The Manufacturers Life Insurance Company Has $77.20 Million Stake in LPL Financial Holdings Inc. $LPLA

Key Points

• The Manufacturers Life Insurance Company reduced its stake in LPL Financial by 4.7% during the first quarter, now owning 235,994 shares valued at approximately $77 million.
• Institutional investors currently own 95.66% of LPL Financial, indicating strong confidence in the company's prospects.
• LPL Financial reported earnings of $4.51 per share for the last quarter, exceeding analysts' expectations, and is projected to have a current fiscal year EPS of 19.35.

The Manufacturers Life Insurance Company lowered its stake in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 4.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 235,994 shares of the financial services provider's stock after selling 11,620 shares during the period. The Manufacturers Life Insurance Company owned 0.30% of LPL Financial worth $77,203,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in LPL Financial by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 7,372,857 shares of the financial services provider's stock valued at $2,411,956,000 after acquiring an additional 154,200 shares during the period. Janus Henderson Group PLC lifted its holdings in LPL Financial by 20.6% in the fourth quarter. Janus Henderson Group PLC now owns 3,050,529 shares of the financial services provider's stock valued at $996,032,000 after acquiring an additional 522,032 shares during the period. Kayne Anderson Rudnick Investment Management LLC boosted its position in LPL Financial by 0.8% in the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,681,617 shares of the financial services provider's stock worth $877,264,000 after purchasing an additional 20,881 shares in the last quarter. Dodge & Cox boosted its position in LPL Financial by 224.1% in the 1st quarter. Dodge & Cox now owns 1,523,460 shares of the financial services provider's stock worth $498,385,000 after purchasing an additional 1,053,351 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in LPL Financial by 35.9% during the first quarter. Massachusetts Financial Services Co. MA now owns 1,516,060 shares of the financial services provider's stock valued at $495,964,000 after buying an additional 400,352 shares during the period. 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 firm's 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 sale, 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Aneri Jambusaria sold 80 shares of the firm's stock in a transaction 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 completion of the sale, the director owned 5,582 shares in the company, valued at $2,016,497.50. The trade was a 1.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,080 shares of company stock valued at $1,163,920. 1.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

LPLA has been the topic of a number of recent analyst reports. Morgan Stanley reissued an "overweight" rating and issued a $490.00 price objective (up from $450.00) on shares of LPL Financial in a report on Tuesday, July 15th. Wells Fargo & Company boosted their price target on shares of LPL Financial from $402.00 to $420.00 and gave the stock an "overweight" rating in a report on Friday, July 11th. Redburn Atlantic raised shares of LPL Financial from a "neutral" rating to a "buy" rating and increased their price objective for the company from $420.00 to $460.00 in a report on Monday, June 9th. TD Cowen cut shares of LPL Financial from a "strong-buy" rating to a "hold" rating and cut their target price for the stock from $406.00 to $403.00 in a research note on Wednesday, July 9th. Finally, Citigroup cut LPL Financial from a "neutral" rating to a "sell" rating and set a $80.00 price objective on the stock. in a report on Wednesday, July 9th. Ten research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $383.33.

LPL Financial Price Performance

Shares of LPLA traded down $18.84 on Friday, reaching $341.20. The stock had a trading volume of 473,986 shares, compared to its average volume of 800,609. LPL Financial Holdings Inc. has a twelve month low of $204.41 and a twelve month high of $403.58. The firm has a market capitalization of $27.30 billion, a PE ratio of 23.36, a PEG ratio of 0.83 and a beta of 0.66. The firm has a 50-day moving average of $371.77 and a 200 day moving average of $355.37. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 1.41.

LPL Financial (NASDAQ:LPLA - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The financial services provider reported $4.51 earnings per share for the quarter, topping analysts' consensus estimates of $4.21 by $0.30. The business had revenue of $3.84 billion during 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 company's revenue was up 30.8% on a year-over-year basis. During the same period last year, the company posted $3.88 EPS. Sell-side analysts expect that LPL Financial Holdings Inc. will post 19.35 EPS for the current year.

LPL Financial Announces Dividend

The business also recently disclosed 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. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Friday, August 15th. LPL Financial's payout ratio is currently 8.21%.

LPL Financial Profile

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.