NewEdge Wealth LLC Purchases Shares of 11,476 LPL Financial Holdings Inc. $LPLA

Key Points

• NewEdge Wealth acquired 11,476 LPL Financial shares worth approximately $3.23 million during the second quarter. Institutional investors collectively own 95.66% of LPL’s outstanding stock.
• LPL Financial exceeded quarterly expectations, reporting $5.84 in EPS and $5.19 billion in revenue, with revenue up 35.2% year over year. Analysts maintain a “Moderate Buy” consensus rating and an average price target of $406.69.
• The company declared a quarterly dividend of $0.30 per share, equivalent to $1.20 annually and a 0.3% yield. Two directors also sold shares through pre-arranged Rule 10b5-1 trading plans.

NewEdge Wealth LLC acquired a new position in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 11,476 shares of the financial services provider's stock, valued at approximately $3,233,000.

Several other institutional investors have also modified their holdings of LPLA. Egerton Capital UK LLP purchased a new position in shares of LPL Financial during the fourth quarter worth about $91,012,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of LPL Financial by 7.1% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 77,992 shares of the financial services provider's stock valued at $28,204,000 after purchasing an additional 5,179 shares during the period. Markel Group Inc. grew its stake in LPL Financial by 1.2% during the 4th quarter. Markel Group Inc. now owns 559,951 shares of the financial services provider's stock worth $199,998,000 after buying an additional 6,630 shares during the last quarter. Norges Bank purchased a new position in LPL Financial during the 4th quarter worth approximately $371,616,000. Finally, Northwestern Mutual Wealth Management Co. increased its position in LPL Financial by 56.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 158,783 shares of the financial services provider's stock worth $56,713,000 after buying an additional 57,362 shares during the period. Hedge funds and other institutional investors own 95.66% of the company's stock.

Insider Transactions at LPL Financial

In other news, Director Matthew Enyedi sold 1,000 shares of the business's stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $352.72, for a total transaction of $352,720.00. Following the sale, the director owned 13,121 shares of the company's stock, valued at $4,628,039.12. The trade was a 7.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Aneri Jambusaria sold 308 shares of the firm's stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $306.00, for a total value of $94,248.00. Following the completion of the transaction, the director directly owned 6,415 shares of the company's stock, valued at $1,962,990. The trade was a 4.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.60% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on LPLA shares. TD Cowen increased their price target on shares of LPL Financial from $330.00 to $372.00 and gave the stock a "hold" rating in a research note on Friday, July 31st. Keefe, Bruyette & Woods upped their target price on shares of LPL Financial from $365.00 to $390.00 and gave the company an "outperform" rating in a report on Friday, July 31st. JPMorgan Chase & Co. raised their price target on LPL Financial from $408.00 to $428.00 and gave the stock an "overweight" rating in a report on Friday, July 31st. UBS Group reduced their price objective on LPL Financial from $395.00 to $391.00 and set a "buy" rating for the company in a research note on Wednesday, July 8th. Finally, Morgan Stanley boosted their target price on LPL Financial from $374.00 to $387.00 and gave the company an "overweight" rating in a report on Friday, July 10th. Twelve research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $406.69.

LPL Financial Price Performance

Shares of NASDAQ:LPLA opened at $354.02 on Friday. LPL Financial Holdings Inc. has a 52 week low of $260.15 and a 52 week high of $400.16. The company has a 50-day moving average price of $325.27 and a 200 day moving average price of $315.54. The company has a market cap of $27.88 billion, a P/E ratio of 28.23, a PEG ratio of 0.60 and a beta of 0.48. The company has a quick ratio of 2.39, a current ratio of 2.39 and a debt-to-equity ratio of 1.30.

LPL Financial (NASDAQ:LPLA - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The financial services provider reported $5.84 earnings per share for the quarter, beating analysts' consensus estimates of $5.39 by $0.45. The firm had revenue of $5.19 billion for the quarter, compared to the consensus estimate of $5.04 billion. LPL Financial had a return on equity of 32.20% and a net margin of 5.13%.During the same period in the previous year, the business earned $4.51 earnings per share. The company's revenue for the quarter was up 35.2% compared to the same quarter last year. Research analysts predict that LPL Financial Holdings Inc. will post 24.09 earnings per share for the current year.

LPL Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.3%. LPL Financial's dividend payout ratio is 9.57%.

About LPL Financial

LPL Financial NASDAQ: LPLA is a U.S.-focused financial services firm that provides brokerage, custodial and advisory platforms to independent financial advisors, registered investment advisers and institutions. Operating primarily as an independent broker-dealer and custodian, the company supports a network of advisors with the operational, compliance and clearing infrastructure needed to manage client accounts and deliver investment advice outside of traditional wirehouse models.

The firm's product and service offerings include trade execution and clearing, custody services, retirement plan services, model portfolio and advisory platforms, wealth management technology, investment research and product access across equities, fixed income, mutual funds, exchange-traded funds and insurance and annuity solutions.

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