HB Wealth Management LLC Grows Holdings in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Key Points

• HB Wealth Management LLC significantly increased its stake in LPL Financial Holdings Inc. by 454.7% during the first quarter, owning a total of 7,233 shares valued at approximately $2.37 million.
• LPL Financial reported $5.15 EPS for the quarter, exceeding the consensus estimate by $0.61, with revenue growth of 4.5% year-over-year.
• Multiple analysts have adjusted their price targets for LPL Financial, with Morgan Stanley raising its target to $490.00 and Citigroup lowering theirs to $80.00, indicating a mix of outlooks on the stock.

HB Wealth Management LLC lifted its position in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 454.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,233 shares of the financial services provider's stock after purchasing an additional 5,929 shares during the quarter. HB Wealth Management LLC's holdings in LPL Financial were worth $2,366,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Anchor Investment Management LLC lifted its position in LPL Financial by 0.3% during the 4th quarter. Anchor Investment Management LLC now owns 9,697 shares of the financial services provider's stock worth $3,166,000 after acquiring an additional 28 shares during the period. Colonial Trust Co SC raised its stake in shares of LPL Financial by 6.1% during the fourth quarter. Colonial Trust Co SC now owns 505 shares of the financial services provider's stock worth $165,000 after purchasing an additional 29 shares during the last quarter. United Capital Financial Advisors LLC lifted its holdings in shares of LPL Financial by 2.6% during the fourth quarter. United Capital Financial Advisors LLC now owns 1,203 shares of the financial services provider's stock worth $393,000 after purchasing an additional 31 shares during the period. Koshinski Asset Management Inc. grew its position in LPL Financial by 4.9% in the 1st quarter. Koshinski Asset Management Inc. now owns 812 shares of the financial services provider's stock valued at $266,000 after buying an additional 38 shares during the last quarter. Finally, Mariner LLC increased its stake in LPL Financial by 0.3% in the 4th quarter. Mariner LLC now owns 12,611 shares of the financial services provider's stock valued at $4,117,000 after buying an additional 39 shares during the period. 95.66% of the stock is currently owned by hedge funds and other institutional investors.

LPL Financial Price Performance

Shares of NASDAQ:LPLA traded down $30.66 during midday trading on Friday, hitting $365.07. 1,695,728 shares of the stock were exchanged, compared to its average volume of 814,371. LPL Financial Holdings Inc. has a twelve month low of $187.19 and a twelve month high of $403.58. 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 moving average price of $378.58 and a 200-day moving average price of $354.67. The stock has a market cap of $29.20 billion, a P/E ratio of 25.25, a PEG ratio of 0.98 and a beta of 0.64.

LPL Financial (NASDAQ:LPLA - Get Free Report) last announced its earnings results on Thursday, July 31st. The financial services provider reported $4.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.21 by $0.30. LPL Financial had a net margin of 8.23% and a return on equity of 46.34%. The company had revenue of $3.84 billion during the quarter, compared to analysts' expectations of $3.77 billion. During the same quarter in the previous year, the business posted $3.88 earnings per share. The firm's quarterly revenue was up 30.8% compared to the same quarter last year. On average, research analysts forecast that LPL Financial Holdings Inc. will post 19.35 earnings per share for the current year.

LPL Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 0.3%. LPL Financial's payout ratio is currently 8.30%.

Insider Transactions at LPL Financial

In other LPL Financial news, Director Greg Gates sold 1,500 shares of the stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $382.63, for a total transaction of $573,945.00. Following the sale, the director owned 20,620 shares in the company, valued at approximately $7,889,830.60. This represents a 6.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.30% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on LPLA shares. TD Cowen cut shares of LPL Financial from a "strong-buy" rating to a "hold" rating and reduced their target price for the stock from $406.00 to $403.00 in a research note on Wednesday, July 9th. Barclays raised their price objective on shares of LPL Financial from $460.00 to $463.00 and gave the company an "overweight" rating in a research report on Friday. JMP Securities increased their target price on LPL Financial from $420.00 to $440.00 and gave the stock a "market outperform" rating in a research note on Friday, May 9th. Redburn Atlantic raised LPL Financial from a "neutral" rating to a "buy" rating and raised their price target for the company from $420.00 to $460.00 in a report on Monday, June 9th. Finally, Wall Street Zen lowered LPL Financial from a "buy" rating to a "hold" rating in a report on Saturday, June 14th. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, LPL Financial currently has an average rating of "Moderate Buy" and an average price target of $381.08.

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.