Prudential PLC Increases Holdings in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Key Points

• Prudential PLC increased its stake in LPL Financial Holdings Inc. by 22.0%, now holding 7,021 shares valued at approximately $2.30 million.
• LPL Financial reported strong quarterly earnings, with an EPS of $4.51, exceeding estimates and a revenue increase of 30.8% year-over-year.
• The firm declared a quarterly dividend of $0.30 per share, with an annualized yield of 0.3%, to be paid out on August 29th.

Prudential PLC increased its stake in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 22.0% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 7,021 shares of the financial services provider's stock after purchasing an additional 1,264 shares during the period. Prudential PLC's holdings in LPL Financial were worth $2,297,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in LPLA. Millstone Evans Group LLC raised its holdings 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 in the last quarter. Private Trust Co. NA raised its holdings in shares of LPL Financial by 234.5% in the 1st quarter. Private Trust Co. NA now owns 97 shares of the financial services provider's stock valued at $32,000 after acquiring an additional 68 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in shares of LPL Financial by 63.9% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 100 shares of the financial services provider's stock valued at $33,000 after acquiring an additional 39 shares in the last quarter. City Holding Co. purchased a new stake in shares of LPL Financial in the 1st quarter valued at about $34,000. Finally, TCTC Holdings LLC raised its holdings in shares of LPL Financial by 116.7% in the 1st quarter. TCTC Holdings LLC now owns 104 shares of the financial services provider's stock valued at $34,000 after acquiring an additional 56 shares in the last quarter. Hedge funds and other institutional investors own 95.66% of the company's stock.

LPL Financial Trading Down 1.4%

LPLA traded down $4.98 on Friday, hitting $350.98. 506,950 shares of the company were exchanged, compared to its average volume of 934,077. The firm has a fifty day simple moving average of $375.53 and a two-hundred day simple moving average of $355.93. The company has a debt-to-equity ratio of 1.41, a quick ratio of 3.22 and a current ratio of 3.22. LPL Financial Holdings Inc. has a 12 month low of $204.41 and a 12 month high of $403.58. The stock has a market capitalization of $28.08 billion, a PE ratio of 24.01, a price-to-earnings-growth ratio of 0.82 and a beta of 0.66.

LPL Financial (NASDAQ:LPLA - Get Free Report) last released its quarterly earnings data 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. LPL Financial had a return on equity of 39.80% and a net margin of 7.91%. The business had revenue of $3.84 billion during the quarter, compared to analysts' expectations of $3.77 billion. During the same quarter last year, the business posted $3.88 EPS. The business's revenue was up 30.8% 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 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be given a dividend of $0.30 per share. 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 payout ratio is currently 8.21%.

Insider Buying and Selling at LPL Financial

In related news, Director Greg Gates sold 1,500 shares of LPL Financial stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $374.05, for a total transaction of $561,075.00. Following the sale, the director directly owned 19,120 shares in the company, valued at $7,151,836. The trade was a 7.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts have weighed in on the company. Redburn Atlantic raised LPL Financial from a "neutral" rating to a "buy" rating and raised their price target for the company from $420.00 to $460.00 in a report on Monday, June 9th. Citigroup cut LPL Financial from a "neutral" rating to a "sell" rating and set a $80.00 price target on the stock. in a report on Wednesday, July 9th. Wall Street Zen cut LPL Financial from a "buy" rating to a "hold" rating in a report on Saturday, June 14th. Keefe, Bruyette & Woods increased their price objective on LPL Financial from $425.00 to $435.00 and gave the company an "outperform" rating in a research report on Monday, August 4th. Finally, Morgan Stanley reiterated an "overweight" rating and set a $490.00 price objective (up from $450.00) on shares of LPL Financial in a research report on Tuesday, July 15th. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $383.58.

LPL Financial 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.