Seven Grand Managers LLC Takes Position in LPL Financial Holdings Inc. $LPLA

Key Points

• Seven Grand Managers LLC made a new investment of approximately $16.36 million in LPL Financial Holdings Inc., acquiring 50,000 shares, which now represent 3.8% of their total holdings.
• LPL Financial reported a quarterly earnings per share (EPS) of $4.51, surpassing the analyst consensus estimate of $4.21, and exhibited substantial revenue growth of 30.8% year-over-year.
• The company is set to pay a quarterly dividend of $0.30 per share on August 29th, reflecting a dividend yield of 0.3% and a payout ratio of 8.21%.

Seven Grand Managers LLC purchased a new stake in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 50,000 shares of the financial services provider's stock, valued at approximately $16,357,000. LPL Financial accounts for approximately 3.8% of Seven Grand Managers LLC's portfolio, making the stock its 10th largest holding. Seven Grand Managers LLC owned approximately 0.06% of LPL Financial at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in LPL Financial by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 7,372,857 shares of the financial services provider's stock worth $2,411,956,000 after buying an additional 154,200 shares in the last quarter. Janus Henderson Group PLC boosted its position in shares of LPL Financial by 20.6% during the fourth quarter. Janus Henderson Group PLC now owns 3,050,529 shares of the financial services provider's stock worth $996,032,000 after buying an additional 522,032 shares during the period. Kayne Anderson Rudnick Investment Management LLC grew its holdings in shares of LPL Financial by 2.2% in the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,660,736 shares of the financial services provider's stock valued at $868,757,000 after acquiring an additional 57,485 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in LPL Financial by 35.9% during the first quarter. Massachusetts Financial Services Co. MA now owns 1,516,060 shares of the financial services provider's stock worth $495,964,000 after purchasing an additional 400,352 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in LPL Financial by 8.8% during the first quarter. JPMorgan Chase & Co. now owns 1,304,780 shares of the financial services provider's stock worth $426,846,000 after purchasing an additional 105,665 shares during the period. 95.66% of the stock is currently owned by institutional investors.

LPL Financial Price Performance

Shares of NASDAQ LPLA traded down $4.98 during midday trading on Friday, reaching $350.98. 506,950 shares of the company were exchanged, compared to its average volume of 906,281. The stock's 50-day moving average price is $375.53 and its 200-day moving average price is $355.89. The stock has a market cap of $28.08 billion, a P/E ratio of 24.01, a PEG ratio of 0.82 and a beta of 0.66. LPL Financial Holdings Inc. has a one year low of $204.41 and a one year high of $403.58. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 1.41.

LPL Financial (NASDAQ:LPLA - Get Free Report) last issued 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. The company had revenue of $3.84 billion for 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%. LPL Financial's revenue for the quarter was up 30.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.88 earnings per share. On average, sell-side analysts anticipate that LPL Financial Holdings Inc. will post 19.35 earnings per share for the current fiscal year.

LPL Financial Dividend Announcement

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 issued 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 dividend payout ratio is currently 8.21%.

Insider Buying and Selling at LPL Financial

In related news, Director Greg Gates sold 1,500 shares of the company's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $374.05, for a total value of $561,075.00. Following the sale, the director owned 19,120 shares in the company, valued at $7,151,836. This represents a 7.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.70% of the company's stock.

Wall Street Analysts Forecast Growth

LPLA has been the subject of a number of research analyst reports. Morgan Stanley restated an "overweight" rating and set a $490.00 price objective (up previously from $450.00) on shares of LPL Financial in a report on Tuesday, July 15th. Barclays boosted their price objective on LPL Financial from $460.00 to $463.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Wall Street Zen cut LPL Financial from a "buy" rating to a "hold" rating in a report on Saturday, June 14th. Redburn Atlantic upgraded LPL Financial from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $420.00 to $460.00 in a report on Monday, June 9th. Finally, TD Cowen cut LPL Financial from a "strong-buy" rating to a "hold" rating and reduced their price objective for the stock from $406.00 to $403.00 in a report on Wednesday, July 9th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $383.58.

LPL Financial Company 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.