Jennison Associates LLC Has $313.85 Million Stock Position in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Jennison Associates LLC lifted its position in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 786.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 959,371 shares of the financial services provider's stock after acquiring an additional 851,115 shares during the quarter. Jennison Associates LLC owned 1.21% of LPL Financial worth $313,849,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of LPLA. Anchor Investment Management LLC lifted its stake in LPL Financial by 0.3% in the fourth quarter. Anchor Investment Management LLC now owns 9,697 shares of the financial services provider's stock valued at $3,166,000 after buying an additional 28 shares during the last quarter. Colonial Trust Co SC boosted its stake in LPL Financial by 6.1% during the fourth quarter. Colonial Trust Co SC now owns 505 shares of the financial services provider's stock valued at $165,000 after buying an additional 29 shares in the last quarter. United Capital Financial Advisors LLC grew its position in LPL Financial by 2.6% in the fourth quarter. United Capital Financial Advisors LLC now owns 1,203 shares of the financial services provider's stock worth $393,000 after buying an additional 31 shares during the last quarter. Tyler Stone Wealth Management raised its holdings in LPL Financial by 3.7% during the 4th quarter. Tyler Stone Wealth Management now owns 1,076 shares of the financial services provider's stock worth $351,000 after buying an additional 38 shares during the period. Finally, Koshinski Asset Management Inc. increased its position in shares of LPL Financial by 4.9% in the first quarter. Koshinski Asset Management Inc. now owns 812 shares of the financial services provider's stock worth $266,000 after acquiring an additional 38 shares in the last quarter. Institutional investors and hedge funds own 95.66% of the company's stock.

Insider Buying and Selling at LPL Financial

In related news, Director Greg Gates sold 1,500 shares of the company's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $382.63, for a total transaction of $573,945.00. Following the transaction, the director owned 20,620 shares in the company, valued at $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 is available at the SEC website. Company insiders own 1.30% of the company's stock.

Wall Street Analysts Forecast Growth

LPLA has been the subject of a number of research analyst reports. Wall Street Zen lowered LPL Financial from a "buy" rating to a "hold" rating in a report on Saturday, June 14th. JMP Securities raised their price objective on LPL Financial from $420.00 to $440.00 and gave the stock a "market outperform" rating in a research report on Friday, May 9th. Wells Fargo & Company increased their price target on shares of LPL Financial from $402.00 to $420.00 and gave the stock an "overweight" rating in a research report on Friday, July 11th. Citigroup cut shares of LPL Financial from a "neutral" rating to a "sell" rating and set a $80.00 price target for the company. in a report on Wednesday, July 9th. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $490.00 price objective (up previously from $450.00) on shares of LPL Financial in a research note on Tuesday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, LPL Financial has a consensus rating of "Moderate Buy" and a consensus target price of $372.15.

LPL Financial Price Performance

NASDAQ:LPLA traded up $14.44 during trading hours on Friday, reaching $393.31. The company had a trading volume of 1,062,477 shares, compared to its average volume of 825,630. The stock has a 50-day moving average of $378.09 and a two-hundred day moving average of $351.39. The company has a quick ratio of 2.31, a current ratio of 2.31 and a debt-to-equity ratio of 1.82. LPL Financial Holdings Inc. has a one year low of $187.19 and a one year high of $404.79. The firm has a market capitalization of $31.46 billion, a PE ratio of 27.22, a PEG ratio of 0.93 and a beta of 0.64.

LPL Financial (NASDAQ:LPLA - Get Free Report) last issued 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. The firm had revenue of $3.67 billion for the quarter, compared to analysts' expectations of $3.63 billion. LPL Financial had a net margin of 8.23% and a return on equity of 46.34%. The company's quarterly revenue was up 4.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.83 earnings per share. Analysts forecast that LPL Financial Holdings Inc. will post 19.35 earnings per share for the current year.

LPL Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 30th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 0.31%. The ex-dividend date was Friday, May 30th. LPL Financial's payout ratio is presently 8.30%.

LPL Financial Company 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.