Ocean Park Asset Management LLC Makes New Investment in LPL Financial Holdings Inc. $LPLA

Key Points

• Ocean Park Asset Management opened a new position in LPL Financial, buying 71,531 shares worth about $21.5 million in the first quarter. The stake made LPL Financial its 18th-largest holding and about 1.1% of its portfolio.
• LPL Financial reported better-than-expected earnings for the latest quarter, posting $5.60 EPS versus $5.49 expected, while revenue rose 34.6% year over year to $4.94 billion. Analysts currently forecast full-year EPS of 22.98.
• Wall Street remains mostly positive on the stock, with a consensus rating of “Moderate Buy” and an average price target of $398.86. The company also paid a quarterly dividend of $0.30 per share, or $1.20 annualized, for a 0.4% yield.

Ocean Park Asset Management LLC purchased a new position in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 71,531 shares of the financial services provider's stock, valued at approximately $21,519,000. LPL Financial makes up 1.1% of Ocean Park Asset Management LLC's portfolio, making the stock its 18th biggest position. Ocean Park Asset Management LLC owned approximately 0.09% of LPL Financial at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in LPLA. SG Americas Securities LLC boosted its holdings in LPL Financial by 37.1% during the first quarter. SG Americas Securities LLC now owns 8,052 shares of the financial services provider's stock worth $2,422,000 after purchasing an additional 2,181 shares during the last quarter. Evolve Private Wealth LLC increased its stake in LPL Financial by 20.3% in the 1st quarter. Evolve Private Wealth LLC now owns 1,002 shares of the financial services provider's stock valued at $302,000 after buying an additional 169 shares during the last quarter. Triad Wealth Partners LLC lifted its position in LPL Financial by 3.8% during the 1st quarter. Triad Wealth Partners LLC now owns 2,011 shares of the financial services provider's stock worth $605,000 after buying an additional 74 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S lifted its position in LPL Financial by 37.8% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 6,784 shares of the financial services provider's stock worth $2,041,000 after buying an additional 1,862 shares in the last quarter. Finally, Diversified Trust Co acquired a new position in shares of LPL Financial during the 1st quarter worth about $2,737,000. 95.66% of the stock is currently owned by institutional investors and hedge funds.

LPL Financial Price Performance

Shares of LPLA opened at $293.95 on Monday. The company's 50-day moving average is $301.84 and its 200-day moving average is $327.63. The company has a debt-to-equity ratio of 1.26, a current ratio of 2.56 and a quick ratio of 2.56. The firm has a market capitalization of $23.51 billion, a PE ratio of 26.25, a PEG ratio of 0.61 and a beta of 0.50. LPL Financial Holdings Inc. has a fifty-two week low of $260.15 and a fifty-two week high of $403.58.

LPL Financial (NASDAQ:LPLA - Get Free Report) last announced its earnings results on Thursday, April 30th. The financial services provider reported $5.60 EPS for the quarter, topping the consensus estimate of $5.49 by $0.11. LPL Financial had a net margin of 4.93% and a return on equity of 31.26%. The business had revenue of $4.94 billion during the quarter, compared to the consensus estimate of $4.98 billion. During the same quarter in the previous year, the firm posted $5.15 EPS. LPL Financial's revenue was up 34.6% compared to the same quarter last year. Equities analysts forecast that LPL Financial Holdings Inc. will post 22.98 EPS for the current year.

LPL Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Thursday, May 21st were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Thursday, May 21st. LPL Financial's payout ratio is currently 10.71%.

Insider Activity

In other news, CFO Matthew J. Audette sold 1,110 shares of the company's stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $330.01, for a total value of $366,311.10. Following the transaction, the chief financial officer owned 19,803 shares of the company's stock, valued at approximately $6,535,188.03. This represents a 5.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on LPLA shares. TD Cowen decreased their price objective on LPL Financial from $330.00 to $326.00 and set a "hold" rating for the company in a report on Friday, May 1st. UBS Group upped their target price on LPL Financial from $380.00 to $395.00 and gave the stock a "buy" rating in a report on Friday, May 1st. Morgan Stanley reduced their price target on LPL Financial from $447.00 to $374.00 and set an "overweight" rating for the company in a research report on Friday, April 10th. Barclays raised their price target on LPL Financial from $369.00 to $412.00 and gave the company an "overweight" rating in a research note on Friday, May 1st. Finally, William Blair reaffirmed an "outperform" rating on shares of LPL Financial in a research report on Thursday, June 4th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $398.86.

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.

Want to see what other hedge funds are holding LPLA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.