Jump Financial LLC purchased a new position in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 1,009 shares of the financial services provider's stock, valued at approximately $330,000.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. SVB Wealth LLC purchased a new position in shares of LPL Financial during the first quarter worth about $90,000. APG Asset Management N.V. grew its holdings in shares of LPL Financial by 478.1% during the first quarter. APG Asset Management N.V. now owns 257,260 shares of the financial services provider's stock worth $77,912,000 after buying an additional 212,760 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of LPL Financial by 3,385.4% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 87,693 shares of the financial services provider's stock worth $28,688,000 after buying an additional 85,177 shares during the last quarter. Groupe la Francaise purchased a new position in shares of LPL Financial during the first quarter worth about $125,000. Finally, Allstate Corp boosted its holdings in LPL Financial by 61.6% in the 1st quarter. Allstate Corp now owns 3,561 shares of the financial services provider's stock valued at $1,165,000 after purchasing an additional 1,357 shares in the last quarter. Hedge funds and other institutional investors own 95.66% of the company's stock.
LPL Financial Price Performance
Shares of NASDAQ:LPLA traded down $27.05 during trading on Friday, hitting $332.99. 1,643,770 shares of the stock were exchanged, compared to its average volume of 678,326. The company has a fifty day moving average price of $371.13 and a two-hundred day moving average price of $354.68. The company has a market cap of $26.64 billion, a PE ratio of 22.78, a P/E/G ratio of 0.78 and a beta of 0.66. 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 $204.41 and a 12-month high of $403.58.
LPL Financial (NASDAQ:LPLA - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The financial services provider reported $4.51 EPS for the quarter, topping 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 business had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.77 billion. During the same quarter in the previous year, the company earned $3.88 EPS. The company's quarterly revenue was up 30.8% on a year-over-year basis. On average, analysts forecast that LPL Financial Holdings Inc. will post 19.35 EPS for the current year.
LPL Financial Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Friday, August 15th. LPL Financial's payout ratio is currently 8.21%.
Wall Street Analysts Forecast Growth
A number of equities research analysts have weighed in on the company. Morgan Stanley reaffirmed an "overweight" rating and issued a $490.00 price objective (up previously from $450.00) on shares of LPL Financial in a report on Tuesday, July 15th. TD Cowen lowered LPL Financial from a "strong-buy" rating to a "hold" rating and lowered their price objective for the company from $406.00 to $403.00 in a report on Wednesday, July 9th. Keefe, Bruyette & Woods lifted their price objective on LPL Financial from $425.00 to $435.00 and gave the company an "outperform" rating in a report on Monday, August 4th. Citigroup lowered LPL Financial from a "neutral" rating to a "sell" rating and set a $80.00 price objective on the stock. in a report on Wednesday, July 9th. Finally, Wall Street Zen lowered LPL Financial from a "buy" rating to a "hold" rating in a report on Saturday, June 14th. Ten analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $383.33.
View Our Latest Stock Report on LPLA
Insider Activity at LPL Financial
In other LPL Financial news, Director Greg Gates sold 1,500 shares of the business's stock in a transaction 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 completion of the transaction, the director directly owned 19,120 shares in the company, valued at approximately $7,151,836. The trade was a 7.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Aneri Jambusaria sold 80 shares of the business's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $361.25, for a total value of $28,900.00. Following the completion of the transaction, the director owned 5,582 shares of the company's stock, valued at $2,016,497.50. This trade represents a 1.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,080 shares of company stock valued at $1,163,920 over the last 90 days. Insiders own 0.70% of the company's stock.
LPL Financial Company Profile
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Free Report)
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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