Brandywine Global Investment Management LLC lowered its holdings in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 5.3% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 36,515 shares of the financial services provider's stock after selling 2,053 shares during the quarter. Brandywine Global Investment Management LLC's holdings in LPL Financial were worth $11,946,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. DAVENPORT & Co LLC raised its holdings 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 valued at $627,000 after purchasing an additional 156 shares in the last quarter. Merit Financial Group LLC raised its holdings 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 valued at $1,093,000 after purchasing an additional 2,209 shares in the last quarter. JPMorgan Chase & Co. raised 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 valued at $426,846,000 after purchasing an additional 105,665 shares in the last quarter. Amalgamated Bank raised 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 valued at $1,922,000 after purchasing an additional 213 shares in the last quarter. Finally, Blue Trust Inc. raised 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 valued at $372,000 after purchasing an additional 1,090 shares in the last quarter. Institutional investors own 95.66% of the company's stock.
LPL Financial Stock Performance
NASDAQ:LPLA traded up $4.02 during trading hours on Wednesday, hitting $355.30. 595,240 shares of the company were exchanged, compared to its average volume of 814,798. The stock has a market capitalization of $28.43 billion, a price-to-earnings ratio of 24.30, a PEG ratio of 0.83 and a beta of 0.66. LPL Financial Holdings Inc. has a 52-week low of $204.41 and a 52-week high of $403.58. The company has a debt-to-equity ratio of 1.41, a current ratio of 3.22 and a quick ratio of 3.22. The company's 50 day moving average price is $374.46 and its 200-day moving average price is $355.78.
LPL Financial (NASDAQ:LPLA - Get Free Report) last released its earnings results on Thursday, July 31st. The financial services provider reported $4.51 earnings per share for the quarter, topping the consensus estimate of $4.21 by $0.30. The company had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.77 billion. LPL Financial had a net margin of 7.91% and a return on equity of 39.80%. LPL Financial's revenue was up 30.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.88 EPS. As a group, research analysts forecast that LPL Financial Holdings Inc. will post 19.35 earnings per share for the current year.
LPL Financial Dividend Announcement
The firm 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 dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 0.3%. The ex-dividend date is Friday, August 15th. LPL Financial's payout ratio is presently 8.21%.
Insider Buying and Selling
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 transaction of $561,075.00. Following the completion of the sale, the director directly owned 19,120 shares in the company, valued at approximately $7,151,836. The trade was a 7.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 1.30% of the company's stock.
Wall Street Analysts Forecast Growth
A number of research analysts have recently issued reports on the stock. 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 report on Friday, August 1st. Morgan Stanley reaffirmed an "overweight" rating and issued a $490.00 price objective (up previously from $450.00) on shares of LPL Financial in a research report on Tuesday, July 15th. Citigroup downgraded shares of LPL Financial from a "neutral" rating to a "sell" rating and set a $80.00 price objective on the stock. in a research report on Wednesday, July 9th. TD Cowen downgraded shares of LPL Financial from a "strong-buy" rating to a "hold" rating and cut their price objective for the stock from $406.00 to $403.00 in a research report on Wednesday, July 9th. Finally, Wall Street Zen downgraded shares of LPL Financial from a "buy" rating to a "hold" rating in a research report on Saturday, June 14th. Ten investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, LPL Financial presently has a consensus rating of "Moderate Buy" and a consensus target price of $383.58.
Read Our Latest Analysis on LPL Financial
LPL Financial Company Profile
(
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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