $0.61. The firm had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.63 billion. LPL Financial had a net margin of 8.23% and a return on equity of 46.34%. LPL Financial's quarterly revenue was up 4.5% compared to the same quarter last year. During the same period last year, the company posted $3.83 EPS. As a group, equities analysts anticipate that LPL Financial Holdings Inc. will post 19.35 EPS for the current year.

LPL Financial Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 30th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 0.32%. The ex-dividend date was Friday, May 30th. LPL Financial's dividend payout ratio is presently 8.30%.

Insiders Place Their Bets

In related news, Director Greg Gates sold 1,500 shares of the firm's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $382.63, for a total value of $573,945.00. Following the transaction, the director directly owned 20,620 shares of the company's stock, valued at approximately $7,889,830.60. This trade represents a 6.78% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.30% of the company's stock.

Analyst Ratings Changes

LPLA has been the topic of several research reports. Wall Street Zen downgraded LPL Financial from a "buy" rating to a "hold" rating in a research report on Saturday, June 14th. Redburn Atlantic raised LPL Financial from a "neutral" rating to a "buy" rating and increased their price target for the stock from $420.00 to $460.00 in a research report on Monday, June 9th. TD Cowen downgraded 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 research report on Wednesday. Barclays increased their price target on LPL Financial from $450.00 to $460.00 and gave the stock an "overweight" rating in a research report on Thursday. Finally, Morgan Stanley increased their price target on LPL Financial from $330.00 to $450.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 21st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $369.08.

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.