AGF Management Ltd. Buys 2,388 Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)

Key Points

• AGF Management Ltd. increased its stake in LPL Financial Holdings Inc. by 0.5%, owning approximately $143 million worth of shares as of its latest SEC filing.
• LPL Financial reported $4.51 EPS, exceeding analysts' expectations, with a 30.8% year-over-year revenue growth at $3.84 billion.
• The company declared a quarterly dividend of $0.30, with the ex-dividend date set for August 15th, representing a 0.3% yield.

AGF Management Ltd. raised its position in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 0.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 437,444 shares of the financial services provider's stock after purchasing an additional 2,388 shares during the period. AGF Management Ltd. owned approximately 0.55% of LPL Financial worth $143,105,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in LPLA. Principal Financial Group Inc. increased its holdings in shares of LPL Financial by 1,453.3% during the first quarter. Principal Financial Group Inc. now owns 1,038,683 shares of the financial services provider's stock worth $339,795,000 after buying an additional 971,814 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of LPL Financial by 786.2% during the first quarter. Jennison Associates LLC now owns 959,371 shares of the financial services provider's stock worth $313,849,000 after buying an additional 851,115 shares in the last quarter. Egerton Capital UK LLP increased its holdings in shares of LPL Financial by 238.1% during the first quarter. Egerton Capital UK LLP now owns 871,265 shares of the financial services provider's stock worth $285,026,000 after buying an additional 613,555 shares in the last quarter. Janus Henderson Group PLC grew its stake in shares of 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 worth $996,032,000 after purchasing an additional 522,032 shares during the last quarter. Finally, Balyasny Asset Management L.P. bought a new stake in shares of LPL Financial in the fourth quarter worth $153,946,000. 95.66% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other LPL Financial news, Director Greg Gates sold 1,500 shares of the stock in a transaction dated 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 owned 19,120 shares in the company, valued at approximately $7,151,836. This trade represents a 7.27% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.30% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. JMP Securities boosted their price objective on shares of LPL Financial from $420.00 to $440.00 and gave the stock a "market outperform" rating in a research note on Friday, May 9th. Redburn Atlantic raised shares of LPL Financial from a "neutral" rating to a "buy" rating and upped their price target for the company from $420.00 to $460.00 in a research report on Monday, June 9th. TD Cowen cut shares of LPL Financial from a "strong-buy" rating to a "hold" rating and cut their price target for the company from $406.00 to $403.00 in a research report on Wednesday, July 9th. Citigroup lowered shares of 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. Finally, Wells Fargo & Company upped their price objective on shares of LPL Financial from $402.00 to $420.00 and gave the company an "overweight" rating in a report on Friday, July 11th. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $383.58.

LPL Financial Stock Up 0.0%

Shares of LPLA traded up $0.16 on Thursday, reaching $355.96. The company's stock had a trading volume of 1,027,579 shares, compared to its average volume of 821,957. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 1.41. The stock has a market capitalization of $28.48 billion, a PE ratio of 24.35, a PEG ratio of 0.88 and a beta of 0.66. LPL Financial Holdings Inc. has a twelve month low of $204.41 and a twelve month high of $403.58. The firm has a fifty day moving average of $376.77 and a 200-day moving average of $356.00.

LPL Financial (NASDAQ:LPLA - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The financial services provider reported $4.51 EPS for the quarter, beating the consensus estimate of $4.21 by $0.30. The firm had revenue of $3.84 billion during the quarter, compared to analyst estimates 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 for the quarter was up 30.8% on a year-over-year basis. During the same quarter last year, the business posted $3.88 EPS. Equities analysts predict that LPL Financial Holdings Inc. will post 19.35 EPS for the current year.

LPL Financial Dividend Announcement

The company also recently disclosed 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 annualized dividend and a yield of 0.3%. LPL Financial's dividend payout ratio (DPR) is 8.21%.

LPL Financial Company 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.