Reinhart Partners LLC. Sells 2,905 Shares of LPL Financial Holdings Inc. $LPLA

Key Points

• Reinhart Partners LLC reduced its stake in LPL Financial Holdings Inc. by 8.9% during the second quarter, now holding 29,716 shares valued at approximately $11.14 million.
• Analysts have mixed views on LPL Financial, with Goldman Sachs initiating coverage with a "buy" rating and a price target of $405.00, while Citigroup downgraded the stock to "sell" with a price objective of $80.00.
• LPL Financial recently reported record earnings, with a quarterly EPS of $4.51 surpassing estimates, contributing to a 30.8% year-over-year revenue increase of $3.84 billion.

Reinhart Partners LLC. lessened its stake in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 8.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,716 shares of the financial services provider's stock after selling 2,905 shares during the period. Reinhart Partners LLC.'s holdings in LPL Financial were worth $11,143,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. DAVENPORT & Co LLC grew its stake in LPL Financial by 8.9% in the 1st quarter. DAVENPORT & Co LLC now owns 1,918 shares of the financial services provider's stock worth $627,000 after buying an additional 156 shares in the last quarter. Merit Financial Group LLC grew its stake in LPL Financial by 195.1% in the 1st quarter. Merit Financial Group LLC now owns 3,341 shares of the financial services provider's stock worth $1,093,000 after buying an additional 2,209 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of LPL Financial by 8.8% in the 1st quarter. JPMorgan Chase & Co. now owns 1,304,780 shares of the financial services provider's stock worth $426,846,000 after acquiring an additional 105,665 shares during the last quarter. Amalgamated Bank lifted its holdings in shares of LPL Financial by 3.8% in the 1st quarter. Amalgamated Bank now owns 5,875 shares of the financial services provider's stock worth $1,922,000 after acquiring an additional 213 shares during the last quarter. Finally, Blue Trust Inc. lifted its holdings in shares of LPL Financial by 2,319.1% in the 1st quarter. Blue Trust Inc. now owns 1,137 shares of the financial services provider's stock worth $372,000 after acquiring an additional 1,090 shares during the last quarter. Hedge funds and other institutional investors own 95.66% of the company's stock.

Insider Activity

In related news, Director Greg Gates sold 1,500 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The shares were 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 of the company's stock, valued at approximately $7,151,836. This trade represents a 7.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Aneri Jambusaria sold 80 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $361.25, for a total transaction of $28,900.00. Following the completion of the transaction, the director directly owned 5,582 shares in the company, valued at approximately $2,016,497.50. The trade was a 1.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,580 shares of company stock worth $1,671,235 in the last 90 days. Company insiders own 1.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on LPLA shares. Citigroup lowered shares of LPL Financial from a "neutral" rating to a "sell" rating and set a $80.00 price objective for the company. in a report on Wednesday, July 9th. TD Cowen lowered shares of LPL Financial from a "strong-buy" rating to a "hold" rating and lowered their price objective for the stock from $406.00 to $403.00 in a report on Wednesday, July 9th. The Goldman Sachs Group initiated coverage on shares of LPL Financial in a report on Friday, September 12th. They issued a "buy" rating and a $405.00 price objective for the company. Rothschild Redb lowered shares of LPL Financial from a "strong-buy" rating to a "hold" rating in a report on Friday. Finally, Wall Street Zen lowered shares of LPL Financial from a "buy" rating to a "hold" rating in a report on Saturday, June 14th. Ten analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $391.54.

LPL Financial Stock Performance

LPLA traded down $3.62 during midday trading on Friday, hitting $335.75. 2,933,132 shares of the company traded hands, compared to its average volume of 826,871. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 1.41. The firm has a market capitalization of $26.86 billion, a PE ratio of 22.97, a price-to-earnings-growth ratio of 0.78 and a beta of 0.66. The company's 50-day moving average is $363.42 and its 200 day moving average is $353.36. LPL Financial Holdings Inc. has a 52 week low of $214.57 and a 52 week high of $403.58.

LPL Financial (NASDAQ:LPLA - Get Free Report) last posted its earnings results on Thursday, July 31st. The financial services provider reported $4.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.21 by $0.30. The business had revenue of $3.84 billion for the quarter, compared to analysts' expectations of $3.77 billion. LPL Financial had a net margin of 7.91% and a return on equity of 39.80%. The business's revenue for the quarter was up 30.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.88 EPS. On average, research analysts expect that LPL Financial Holdings Inc. will post 19.35 EPS for the current year.

LPL Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were paid a dividend of $0.30 per share. The ex-dividend date was Friday, August 15th. This represents a $1.20 annualized dividend and a yield of 0.4%. LPL Financial's dividend payout ratio is currently 8.21%.

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.