Poplar Forest Capital LLC Sells 7,992 Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)

Poplar Forest Capital LLC decreased its stake in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 30.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,019 shares of the financial services provider's stock after selling 7,992 shares during the period. LPL Financial makes up 1.0% of Poplar Forest Capital LLC's portfolio, making the stock its 28th largest holding. Poplar Forest Capital LLC's holdings in LPL Financial were worth $5,895,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Bank of Montreal Can grew its holdings in LPL Financial by 46.9% during the 4th quarter. Bank of Montreal Can now owns 59,910 shares of the financial services provider's stock worth $19,561,000 after acquiring an additional 19,126 shares during the last quarter. DAVENPORT & Co LLC boosted its position in shares of LPL Financial by 8.9% during the first quarter. DAVENPORT & Co LLC now owns 1,918 shares of the financial services provider's stock worth $627,000 after purchasing an additional 156 shares in the last quarter. Merit Financial Group LLC increased its position in shares of LPL Financial by 195.1% during the first quarter. Merit Financial Group LLC now owns 3,341 shares of the financial services provider's stock worth $1,093,000 after acquiring an additional 2,209 shares in the last quarter. Amalgamated Bank increased its position in shares of LPL Financial by 3.8% during the first 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 in the last quarter. Finally, Blue Trust Inc. lifted its position in shares of 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 worth $372,000 after purchasing an additional 1,090 shares in the last quarter. Institutional investors and hedge funds own 95.66% of the company's stock.

Insider Buying and Selling at LPL Financial

In other LPL Financial news, Director Greg Gates sold 1,500 shares of the firm's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $382.63, for a total value of $573,945.00. Following the sale, the director owned 20,620 shares of the company's stock, valued at $7,889,830.60. This trade represents a 6.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.30% of the stock is currently owned by insiders.

LPL Financial Stock Up 0.9%

NASDAQ:LPLA traded up $3.25 during trading hours on Friday, hitting $380.04. 548,164 shares of the company traded hands, compared to its average volume of 749,455. The company has a market cap of $30.40 billion, a PE ratio of 26.30, a PEG ratio of 0.92 and a beta of 0.64. The company has a quick ratio of 2.31, a current ratio of 2.31 and a debt-to-equity ratio of 1.82. The firm's 50-day simple moving average is $377.67 and its 200-day simple moving average is $352.98. LPL Financial Holdings Inc. has a one year low of $187.19 and a one year high of $396.25.

LPL Financial (NASDAQ:LPLA - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The financial services provider reported $5.15 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $3.63 billion. During the same quarter in the prior year, the company earned $3.83 EPS. The firm's quarterly revenue was up 4.5% compared to the same quarter last year. Equities analysts predict that LPL Financial Holdings Inc. will post 19.35 earnings per share for the current year.

LPL Financial Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 30th were issued a $0.30 dividend. 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 payout ratio is currently 8.30%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Barclays raised their target price on shares of LPL Financial from $450.00 to $460.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. TD Cowen downgraded LPL Financial from a "strong-buy" rating to a "hold" rating and dropped their price target for the company from $406.00 to $403.00 in a research note 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 note on Tuesday, July 15th. Redburn Atlantic upgraded LPL Financial from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $420.00 to $460.00 in a report on Monday, June 9th. Finally, Wells Fargo & Company boosted their price objective on shares of LPL Financial from $402.00 to $420.00 and gave the stock an "overweight" rating in a research note on Friday, July 11th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $372.15.

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.