LPL Financial Holdings Inc. $LPLA Position Reduced by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. cut its position in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 50.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,572 shares of the financial services provider's stock after selling 8,901 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in LPL Financial were worth $3,214,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Summit Securities Group LLC purchased a new stake in LPL Financial during the first quarter valued at about $26,000. Millstone Evans Group LLC lifted its stake in LPL Financial by 123.1% during the first quarter. Millstone Evans Group LLC now owns 87 shares of the financial services provider's stock valued at $28,000 after buying an additional 48 shares in the last quarter. Private Trust Co. NA lifted its stake in LPL Financial by 234.5% during the first quarter. Private Trust Co. NA now owns 97 shares of the financial services provider's stock valued at $32,000 after buying an additional 68 shares in the last quarter. City Holding Co. purchased a new stake in LPL Financial during the first quarter valued at about $34,000. Finally, TCTC Holdings LLC lifted its stake in LPL Financial by 116.7% during the first quarter. TCTC Holdings LLC now owns 104 shares of the financial services provider's stock valued at $34,000 after buying an additional 56 shares in the last quarter. 95.66% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Greg Gates sold 1,500 shares of the stock in a transaction that occurred 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 transaction, the director owned 19,120 shares in the company, valued at approximately $7,151,836. This represents a 7.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Aneri Jambusaria sold 80 shares of the stock in a transaction that occurred 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 transaction, the director owned 5,582 shares in the company, valued at approximately $2,016,497.50. This trade represents a 1.41% decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,080 shares of company stock worth $1,097,290 in the last 90 days. 0.70% of the stock is currently owned by corporate insiders.

LPL Financial Trading Up 1.6%

NASDAQ:LPLA opened at $317.32 on Wednesday. The stock's 50 day moving average price is $351.25 and its 200 day moving average price is $353.65. LPL Financial Holdings Inc. has a 52 week low of $236.59 and a 52 week high of $403.58. The company has a market capitalization of $25.39 billion, a P/E ratio of 21.70, a P/E/G ratio of 0.73 and a beta of 0.61. The company has a debt-to-equity ratio of 1.41, a quick ratio of 3.22 and a current ratio of 3.22.

LPL Financial (NASDAQ:LPLA - Get Free Report) last released its quarterly earnings data 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. LPL Financial had a return on equity of 39.80% and a net margin of 7.91%.The firm had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.77 billion. During the same quarter in the prior year, the company posted $3.88 earnings per share. The firm's revenue was up 30.8% on a year-over-year basis. On average, research analysts forecast that LPL Financial Holdings Inc. will post 19.35 EPS for the current fiscal year.

LPL Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were issued a $0.30 dividend. The ex-dividend date was Friday, August 15th. This represents a $1.20 dividend on an annualized basis and a yield of 0.4%. LPL Financial's dividend payout ratio is currently 8.21%.

Wall Street Analysts Forecast Growth

LPLA has been the subject of a number of analyst reports. The Goldman Sachs Group initiated coverage on shares of LPL Financial in a research note on Friday, September 12th. They set a "buy" rating and a $405.00 price objective for the company. BMO Capital Markets initiated coverage on LPL Financial in a report on Friday, October 3rd. They issued an "outperform" rating and a $365.00 target price on the stock. Rothschild & Co Redburn downgraded LPL Financial from a "buy" rating to a "neutral" rating and set a $390.00 target price on the stock. in a report on Friday, September 19th. TD Cowen downgraded LPL Financial from a "strong-buy" rating to a "hold" rating and dropped their target price for the company from $406.00 to $403.00 in a report on Wednesday, July 9th. Finally, Citigroup downgraded LPL Financial from a "neutral" rating to a "sell" rating and set a $80.00 target price on the stock. in a report on Wednesday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $395.77.

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.

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