Stevens Capital Management LP Purchases Shares of 991 LPL Financial Holdings Inc. (NASDAQ:LPLA)

Key Points

• Stevens Capital Management LP acquired a new position in LPL Financial Holdings Inc., purchasing 991 shares valued at approximately $324,000.
• Institutional investors currently own 95.66% of LPL Financial's stock, with significant increases in holdings reported by various hedge funds during the first quarter.
• The company reported a strong quarterly earnings performance, with earnings per share of $5.15, surpassing analysts' expectations of $4.54.

Stevens Capital Management LP purchased a new stake in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm purchased 991 shares of the financial services provider's stock, valued at approximately $324,000.

A number of other hedge funds have also modified their holdings of the company. Millstone Evans Group LLC increased its stake in LPL Financial by 123.1% during the 1st quarter. Millstone Evans Group LLC now owns 87 shares of the financial services provider's stock worth $28,000 after purchasing an additional 48 shares in the last quarter. Private Trust Co. NA lifted its holdings in LPL Financial by 234.5% during the 1st quarter. Private Trust Co. NA now owns 97 shares of the financial services provider's stock valued at $32,000 after purchasing an additional 68 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of LPL Financial by 63.9% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 100 shares of the financial services provider's stock worth $33,000 after buying an additional 39 shares in the last quarter. City Holding Co. acquired a new stake in shares of LPL Financial during the first quarter worth $34,000. Finally, Fourth Dimension Wealth LLC acquired a new stake in shares of LPL Financial during the fourth quarter worth $40,000. 95.66% of the stock is currently owned by institutional investors and hedge funds.

LPL Financial Trading Up 1.4%

LPLA stock traded up $5.29 during midday trading on Wednesday, hitting $395.96. The company had a trading volume of 307,340 shares, compared to its average volume of 799,398. The company has a current ratio of 2.31, a quick ratio of 2.31 and a debt-to-equity ratio of 1.82. The stock has a market cap of $31.67 billion, a price-to-earnings ratio of 27.50, a PEG ratio of 0.95 and a beta of 0.64. The stock's 50 day moving average price is $377.79 and its 200 day moving average price is $353.89. LPL Financial Holdings Inc. has a 52 week low of $187.19 and a 52 week high of $397.81.

LPL Financial (NASDAQ:LPLA - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The financial services provider reported $5.15 earnings per share for the quarter, topping the consensus estimate of $4.54 by $0.61. LPL Financial had a return on equity of 46.34% and a net margin of 8.23%. The company had revenue of $3.67 billion for the quarter, compared to analysts' expectations of $3.63 billion. During the same period in the prior year, the firm earned $3.83 earnings per share. The firm's revenue for the quarter was up 4.5% on a year-over-year basis. As a group, equities research analysts expect that LPL Financial Holdings Inc. will post 19.35 earnings per share for the current fiscal year.

LPL Financial Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 30th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.30%. The ex-dividend date of this dividend was Friday, May 30th. LPL Financial's payout ratio is currently 8.30%.

Insider Activity

In other LPL Financial news, Director Greg Gates sold 1,500 shares of the stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $382.63, for a total value of $573,945.00. Following the transaction, the director owned 20,620 shares of the company's stock, valued at approximately $7,889,830.60. This represents a 6.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.70% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on LPLA. Redburn Atlantic raised LPL Financial from a "neutral" rating to a "buy" rating and boosted their price target for the company from $420.00 to $460.00 in a research note 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. JMP Securities increased their target price on LPL Financial from $420.00 to $440.00 and gave the stock a "market outperform" rating in a report on Friday, May 9th. Wall Street Zen downgraded shares of LPL Financial from a "buy" rating to a "hold" rating in a report on Saturday, June 14th. Finally, Wells Fargo & Company lifted their target price on LPL Financial from $402.00 to $420.00 and gave the stock an "overweight" rating in a research note on Friday, July 11th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $372.15.

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.