Procyon Advisors LLC Buys Shares of 1,910 LPL Financial Holdings Inc. (NASDAQ:LPLA)

Procyon Advisors LLC purchased a new position in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,910 shares of the financial services provider's stock, valued at approximately $625,000.

A number of other institutional investors also recently made changes to their positions in LPLA. Thrive Wealth Management LLC increased its position in LPL Financial by 13.6% during the 1st quarter. Thrive Wealth Management LLC now owns 1,404 shares of the financial services provider's stock worth $459,000 after purchasing an additional 168 shares in the last quarter. KWB Wealth grew its holdings in shares of LPL Financial by 0.5% during the first quarter. KWB Wealth now owns 28,438 shares of the financial services provider's stock worth $9,285,000 after buying an additional 144 shares in the last quarter. Lifestyle Asset Management Inc. grew its holdings in shares of LPL Financial by 9.2% during the first quarter. Lifestyle Asset Management Inc. now owns 981 shares of the financial services provider's stock worth $321,000 after buying an additional 83 shares in the last quarter. Portside Wealth Group LLC raised its position in shares of LPL Financial by 13.1% in the first quarter. Portside Wealth Group LLC now owns 1,043 shares of the financial services provider's stock valued at $341,000 after buying an additional 121 shares during the last quarter. Finally, Heritage Family Offices LLP lifted its stake in shares of LPL Financial by 29.7% during the first quarter. Heritage Family Offices LLP now owns 2,269 shares of the financial services provider's stock valued at $742,000 after buying an additional 520 shares during the period. 95.66% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on LPLA shares. Citigroup cut their price target on LPL Financial from $415.00 to $400.00 and set a "buy" rating for the company in a report on Wednesday, April 2nd. Wall Street Zen raised LPL Financial from a "hold" rating to a "buy" rating in a research report on Thursday, May 29th. JMP Securities raised their price target on LPL Financial from $420.00 to $440.00 and gave the stock a "market outperform" rating in a research note on Friday, May 9th. Barclays lifted their price target on LPL Financial from $365.00 to $400.00 and gave the company an "overweight" rating in a report on Monday, May 12th. Finally, Wells Fargo & Company cut their price objective on shares of LPL Financial from $405.00 to $342.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $377.50.

LPL Financial Stock Up 2.3%

LPLA opened at $388.96 on Friday. LPL Financial Holdings Inc. has a 1 year low of $187.19 and a 1 year high of $390.23. The firm has a 50 day moving average price of $341.36 and a 200 day moving average price of $341.54. The company has a debt-to-equity ratio of 1.60, a quick ratio of 2.16 and a current ratio of 2.16. The company has a market cap of $31.11 billion, a PE ratio of 27.70, a price-to-earnings-growth ratio of 0.94 and a beta of 0.67.

LPL Financial (NASDAQ:LPLA - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The financial services provider reported $5.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.54 by $0.61. LPL Financial had a net margin of 8.55% and a return on equity of 49.41%. The company had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.63 billion. During the same period in the previous year, the firm earned $3.83 earnings per share. LPL Financial's revenue for the quarter was up 4.5% on a year-over-year basis. Sell-side analysts expect that LPL Financial Holdings Inc. will post 19.35 earnings per share for the current year.

LPL Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Friday, May 30th will be issued a $0.30 dividend. The ex-dividend date is Friday, May 30th. This represents a $1.20 annualized dividend and a yield of 0.31%. LPL Financial's dividend payout ratio is currently 8.30%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.