LPL Financial Holdings Inc. $LPLA Shares Sold by Jennison Associates LLC

Key Points

• Jennison Associates LLC slashed its LPL stake by 89.9%, selling 993,283 shares in Q4 and retaining 111,667 shares (~0.14% of the company), even as other large institutions dramatically increased positions and overall institutional ownership sits around 95.66%.
• Insiders have been net sellers recently — including Director Marc Eliot Cohen and CFO Matthew Audette — with 8,569 shares sold in the last three months valued at about $2.72 million; corporate insiders now own roughly 0.60% of the stock.
• LPL reported mixed Q1 results: EPS beat ($5.60 vs. $5.49) and advisory assets jumped ~42% YoY, and the firm resumed share repurchases (~$125M planned) and declared a $0.30 quarterly dividend, but recruited assets plunged ~55% YoY and management trimmed certain run-rate expectations, prompting a mixed market reaction.

Jennison Associates LLC lowered its holdings in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 89.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 111,667 shares of the financial services provider's stock after selling 993,283 shares during the period. Jennison Associates LLC owned 0.14% of LPL Financial worth $39,884,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of LPLA. Capital World Investors boosted its stake in LPL Financial by 15,960.1% during the 3rd quarter. Capital World Investors now owns 2,628,551 shares of the financial services provider's stock worth $874,493,000 after purchasing an additional 2,612,184 shares during the period. M&T Bank Corp boosted its stake in LPL Financial by 27,955.5% during the 4th quarter. M&T Bank Corp now owns 1,141,019 shares of the financial services provider's stock worth $407,538,000 after purchasing an additional 1,136,952 shares during the period. Massachusetts Financial Services Co. MA raised its stake in LPL Financial by 32.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,242,353 shares of the financial services provider's stock valued at $1,078,698,000 after acquiring an additional 800,171 shares during the last quarter. Dodge & Cox raised its stake in LPL Financial by 23.2% during the 3rd quarter. Dodge & Cox now owns 3,329,255 shares of the financial services provider's stock valued at $1,107,610,000 after acquiring an additional 627,546 shares during the last quarter. Finally, Lone Pine Capital LLC lifted its position in LPL Financial by 20.5% during the 3rd quarter. Lone Pine Capital LLC now owns 2,255,714 shares of the financial services provider's stock worth $750,453,000 after acquiring an additional 383,466 shares during the period. Institutional investors and hedge funds own 95.66% of the company's stock.

Insider Transactions at LPL Financial

In other news, Director Marc Eliot Cohen sold 2,212 shares of the stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $308.75, for a total transaction of $682,955.00. Following the completion of the transaction, the director directly owned 5,488 shares of the company's stock, valued at approximately $1,694,420. This represents a 28.73% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Matthew J. Audette sold 1,581 shares of the firm's stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $320.50, for a total value of $506,710.50. Following the completion of the transaction, the chief financial officer directly owned 21,382 shares of the company's stock, valued at $6,852,931. The trade was a 6.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 8,569 shares of company stock valued at $2,720,733. Corporate insiders own 0.60% of the company's stock.

Analysts Set New Price Targets

Several research analysts have weighed in on LPLA shares. JPMorgan Chase & Co. lowered their target price on LPL Financial from $396.00 to $390.00 and set an "overweight" rating on the stock in a research note on Friday. Keefe, Bruyette & Woods initiated coverage on LPL Financial in a report on Wednesday, April 8th. They issued an "outperform" rating and a $350.00 target price on the stock. UBS Group boosted their target price on LPL Financial from $380.00 to $395.00 and gave the company a "buy" rating in a report on Friday. Weiss Ratings reissued a "hold (c)" rating on shares of LPL Financial in a report on Monday. Finally, Jefferies Financial Group dropped their target price on LPL Financial from $464.00 to $383.00 and set a "buy" rating on the stock in a report on Monday, April 6th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, LPL Financial has a consensus rating of "Moderate Buy" and an average price target of $398.86.

More LPL Financial News

Here are the key news stories impacting LPL Financial this week:

• Positive Sentiment: Q1 beat on the top and bottom line — adjusted EPS of $5.60 and revenue of $4.94B, above consensus; gross profit and adjusted pre-tax income rose year-over-year, supporting profitability. LPL Financial Announces First-Quarter 2026 Results
• Positive Sentiment: Advisory assets and total client assets expanded materially (advisory assets +42% YoY; total client assets $2.3T), increasing recurring-fee exposure and long-term revenue mix. LPLA Q1 Earnings Beat — Zacks
• Positive Sentiment: Capital returns and shareholder-friendly actions: company resumed share repurchases (~$125M planned for Q2) and declared a quarterly dividend ($0.30/share), which can support valuation. LPL Q1 Slide Deck / Press Release
• Neutral Sentiment: JPMorgan slightly trimmed its price target (from $396 to $390) but kept an Overweight rating, signaling continued analyst conviction despite trimming assumptions. Benzinga — JPMorgan Price Target
• Neutral Sentiment: Full earnings call/transcript and analyst notes are available for deeper read-through of assumptions and guidance changes. Earnings Call Transcript — Seeking Alpha
• Negative Sentiment: Recruited assets plunged (~$17B; down ~55% YoY), and organic net new assets were modest ($21B), raising concerns about forward growth momentum for AUM-driven fees. This softness is a key driver of the intra-day decline. Quiver Quant — Asset Metrics & Price Reaction
• Negative Sentiment: Management lowered the estimated Commonwealth run‑rate EBITDA (to ~$410M from $425M) and flagged higher Core G&A, which tempers margin upside and near-term cash flow expectations. LPL Financial Q1 Release — GlobeNewswire
• Negative Sentiment: Market reaction is amplified by visible insider selling activity reported in recent months (multiple insiders selling, few purchases), which can add to near-term selling pressure. Quiver Quant — Insider & Institutional Activity

LPL Financial Stock Performance

Shares of LPLA stock opened at $318.63 on Friday. The company has a market cap of $25.55 billion, a price-to-earnings ratio of 28.94, a price-to-earnings-growth ratio of 0.91 and a beta of 0.57. The stock has a 50 day simple moving average of $308.70 and a 200-day simple moving average of $342.49. LPL Financial Holdings Inc. has a 12-month low of $281.51 and a 12-month high of $403.58. The company has a current ratio of 2.45, a quick ratio of 2.45 and a debt-to-equity ratio of 1.36.

LPL Financial (NASDAQ:LPLA - Get Free Report) last issued its earnings results on Thursday, April 30th. The financial services provider reported $5.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.49 by $0.11. The business had revenue of $4.94 billion during the quarter, compared to the consensus estimate of $4.98 billion. LPL Financial had a return on equity of 32.06% and a net margin of 4.93%.The company's revenue for the quarter was up 34.6% on a year-over-year basis. During the same period in the prior year, the business posted $5.15 EPS. On average, equities analysts forecast that LPL Financial Holdings Inc. will post 23 EPS for the current year.

LPL Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 4th. Stockholders of record on Thursday, May 21st will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Thursday, May 21st. LPL Financial's dividend payout ratio is 10.90%.

LPL Financial Profile

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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