Janney Montgomery Scott LLC Sells 981 Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)

Janney Montgomery Scott LLC reduced its stake in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 2.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,417 shares of the financial services provider's stock after selling 981 shares during the period. Janney Montgomery Scott LLC's holdings in LPL Financial were worth $10,932,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC bought a new stake in LPL Financial in the first quarter valued at about $396,000. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH increased its holdings in shares of LPL Financial by 133.7% in the 1st quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 21,325 shares of the financial services provider's stock valued at $6,976,000 after acquiring an additional 12,200 shares during the last quarter. Foster Victor Wealth Advisors LLC raised its position in shares of LPL Financial by 0.4% during the 1st quarter. Foster Victor Wealth Advisors LLC now owns 54,658 shares of the financial services provider's stock valued at $17,022,000 after acquiring an additional 199 shares in the last quarter. Family Wealth Partners LLC lifted its stake in LPL Financial by 3.8% during the first quarter. Family Wealth Partners LLC now owns 111,945 shares of the financial services provider's stock worth $36,622,000 after purchasing an additional 4,084 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in LPL Financial by 7.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 8,017 shares of the financial services provider's stock worth $2,623,000 after purchasing an additional 552 shares during the period. 95.66% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently commented on LPLA. Wall Street Zen lowered shares of LPL Financial from a "buy" rating to a "hold" rating in a report on Saturday, June 14th. Barclays upped their target price on LPL Financial from $400.00 to $450.00 and gave the company an "overweight" rating in a report on Monday, June 9th. Citigroup lowered LPL Financial from a "buy" rating to a "neutral" rating and set a $400.00 price objective for the company. in a research report on Monday, June 9th. Morgan Stanley raised their target price on LPL Financial from $330.00 to $450.00 and gave the company an "overweight" rating in a research note on Wednesday, May 21st. Finally, Redburn Atlantic upgraded shares of LPL Financial from a "neutral" rating to a "buy" rating and upped their price target for the stock from $420.00 to $460.00 in a research report on Monday, June 9th. Two equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $387.69.

LPL Financial Price Performance

NASDAQ:LPLA traded down $5.22 during trading hours on Monday, reaching $374.36. 441,110 shares of the company's stock were exchanged, compared to its average volume of 836,211. The company has a quick ratio of 2.31, a current ratio of 2.31 and a debt-to-equity ratio of 1.82. The company has a market capitalization of $29.94 billion, a P/E ratio of 25.91, a price-to-earnings-growth ratio of 1.04 and a beta of 0.66. LPL Financial Holdings Inc. has a 12 month low of $187.19 and a 12 month high of $390.23. The business's 50-day simple moving average is $357.42 and its two-hundred day simple moving average is $345.67.

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

LPL Financial Announces Dividend

The company also recently disclosed 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. 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%.

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.