Raymond James Financial Inc. Sells 46,487 Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)

Key Points

• Raymond James Financial Inc. reduced its holdings in LPL Financial Holdings Inc. by 5.1%, owning approximately 860,014 shares valued at $281.35 million after selling 46,487 shares.
• LPL Financial reported better-than-expected earnings, with a $4.51 EPS and $3.84 billion in revenue, marking a 30.8% increase from the same quarter last year.
• The company announced a quarterly dividend of $0.30, representing an annualized dividend of $1.20 and a yield of 0.3%, with the ex-dividend date set for August 15th.

Raymond James Financial Inc. lowered its holdings in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 5.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 860,014 shares of the financial services provider's stock after selling 46,487 shares during the period. Raymond James Financial Inc. owned about 1.08% of LPL Financial worth $281,345,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Millstone Evans Group LLC grew its position 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 during the period. Private Trust Co. NA grew its position 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 during the period. MassMutual Private Wealth & Trust FSB grew its position 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 during the period. City Holding Co. bought a new stake in shares of LPL Financial during the 1st quarter worth about $34,000. Finally, TCTC Holdings LLC boosted its holdings in shares of LPL Financial by 116.7% during the 1st quarter. TCTC Holdings LLC now owns 104 shares of the financial services provider's stock worth $34,000 after buying an additional 56 shares during the period. Institutional investors own 95.66% of the company's stock.

Wall Street Analysts Forecast Growth

LPLA has been the subject of several research analyst reports. Keefe, Bruyette & Woods lifted their target price on shares of LPL Financial from $425.00 to $435.00 and gave the stock an "outperform" rating in a report on Monday, August 4th. Redburn Atlantic raised shares of LPL Financial from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $420.00 to $460.00 in a report on Monday, June 9th. Barclays lifted their price objective on shares of LPL Financial from $460.00 to $463.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Citigroup downgraded shares of LPL Financial from a "neutral" rating to a "sell" rating and set a $80.00 price objective for the company. in a report on Wednesday, July 9th. Finally, JMP Securities boosted their price objective on shares of LPL Financial from $420.00 to $440.00 and gave the company a "market outperform" rating in a report on Friday, May 9th. One analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $383.58.

Insider Activity at LPL Financial

In other news, Director Greg Gates sold 1,500 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $374.05, for a total value of $561,075.00. Following the completion of the transaction, the director directly owned 19,120 shares in the company, valued at approximately $7,151,836. The trade was a 7.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.30% of the company's stock.

LPL Financial Price Performance

Shares of NASDAQ:LPLA opened at $350.98 on Friday. The firm has a 50 day moving average of $375.53 and a 200-day moving average of $355.93. The stock has a market capitalization of $28.08 billion, a PE ratio of 24.01, a PEG ratio of 0.82 and a beta of 0.66. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 1.41. LPL Financial Holdings Inc. has a 12 month low of $204.41 and a 12 month high of $403.58.

LPL Financial (NASDAQ:LPLA - Get Free Report) last issued its earnings results on Thursday, July 31st. The financial services provider reported $4.51 EPS for the quarter, beating the consensus estimate of $4.21 by $0.30. The company had revenue of $3.84 billion during the quarter, compared to analysts' expectations of $3.77 billion. LPL Financial had a net margin of 7.91% and a return on equity of 39.80%. The business's revenue for the quarter was up 30.8% compared to the same quarter last year. During the same period in the previous year, the company earned $3.88 EPS. On average, equities research analysts predict that LPL Financial Holdings Inc. will post 19.35 EPS for the current fiscal year.

LPL Financial Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be given a $0.30 dividend. 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 presently 8.21%.

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.