LPL Financial Holdings Inc. $LPLA Shares Newly Acquired by Mirae Asset Global Investments Co. Ltd.

Key Points

• Mirae Asset Global Investments opened a new LPL Financial position, buying 11,906 shares worth about $3.64 million in the third quarter. Institutional investors and hedge funds own 95.66% of the company’s stock.
• Analysts give LPL Financial a “Moderate Buy” consensus, with an average price target of $400.60; 14 analysts rate it Buy and three rate it Hold.
• The shares fell 1.8% to $295.51 on Friday. In its latest quarter, LPL beat earnings expectations with EPS of $5.97 versus $5.69 expected, while revenue of $5.34 billion was slightly below forecasts.

Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 11,906 shares of the financial services provider's stock, valued at approximately $3,641,000.

Other institutional investors have also recently made changes to their positions in the company. Versant Capital Management Inc lifted its holdings in LPL Financial by 79.0% during the 2nd quarter. Versant Capital Management Inc now owns 188 shares of the financial services provider's stock worth $53,000 after buying an additional 83 shares in the last quarter. Abound Financial LLC grew its stake in shares of LPL Financial by 9,550.0% in the first quarter. Abound Financial LLC now owns 193 shares of the financial services provider's stock worth $58,000 after acquiring an additional 191 shares in the last quarter. Harbor Investment Advisory LLC acquired a new position in shares of LPL Financial in the second quarter worth $59,000. Whipplewood Advisors LLC increased its position in shares of LPL Financial by 1,260.0% during the first quarter. Whipplewood Advisors LLC now owns 204 shares of the financial services provider's stock worth $61,000 after acquiring an additional 189 shares during the period. Finally, Y.D. More Investments Ltd increased its position in shares of LPL Financial by 250.0% during the first quarter. Y.D. More Investments Ltd now owns 210 shares of the financial services provider's stock worth $63,000 after acquiring an additional 150 shares during the period. Institutional investors and hedge funds own 95.66% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on LPLA. Citizens Jmp reiterated a "market outperform" rating and issued a $500.00 target price on shares of LPL Financial in a report on Monday, October 5th. Truist Financial reduced their price target on LPL Financial from $354.00 to $335.00 and set a "hold" rating on the stock in a research report on Wednesday, October 28th. Morgan Stanley increased their price target on LPL Financial from $387.00 to $393.00 and gave the company an "overweight" rating in a research report on Friday, October 9th. Citigroup reissued a "market outperform" rating on shares of LPL Financial in a research report on Monday, October 5th. Finally, Bank of America reduced their target price on shares of LPL Financial from $557.00 to $554.00 and set a "buy" rating on the stock in a report on Monday, October 5th. Fourteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $400.60.

LPL Financial Stock Down 1.8%

NASDAQ:LPLA traded down $5.38 during trading hours on Friday, hitting $295.51. The company's stock had a trading volume of 851,700 shares, compared to its average volume of 1,129,418. LPL Financial Holdings Inc. has a 52-week low of $260.15 and a 52-week high of $400.16. The company has a current ratio of 2.62, a quick ratio of 2.62 and a debt-to-equity ratio of 1.34. The stock has a market capitalization of $23.01 billion, a P/E ratio of 16.95, a price-to-earnings-growth ratio of 0.57 and a beta of 0.55. The stock has a fifty day moving average of $324.16 and a 200-day moving average of $321.25.

LPL Financial (NASDAQ:LPLA - Get Free Report) last released its quarterly earnings data on Tuesday, October 27th. The financial services provider reported $5.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.69 by $0.28. LPL Financial had a return on equity of 32.05% and a net margin of 6.83%. The business had revenue of $5.34 billion during the quarter, compared to analysts' expectations of $5.35 billion. During the same period in the prior year, the firm posted $5.20 EPS. The business's quarterly revenue was up 17.4% compared to the same quarter last year. On average, equities analysts forecast that LPL Financial Holdings Inc. will post 23.45 earnings per share for the current year.

LPL Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 30th. Investors of record on Thursday, November 12th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend is Thursday, November 12th. LPL Financial's dividend payout ratio is 6.88%.

Insider Activity at LPL Financial

In other news, insider Katharine Reeping sold 440 shares of the business's stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $347.88, for a total value of $153,067.20. Following the completion of the sale, the insider directly owned 1,774 shares of the company's stock, valued at approximately $617,139.12. The trade was a 19.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Aneri Jambusaria sold 308 shares of the company's stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $357.36, for a total value of $110,066.88. Following the completion of the sale, the director directly owned 6,107 shares of the company's stock, valued at approximately $2,182,397.52. This trade represents a 4.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 4,867 shares of company stock valued at $1,726,944 in the last ninety days. Insiders own 0.60% of the company's stock.

LPL Financial Company Profile

LPL Financial Holdings Inc provides brokerage and investment advisory services through a network of independent financial professionals. The company supports financial advisors, registered investment advisers, banks and credit unions with services designed to help them serve individual and institutional clients.

Its offerings include investment and retirement planning platforms, brokerage and advisory account services, custody, financial technology, research, compliance support and practice-management resources.

Want to see what other hedge funds are holding LPLA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.