Mackenzie Financial Corp Purchases 794 Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)

Key Points

• Mackenzie Financial Corp increased its stake in LPL Financial Holdings Inc. by 21.8%, purchasing an additional 794 shares during the first quarter, bringing their total holdings to 4,433 shares valued at approximately $1,450,000.
• Recent analyst reports have shown mixed ratings for LPL Financial, with price targets ranging from $403 to $460, and a consensus rating of "Moderate Buy."
• The company recently declared a quarterly dividend of $0.30 per share, representing an annualized dividend yield of 0.3%, with a payout ratio of 8.21%.

Mackenzie Financial Corp grew its position in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 21.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,433 shares of the financial services provider's stock after purchasing an additional 794 shares during the quarter. Mackenzie Financial Corp's holdings in LPL Financial were worth $1,450,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Anchor Investment Management LLC lifted its stake in LPL Financial by 0.3% in the fourth quarter. Anchor Investment Management LLC now owns 9,697 shares of the financial services provider's stock valued at $3,166,000 after buying an additional 28 shares during the period. Colonial Trust Co SC lifted its stake in LPL Financial by 6.1% in the fourth quarter. Colonial Trust Co SC now owns 505 shares of the financial services provider's stock valued at $165,000 after buying an additional 29 shares during the period. United Capital Financial Advisors LLC lifted its stake in LPL Financial by 2.6% in the fourth quarter. United Capital Financial Advisors LLC now owns 1,203 shares of the financial services provider's stock valued at $393,000 after buying an additional 31 shares during the period. Koshinski Asset Management Inc. lifted its stake in LPL Financial by 4.9% in the first quarter. Koshinski Asset Management Inc. now owns 812 shares of the financial services provider's stock valued at $266,000 after buying an additional 38 shares during the period. Finally, Mariner LLC lifted its stake in LPL Financial by 0.3% in the fourth quarter. Mariner LLC now owns 12,611 shares of the financial services provider's stock valued at $4,117,000 after buying an additional 39 shares during the period. 95.66% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on LPLA. JMP Securities boosted their price target on LPL Financial from $420.00 to $440.00 and gave the company a "market outperform" rating in a research note on Friday, May 9th. Redburn Atlantic raised LPL Financial from a "neutral" rating to a "buy" rating and boosted their price target for the company from $420.00 to $460.00 in a research note on Monday, June 9th. TD Cowen downgraded LPL Financial from a "strong-buy" rating to a "hold" rating and decreased their price objective for the company from $406.00 to $403.00 in a report on Wednesday, July 9th. Keefe, Bruyette & Woods boosted their price objective on LPL Financial from $425.00 to $435.00 and gave the company an "outperform" rating in a report on Monday. Finally, Wells Fargo & Company boosted their price objective on 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 assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $383.58.

LPL Financial Stock Performance

Shares of LPLA stock opened at $374.57 on Tuesday. The firm has a market cap of $29.96 billion, a price-to-earnings ratio of 25.62, a P/E/G ratio of 0.90 and a beta of 0.66. The company has a debt-to-equity ratio of 1.82, a quick ratio of 2.31 and a current ratio of 2.31. LPL Financial Holdings Inc. has a 52 week low of $187.19 and a 52 week high of $403.58. The firm's 50-day simple moving average is $378.57 and its two-hundred day simple moving average is $355.27.

LPL Financial (NASDAQ:LPLA - Get Free Report) last posted its quarterly 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 during the quarter, compared to the consensus estimate of $3.77 billion. LPL Financial had a return on equity of 47.01% and a net margin of 7.91%. The firm's quarterly revenue was up 30.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.88 EPS. As a group, equities analysts forecast that LPL Financial Holdings Inc. will post 19.35 earnings per share for the current year.

LPL Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be paid a dividend of $0.30 per share. The ex-dividend date is Friday, August 15th. This represents a $1.20 annualized dividend and a dividend yield of 0.3%. LPL Financial's dividend payout ratio is presently 8.21%.

Insider Buying and Selling at LPL Financial

In other news, Director Greg Gates sold 1,500 shares of the stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $382.63, for a total transaction of $573,945.00. Following the completion of the transaction, the director owned 20,620 shares in the company, valued at approximately $7,889,830.60. This represents a 6.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.30% of the company's stock.

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.

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