Iridian Asset Management LLC CT Has $6.84 Million Stock Position in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Iridian Asset Management LLC CT decreased its position in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 27.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 20,901 shares of the financial services provider's stock after selling 8,001 shares during the quarter. LPL Financial accounts for approximately 2.1% of Iridian Asset Management LLC CT's holdings, making the stock its 15th biggest holding. Iridian Asset Management LLC CT's holdings in LPL Financial were worth $6,838,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Bank of Montreal Can boosted its stake in shares of LPL Financial by 46.9% in the 4th quarter. Bank of Montreal Can now owns 59,910 shares of the financial services provider's stock valued at $19,561,000 after purchasing an additional 19,126 shares during the last quarter. DAVENPORT & Co LLC increased 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 valued at $627,000 after acquiring an additional 156 shares during the last quarter. Merit Financial Group LLC raised its position 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 acquiring an additional 2,209 shares during the period. Amalgamated Bank boosted its stake in LPL Financial by 3.8% during 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. increased its stake in LPL Financial by 2,319.1% in the first 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. 95.66% of the stock is owned by institutional investors and hedge funds.

LPL Financial Stock Down 0.7%

LPLA traded down $2.70 on Wednesday, hitting $380.90. 685,485 shares of the company were exchanged, compared to its average volume of 852,871. The stock's fifty day moving average is $372.62 and its 200-day moving average is $349.25. LPL Financial Holdings Inc. has a 12 month low of $187.19 and a 12 month high of $390.23. The company has a debt-to-equity ratio of 1.82, a quick ratio of 2.31 and a current ratio of 2.31. The company has a market cap of $30.46 billion, a PE ratio of 26.36, a PEG ratio of 1.05 and a beta of 0.64.

LPL Financial (NASDAQ:LPLA - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The financial services provider reported $5.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.54 by $0.61. LPL Financial had a return on equity of 46.34% and a net margin of 8.23%. The company had revenue of $3.67 billion for the quarter, compared to analysts' expectations of $3.63 billion. During the same quarter in the prior year, the business posted $3.83 EPS. The business's revenue was up 4.5% compared to the same quarter last year. Equities research analysts predict that LPL Financial Holdings Inc. will post 19.35 EPS for the current fiscal year.

LPL Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 30th were paid a dividend of $0.30 per share. The ex-dividend date was Friday, May 30th. This represents a $1.20 annualized dividend and a dividend yield of 0.32%. LPL Financial's dividend payout ratio is presently 8.30%.

Insider Buying and Selling at LPL Financial

In related news, Director Greg Gates sold 1,500 shares of the firm's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $382.63, for a total value of $573,945.00. Following the completion of the sale, the director directly owned 20,620 shares in the company, valued at approximately $7,889,830.60. This trade represents a 6.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on LPLA shares. TD Cowen reissued a "hold" rating and issued a $403.00 price target (down previously from $406.00) on shares of LPL Financial in a report on Wednesday. JMP Securities increased their price target on LPL Financial from $420.00 to $440.00 and gave the stock a "market outperform" rating in a report on Friday, May 9th. Wall Street Zen cut LPL Financial from a "buy" rating to a "hold" rating in a report on Saturday, June 14th. Redburn Atlantic raised LPL Financial from a "neutral" rating to a "buy" rating and increased their target price for the stock from $420.00 to $460.00 in a research note on Monday, June 9th. Finally, Citigroup downgraded shares of LPL Financial from a "neutral" rating to a "sell" rating and set a $80.00 target price on the stock. in a report on Wednesday. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $362.31.

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.