Resona Asset Management Co. Ltd. increased its holdings in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 4.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 23,592 shares of the financial services provider's stock after purchasing an additional 1,098 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in LPL Financial were worth $7,748,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of LPLA. Mariner LLC grew its position in LPL Financial by 0.3% in the 4th quarter. Mariner LLC now owns 12,611 shares of the financial services provider's stock valued at $4,117,000 after acquiring an additional 39 shares in the last quarter. Gabelli Funds LLC lifted its stake in LPL Financial by 51.2% during the fourth quarter. Gabelli Funds LLC now owns 5,293 shares of the financial services provider's stock worth $1,728,000 after purchasing an additional 1,793 shares during the last quarter. United Capital Financial Advisors LLC increased its position in LPL Financial by 2.6% during the fourth quarter. United Capital Financial Advisors LLC now owns 1,203 shares of the financial services provider's stock worth $393,000 after buying an additional 31 shares during the period. Farringdon Capital Ltd. acquired a new position in LPL Financial during the fourth quarter worth approximately $513,000. Finally, Teca Partners LP increased its position in LPL Financial by 251.1% during the fourth quarter. Teca Partners LP now owns 52,875 shares of the financial services provider's stock worth $17,264,000 after buying an additional 37,814 shares during the period. 95.66% of the stock is owned by institutional investors and hedge funds.
LPL Financial Price Performance
Shares of LPLA stock traded down $4.98 during mid-day trading on Friday, reaching $350.98. The stock had a trading volume of 506,950 shares, compared to its average volume of 934,077. LPL Financial Holdings Inc. has a 12-month low of $204.41 and a 12-month high of $403.58. The company has a market cap of $28.08 billion, a P/E ratio of 24.01, a price-to-earnings-growth ratio of 0.82 and a beta of 0.66. The business has a 50-day simple moving average of $375.53 and a 200 day simple moving average of $355.93. 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 (NASDAQ:LPLA - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The financial services provider reported $4.51 earnings per share for the quarter, beating analysts' consensus estimates 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 earnings per share. The business's revenue for the quarter was up 30.8% on a year-over-year basis. On average, sell-side analysts anticipate that LPL Financial Holdings Inc. will post 19.35 earnings per share for the current year.
LPL Financial Announces Dividend
The business also recently disclosed 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. This represents a $1.20 annualized dividend and a dividend yield of 0.3%. The ex-dividend date is Friday, August 15th. LPL Financial's dividend payout ratio is currently 8.21%.
Insider Activity
In other news, Director Greg Gates sold 1,500 shares of the company's stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $374.05, for a total value of $561,075.00. Following the sale, the director directly owned 19,120 shares in the company, valued at $7,151,836. This represents a 7.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.30% of the stock is owned by corporate insiders.
Analyst Ratings Changes
A number of research analysts have recently issued reports on the company. Morgan Stanley reissued an "overweight" rating and issued a $490.00 target price (up previously from $450.00) on shares of LPL Financial in a report on Tuesday, July 15th. Wells Fargo & Company boosted their target price on LPL Financial from $402.00 to $420.00 and gave the company an "overweight" rating in a report on Friday, July 11th. Redburn Atlantic raised LPL Financial from a "neutral" rating to a "buy" rating and boosted their target price for the company from $420.00 to $460.00 in a report on Monday, June 9th. TD Cowen lowered LPL Financial from a "strong-buy" rating to a "hold" rating and dropped their target price for the company from $406.00 to $403.00 in a report on Wednesday, July 9th. Finally, Citigroup lowered LPL Financial from a "neutral" rating to a "sell" rating and set a $80.00 target price on the stock. in a report on Wednesday, July 9th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $383.58.
Get Our Latest Stock Analysis on LPLA
LPL Financial Company Profile
(
Free Report)
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.
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