Legal & General Group Plc purchased a new position in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 283,459 shares of the financial services provider's stock, valued at approximately $79,845,000. Legal & General Group Plc owned 0.36% of LPL Financial as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Osterweis Capital Management Inc. purchased a new stake in shares of LPL Financial in the 2nd quarter valued at about $26,000. Clearstead Advisors LLC grew its holdings in shares of LPL Financial by 3,650.0% during the fourth quarter. Clearstead Advisors LLC now owns 75 shares of the financial services provider's stock worth $27,000 after purchasing an additional 73 shares in the last quarter. Core Wealth Advisors LLC purchased a new position in shares of LPL Financial during the fourth quarter worth about $36,000. Physician Wealth Advisors Inc. increased its position in shares of LPL Financial by 580.0% in the first quarter. Physician Wealth Advisors Inc. now owns 136 shares of the financial services provider's stock worth $41,000 after purchasing an additional 116 shares during the last quarter. Finally, Pinpoint Asset Management Singapore Pte. Ltd. bought a new position in shares of LPL Financial in the fourth quarter worth approximately $50,000. Hedge funds and other institutional investors own 95.66% of the company's stock.
Insider Activity at LPL Financial
In related news, Director Matthew Enyedi sold 1,000 shares of LPL Financial stock in a transaction on Friday, July 31st. The shares were sold at an average price of $352.72, for a total value of $352,720.00. Following the transaction, the director owned 13,121 shares in the company, valued at $4,628,039.12. This trade represents a 7.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Greg Gates sold 4,119 shares of the business's stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $355.38, for a total transaction of $1,463,810.22. Following the completion of the sale, the director directly owned 23,602 shares of the company's stock, valued at $8,387,678.76. This represents a 14.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 5,427 shares of company stock valued at $1,910,778. Insiders own 0.60% of the company's stock.
LPL Financial Stock Performance
NASDAQ:LPLA opened at $361.22 on Friday. The company has a market capitalization of $28.44 billion, a price-to-earnings ratio of 28.81, a PEG ratio of 0.61 and a beta of 0.48. The business has a 50 day moving average of $331.59 and a 200 day moving average of $314.83. The company has a debt-to-equity ratio of 1.30, a current ratio of 2.39 and a quick ratio of 2.39. LPL Financial Holdings Inc. has a 1-year low of $260.15 and a 1-year high of $400.16.
LPL Financial (NASDAQ:LPLA - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The financial services provider reported $5.84 EPS for the quarter, beating analysts' consensus estimates of $5.39 by $0.45. The business had revenue of $5.19 billion for the quarter, compared to analysts' expectations of $5.04 billion. LPL Financial had a net margin of 5.13% and a return on equity of 32.20%. The business's quarterly revenue was up 35.2% on a year-over-year basis. During the same period last year, the business earned $4.51 earnings per share. On average, sell-side analysts predict that LPL Financial Holdings Inc. will post 24.09 earnings per share for the current fiscal year.
LPL Financial Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.20 annualized dividend and a dividend yield of 0.3%. LPL Financial's dividend payout ratio (DPR) is currently 9.57%.
Analyst Ratings Changes
Several equities research analysts have issued reports on LPLA shares. BMO Capital Markets lifted their target price on shares of LPL Financial from $300.00 to $390.00 and gave the company an "outperform" rating in a research report on Monday, August 3rd. William Blair reissued an "outperform" rating on shares of LPL Financial in a report on Thursday, June 4th. TD Cowen raised their price objective on shares of LPL Financial from $330.00 to $372.00 and gave the company a "hold" rating in a research report on Friday, July 31st. UBS Group lowered their price objective on shares of LPL Financial from $395.00 to $391.00 and set a "buy" rating on the stock in a research report on Wednesday, July 8th. Finally, Wolfe Research reaffirmed an "outperform" rating and set a $454.00 price objective on shares of LPL Financial in a report on Wednesday, August 12th. Twelve investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $406.69.
Read Our Latest Stock Analysis on LPL Financial
About LPL Financial
(
Free Report)
LPL Financial NASDAQ: LPLA is a U.S.-focused financial services firm that provides brokerage, custodial and advisory platforms to independent financial advisors, registered investment advisers and institutions. Operating primarily as an independent broker-dealer and custodian, the company supports a network of advisors with the operational, compliance and clearing infrastructure needed to manage client accounts and deliver investment advice outside of traditional wirehouse models.
The firm's product and service offerings include trade execution and clearing, custody services, retirement plan services, model portfolio and advisory platforms, wealth management technology, investment research and product access across equities, fixed income, mutual funds, exchange-traded funds and insurance and annuity solutions.
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