Charles Schwab Investment Management Inc. grew its stake in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 5.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 354,001 shares of the financial services provider's stock after buying an additional 18,252 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.45% of LPL Financial worth $115,808,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently made changes to their positions in the company. DAVENPORT & Co LLC grew its stake in shares of 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 purchasing an additional 156 shares during the last quarter. Merit Financial Group LLC grew its stake in shares of 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 purchasing an additional 2,209 shares during the last quarter. Amalgamated Bank grew its stake 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 purchasing an additional 213 shares during the last quarter. Blue Trust Inc. grew its stake 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 purchasing an additional 1,090 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its stake in shares of LPL Financial by 198.3% in the 1st quarter. Nisa Investment Advisors LLC now owns 6,497 shares of the financial services provider's stock worth $2,125,000 after purchasing an additional 4,319 shares during the last quarter. Institutional investors and hedge funds own 95.66% of the company's stock.
LPL Financial Stock Performance
LPLA stock opened at $370.65 on Tuesday. The company has a debt-to-equity ratio of 1.41, a quick ratio of 3.22 and a current ratio of 3.22. The stock has a market cap of $29.65 billion, a P/E ratio of 25.35, a P/E/G ratio of 0.87 and a beta of 0.66. The firm has a 50 day simple moving average of $377.43 and a 200 day simple moving average of $355.88. LPL Financial Holdings Inc. has a 52 week low of $194.36 and a 52 week high of $403.58.
LPL Financial (NASDAQ:LPLA - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The financial services provider reported $4.51 EPS for the quarter, topping the consensus estimate 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 firm's quarterly revenue was up 30.8% compared to the same quarter last year. During the same period last year, the company posted $3.88 earnings per share. Research analysts anticipate that LPL Financial Holdings Inc. will post 19.35 earnings per share for the current fiscal year.
LPL Financial Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be paid a $0.30 dividend. The ex-dividend date is Friday, August 15th. This represents a $1.20 dividend on an annualized basis and a yield of 0.3%. LPL Financial's payout ratio is 8.21%.
Analysts Set New Price Targets
Several brokerages have recently issued reports on LPLA. Barclays lifted their price objective on shares of LPL Financial from $460.00 to $463.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Wells Fargo & Company lifted their target price on shares of LPL Financial from $402.00 to $420.00 and gave the stock an "overweight" rating in a research report on Friday, July 11th. Redburn Atlantic raised shares of LPL Financial from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $420.00 to $460.00 in a research report on Monday, June 9th. JMP Securities lifted their target price on shares of LPL Financial from $420.00 to $440.00 and gave the stock a "market outperform" rating in a research report on Friday, May 9th. Finally, TD Cowen downgraded shares of LPL Financial from a "strong-buy" rating to a "hold" rating and dropped their target price for the stock from $406.00 to $403.00 in a research report on Wednesday, July 9th. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, LPL Financial currently has an average rating of "Moderate Buy" and an average price target of $383.58.
Read Our Latest Stock Report on LPLA
Insider Transactions at LPL Financial
In other LPL Financial news, Director Greg Gates sold 1,500 shares of LPL Financial 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 completion of the sale, the director directly owned 19,120 shares in the company, valued at $7,151,836. The trade was a 7.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.70% of the stock is owned by company insiders.
About LPL Financial
(
Free Report)
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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