Mackenzie Financial Corp Grows Position in 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 boosted its stake in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 21.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,433 shares of the financial services provider's stock after purchasing an additional 794 shares during the period. Mackenzie Financial Corp's holdings in LPL Financial were worth $1,450,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Millstone Evans Group LLC increased its position in shares of LPL Financial by 123.1% in the 1st quarter. Millstone Evans Group LLC now owns 87 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 48 shares during the period. Private Trust Co. NA lifted its position in LPL Financial by 234.5% during the 1st quarter. Private Trust Co. NA now owns 97 shares of the financial services provider's stock worth $32,000 after acquiring an additional 68 shares during the period. MassMutual Private Wealth & Trust FSB grew its stake in LPL Financial by 63.9% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 100 shares of the financial services provider's stock valued at $33,000 after purchasing an additional 39 shares during the last quarter. City Holding Co. purchased a new stake in LPL Financial during the 1st quarter valued at about $34,000. Finally, Fourth Dimension Wealth LLC acquired a new position in shares of LPL Financial in the fourth quarter valued at about $40,000. Institutional investors and hedge funds own 95.66% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on LPLA. Wall Street Zen downgraded shares of LPL Financial from a "buy" rating to a "hold" rating in a report on Saturday, June 14th. JMP Securities increased 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. TD Cowen cut shares of LPL Financial from a "strong-buy" rating to a "hold" rating and reduced their target price for the stock from $406.00 to $403.00 in a report on Wednesday, July 9th. Morgan Stanley restated an "overweight" rating and set a $490.00 target price (up from $450.00) on shares of LPL Financial in a research report on Tuesday, July 15th. Finally, Citigroup downgraded LPL Financial from a "neutral" rating to a "sell" rating and set a $80.00 price target on the stock. in a research report on Wednesday, July 9th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat.com, LPL Financial presently has an average rating of "Moderate Buy" and an average target price of $383.58.

Insider Activity

In related news, Director Greg Gates sold 1,500 shares of the company's stock in a transaction dated 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 transaction, the director owned 19,120 shares in the company, valued at $7,151,836. This represents a 7.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.30% of the stock is currently owned by company insiders.

LPL Financial Price Performance

NASDAQ LPLA traded up $1.35 during trading hours on Friday, reaching $370.20. The company's stock had a trading volume of 229,263 shares, compared to its average volume of 817,585. The firm has a market capitalization of $29.62 billion, a price-to-earnings ratio of 25.31, a P/E/G ratio of 0.89 and a beta of 0.66. The company's 50-day moving average is $377.98 and its two-hundred day moving average is $355.70. The company has a debt-to-equity ratio of 1.41, a current ratio of 3.22 and a quick ratio of 2.31. LPL Financial Holdings Inc. has a 1-year low of $193.22 and a 1-year high of $403.58.

LPL Financial (NASDAQ:LPLA - Get Free Report) last announced 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 business 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 39.80% and a net margin of 7.91%. The business's quarterly revenue was up 30.8% on a year-over-year basis. During the same period in the prior year, the company posted $3.88 EPS. On average, equities analysts predict that LPL Financial Holdings Inc. will post 19.35 EPS for the current year.

LPL Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be given a $0.30 dividend. 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 (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.