Foster Victor Wealth Advisors LLC Increases Stock Holdings in LPL Financial Holdings Inc. $LPLA

Key Points

• Foster Victor Wealth Advisors LLC increased its stake in LPL Financial Holdings Inc. by 1.8%, acquiring a total of 55,647 shares worth approximately $21.2 million.
• Several major institutional investors have also boosted their positions in LPL Financial, with Vanguard Group Inc. owning over 7.3 million shares valued at approximately $2.4 billion.
• LPL Financial recently reported earnings per share of $4.51, exceeding analysts' expectations, and announced a quarterly dividend of $0.30, resulting in an annualized yield of 0.4%.

Foster Victor Wealth Advisors LLC raised its position in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 1.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 55,647 shares of the financial services provider's stock after acquiring an additional 989 shares during the quarter. LPL Financial makes up approximately 1.4% of Foster Victor Wealth Advisors LLC's portfolio, making the stock its 14th biggest position. Foster Victor Wealth Advisors LLC owned 0.07% of LPL Financial worth $21,196,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of LPL Financial by 2.1% in the first quarter. Vanguard Group Inc. now owns 7,372,857 shares of the financial services provider's stock valued at $2,411,956,000 after purchasing an additional 154,200 shares during the period. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in LPL Financial by 0.8% during the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,681,617 shares of the financial services provider's stock worth $877,264,000 after buying an additional 20,881 shares in the last quarter. Dodge & Cox boosted its position in LPL Financial by 224.1% in the 1st quarter. Dodge & Cox now owns 1,523,460 shares of the financial services provider's stock valued at $498,385,000 after buying an additional 1,053,351 shares during the period. Massachusetts Financial Services Co. MA grew its stake in shares of LPL Financial by 35.9% in the first quarter. Massachusetts Financial Services Co. MA now owns 1,516,060 shares of the financial services provider's stock worth $495,964,000 after acquiring an additional 400,352 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of LPL Financial by 8.8% during the first quarter. JPMorgan Chase & Co. now owns 1,304,780 shares of the financial services provider's stock worth $426,846,000 after acquiring an additional 105,665 shares during the period. Institutional investors and hedge funds own 95.66% of the company's stock.

LPL Financial Stock Performance

Shares of LPLA opened at $340.48 on Wednesday. The stock has a 50 day moving average price of $362.22 and a 200 day moving average price of $353.41. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 1.41. The company has a market capitalization of $27.24 billion, a price-to-earnings ratio of 23.29, a price-to-earnings-growth ratio of 0.79 and a beta of 0.66. LPL Financial Holdings Inc. has a 52-week low of $219.13 and a 52-week high of $403.58.

LPL Financial (NASDAQ:LPLA - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The financial services provider reported $4.51 earnings per share for the quarter, topping analysts' consensus estimates of $4.21 by $0.30. LPL Financial had a net margin of 7.91% and a return on equity of 39.80%. The company had revenue of $3.84 billion for the quarter, compared to analysts' expectations of $3.77 billion. During the same quarter last year, the company earned $3.88 earnings per share. The firm's revenue for the quarter was up 30.8% on a year-over-year basis. Research analysts predict that LPL Financial Holdings Inc. will post 19.35 EPS for the current fiscal year.

LPL Financial Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 0.4%. The ex-dividend date was Friday, August 15th. LPL Financial's dividend payout ratio is currently 8.21%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on LPLA shares. Rothschild Redb lowered LPL Financial from a "strong-buy" rating to a "hold" rating in a report on Friday, September 19th. Wells Fargo & Company increased their price target on LPL Financial from $402.00 to $420.00 and gave the company an "overweight" rating in a research report on Friday, July 11th. The Goldman Sachs Group initiated coverage on LPL Financial in a research report on Friday, September 12th. They set a "buy" rating and a $405.00 price objective for the company. Keefe, Bruyette & Woods upped their target price on shares of LPL Financial from $425.00 to $435.00 and gave the stock an "outperform" rating in a research note on Monday, August 4th. Finally, Barclays decreased their price target on shares of LPL Financial from $463.00 to $460.00 and set an "overweight" rating for the company in a research note on Tuesday, September 2nd. Ten equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, LPL Financial presently has a consensus rating of "Moderate Buy" and a consensus target price of $391.54.

Insider Activity

In related news, Director Aneri Jambusaria sold 80 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $361.25, for a total transaction of $28,900.00. Following the transaction, the director owned 5,582 shares in the company, valued at $2,016,497.50. This trade represents a 1.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Greg Gates sold 1,500 shares of LPL Financial stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $374.05, for a total value of $561,075.00. Following the transaction, the director directly owned 19,120 shares in the company, valued at approximately $7,151,836. This trade represents a 7.27% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 4,580 shares of company stock worth $1,671,235. Corporate insiders own 0.70% 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.

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