Envestnet Portfolio Solutions Inc. Sells 3,587 Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)

Envestnet Portfolio Solutions Inc. reduced its stake in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 30.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,215 shares of the financial services provider's stock after selling 3,587 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in LPL Financial were worth $2,687,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of LPLA. Graney & King LLC purchased a new position in shares of LPL Financial during the 4th quarter worth approximately $30,000. MassMutual Private Wealth & Trust FSB boosted its stake in LPL Financial by 63.9% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 100 shares of the financial services provider's stock worth $33,000 after acquiring an additional 39 shares in the last quarter. City Holding Co. purchased a new stake in LPL Financial in the first quarter worth about $34,000. Fourth Dimension Wealth LLC purchased a new stake in LPL Financial in the fourth quarter worth about $40,000. Finally, Itau Unibanco Holding S.A. bought a new position in shares of LPL Financial during the fourth quarter valued at approximately $42,000. 95.66% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on LPLA. Citigroup downgraded LPL Financial from a "buy" rating to a "neutral" rating and set a $400.00 price target on the stock. in a research note on Monday, June 9th. Morgan Stanley boosted their target price on LPL Financial from $330.00 to $450.00 and gave the stock an "overweight" rating in a report on Wednesday, May 21st. Wells Fargo & Company reduced their price target on LPL Financial from $405.00 to $342.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Wall Street Zen lowered LPL Financial from a "buy" rating to a "hold" rating in a research report on Saturday, June 14th. Finally, JMP Securities increased their price objective on shares of LPL Financial from $420.00 to $440.00 and gave the company a "market outperform" rating in a research report on Friday, May 9th. Two analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $387.69.

LPL Financial Trading Up 0.1%

NASDAQ:LPLA opened at $379.58 on Monday. The company has a market cap of $30.36 billion, a PE ratio of 26.27, a price-to-earnings-growth ratio of 1.04 and a beta of 0.66. 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 company has a 50 day simple moving average of $356.15 and a two-hundred day simple moving average of $345.34. LPL Financial Holdings Inc. has a 12 month low of $187.19 and a 12 month high of $390.23.

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

LPL Financial Announces Dividend

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

LPL Financial Profile

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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