Harbour Investments Inc. Increases Holdings in LPL Financial Holdings Inc. $LPLA

Key Points

• Harbour Investments Inc. dramatically increased its holdings in LPL Financial by 26,533.3%, acquiring a total of 2,397 shares worth approximately $899,000 after buying 2,388 shares in the second quarter.
• LPL Financial's stock rose 1.4% recently, and the company reported $3.84 billion in revenue for the last quarter, surpassing analyst estimates while also achieving $4.51 EPS.
• The firm announced a $0.30 quarterly dividend, equating to an annual yield of 0.4%, with a dividend payout ratio of 8.21%.

Harbour Investments Inc. lifted its position in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 26,533.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,397 shares of the financial services provider's stock after purchasing an additional 2,388 shares during the quarter. Harbour Investments Inc.'s holdings in LPL Financial were worth $899,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. DAVENPORT & Co LLC raised its stake in shares of LPL Financial by 8.9% in the first quarter. DAVENPORT & Co LLC now owns 1,918 shares of the financial services provider's stock worth $627,000 after purchasing an additional 156 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of LPL Financial by 8.8% in the first quarter. JPMorgan Chase & Co. now owns 1,304,780 shares of the financial services provider's stock worth $426,846,000 after purchasing an additional 105,665 shares during the last quarter. Amalgamated Bank raised its stake in shares of LPL Financial by 3.8% in the first quarter. Amalgamated Bank now owns 5,875 shares of the financial services provider's stock worth $1,922,000 after purchasing an additional 213 shares during the last quarter. Blue Trust Inc. raised its stake in shares of LPL Financial by 2,319.1% in the first quarter. Blue Trust Inc. now owns 1,137 shares of the financial services provider's stock worth $372,000 after purchasing an additional 1,090 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in shares of LPL Financial by 198.3% in the first quarter. Nisa Investment Advisors LLC now owns 6,497 shares of the financial services provider's stock worth $2,125,000 after purchasing an additional 4,319 shares during the last quarter. 95.66% of the stock is currently owned by hedge funds and other institutional investors.

LPL Financial Stock Up 1.4%

Shares of LPLA opened at $337.94 on Friday. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 1.41. LPL Financial Holdings Inc. has a 12 month low of $252.55 and a 12 month high of $403.58. The stock's 50 day moving average is $342.78 and its two-hundred day moving average is $353.04. The firm has a market cap of $27.04 billion, a P/E ratio of 23.11, a PEG ratio of 0.79 and a beta of 0.61.

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

LPL Financial Announces Dividend

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

Analysts Set New Price Targets

Several research analysts recently weighed in on LPLA shares. Weiss Ratings reiterated a "hold (c+)" rating on shares of LPL Financial in a research report on Wednesday, October 8th. BMO Capital Markets started coverage on LPL Financial in a research report on Friday, October 3rd. They set an "outperform" rating and a $365.00 price target for the company. Barclays reduced their price target on LPL Financial from $460.00 to $411.00 and set an "overweight" rating for the company in a research report on Wednesday, October 8th. TD Cowen cut LPL Financial from a "strong-buy" rating to a "hold" rating and reduced their price target for the company from $406.00 to $403.00 in a research report on Wednesday, July 9th. Finally, Rothschild & Co Redburn cut LPL Financial from a "buy" rating to a "neutral" rating and set a $390.00 price target for the company. in a research report on Friday, September 19th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $395.85.

Insider Activity at LPL Financial

In other news, Director Greg Gates sold 750 shares of LPL Financial stock in a transaction that occurred on Monday, October 6th. The stock was sold at an average price of $314.42, for a total value of $235,815.00. Following the sale, the director directly owned 16,870 shares of the company's stock, valued at $5,304,265.40. The trade was a 4.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Aneri Jambusaria sold 80 shares of LPL Financial stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $361.25, for a total value of $28,900.00. Following the completion of the sale, the director directly owned 5,582 shares in the company, valued at $2,016,497.50. This represents a 1.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,830 shares of company stock worth $1,333,105. 1.30% of the stock is owned by corporate insiders.

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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