Legacy Capital Group California Inc. acquired a new position in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm acquired 2,539 shares of the financial services provider's stock, valued at approximately $831,000.
Other large investors have also recently made changes to their positions in the company. National Bank of Canada FI lifted its stake in shares of LPL Financial by 300.5% in the 4th quarter. National Bank of Canada FI now owns 1,462 shares of the financial services provider's stock valued at $477,000 after purchasing an additional 1,097 shares during the period. Resona Asset Management Co. Ltd. purchased a new position in shares of LPL Financial in the 4th quarter valued at approximately $7,360,000. Envestnet Asset Management Inc. lifted its stake in shares of LPL Financial by 5.4% in the 4th quarter. Envestnet Asset Management Inc. now owns 333,924 shares of the financial services provider's stock valued at $109,030,000 after purchasing an additional 17,254 shares during the period. Cerity Partners LLC lifted its stake in shares of LPL Financial by 7.3% in the 4th quarter. Cerity Partners LLC now owns 11,848 shares of the financial services provider's stock valued at $3,868,000 after purchasing an additional 802 shares during the period. Finally, Bank of Montreal Can lifted its stake in shares of LPL Financial by 46.9% in the 4th quarter. Bank of Montreal Can now owns 59,910 shares of the financial services provider's stock valued at $19,561,000 after purchasing an additional 19,126 shares during the period. 95.66% of the stock is currently owned by institutional investors.
LPL Financial Stock Performance
LPL Financial stock traded up $0.99 during mid-day trading on Friday, reaching $369.84. 528,160 shares of the stock traded hands, compared to its average volume of 920,436. The stock has a market capitalization of $29.59 billion, a PE ratio of 25.30, a price-to-earnings-growth ratio of 0.87 and a beta of 0.66. The company has a debt-to-equity ratio of 1.41, a current ratio of 3.22 and a quick ratio of 2.31. LPL Financial Holdings Inc. has a 12-month low of $193.22 and a 12-month high of $403.58. The business's 50-day moving average is $377.68 and its 200-day moving average is $355.83.
LPL Financial (NASDAQ:LPLA - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The financial services provider reported $4.51 EPS for the quarter, topping analysts' consensus estimates of $4.21 by $0.30. The business had revenue of $3.84 billion during the quarter, compared to analysts' expectations of $3.77 billion. LPL Financial had a return on equity of 39.80% and a net margin of 7.91%. The business's quarterly revenue was up 30.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.88 earnings per share. As a group, sell-side analysts predict that LPL Financial Holdings Inc. will post 19.35 EPS for the current fiscal year.
LPL Financial Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be given a $0.30 dividend. The ex-dividend date is Friday, August 15th. This represents a $1.20 dividend on an annualized basis and a yield of 0.3%. LPL Financial's dividend payout ratio is presently 8.21%.
Wall Street Analyst Weigh In
Several research firms have recently weighed in on LPLA. TD Cowen cut LPL Financial from a "strong-buy" rating to a "hold" rating and decreased their price target for the stock from $406.00 to $403.00 in a research note on Wednesday, July 9th. Redburn Atlantic upgraded LPL Financial from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $420.00 to $460.00 in a research note on Monday, June 9th. Wall Street Zen cut LPL Financial from a "buy" rating to a "hold" rating in a research note on Saturday, June 14th. Wells Fargo & Company boosted their price target on LPL Financial from $402.00 to $420.00 and gave the stock an "overweight" rating in a research note on Friday, July 11th. Finally, Barclays boosted their price target on LPL Financial from $460.00 to $463.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $383.58.
Read Our Latest Stock Analysis on LPL Financial
Insider Buying and Selling
In other LPL Financial news, Director Greg Gates sold 1,500 shares of the company's stock in a transaction dated 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 sale, the director owned 19,120 shares in the company, valued at $7,151,836. This represents a 7.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 1.30% of the stock is currently owned by insiders.
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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