TD Asset Management Inc Has $223.07 Million Stock Position in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Key Points

• TD Asset Management Inc reduced its stake in LPL Financial Holdings Inc. by 18.9%, selling 159,334 shares during the first quarter, leaving it with approximately 0.86% ownership valued at $223 million.
• Analysts have raised their target prices for LPL Financial, with changes including Wells Fargo increasing its target from $402 to $420 and Redburn Atlantic upgrading the stock from "neutral" to "buy" with a target of $460.
• LPL Financial recently reported earnings of $5.15 per share, surpassing expectations, along with a quarterly dividend of $0.30 per share, yielding 0.32% based on an annualized rate.

TD Asset Management Inc trimmed its position in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 18.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 681,885 shares of the financial services provider's stock after selling 159,334 shares during the period. TD Asset Management Inc owned about 0.86% of LPL Financial worth $223,072,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of LPLA. Bank of Montreal Can increased its position in LPL Financial by 46.9% during the fourth quarter. Bank of Montreal Can now owns 59,910 shares of the financial services provider's stock worth $19,561,000 after buying an additional 19,126 shares during the last quarter. DAVENPORT & Co LLC increased its position in LPL Financial by 8.9% during the first quarter. DAVENPORT & Co LLC now owns 1,918 shares of the financial services provider's stock worth $627,000 after buying an additional 156 shares during the last quarter. Merit Financial Group LLC grew its position in shares of LPL Financial by 195.1% in the first quarter. Merit Financial Group LLC now owns 3,341 shares of the financial services provider's stock valued at $1,093,000 after purchasing an additional 2,209 shares during the last quarter. Amalgamated Bank grew its position in shares of LPL Financial by 3.8% in the first quarter. Amalgamated Bank now owns 5,875 shares of the financial services provider's stock valued at $1,922,000 after purchasing an additional 213 shares during the last quarter. Finally, Blue Trust Inc. grew its position in shares of LPL Financial by 2,319.1% in the first quarter. Blue Trust Inc. now owns 1,137 shares of the financial services provider's stock valued at $372,000 after purchasing an additional 1,090 shares during the last quarter. 95.66% of the stock is currently owned by hedge funds and other institutional investors.

LPL Financial Price Performance

LPLA traded up $6.30 during midday trading on Wednesday, reaching $396.97. 414,683 shares of the company's stock were exchanged, compared to its average volume of 800,529. LPL Financial Holdings Inc. has a one year low of $187.19 and a one year high of $397.81. The business has a 50-day simple moving average of $377.79 and a two-hundred day simple moving average of $353.89. The company has a quick ratio of 2.31, a current ratio of 2.31 and a debt-to-equity ratio of 1.82. The firm has a market capitalization of $31.75 billion, a price-to-earnings ratio of 27.48, a price-to-earnings-growth ratio of 0.95 and a beta of 0.64.

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, beating analysts' consensus estimates of $4.54 by $0.61. The business had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.63 billion. LPL Financial had a net margin of 8.23% and a return on equity of 46.34%. LPL Financial's revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter last year, the business posted $3.83 earnings per share. As a group, research analysts predict that LPL Financial Holdings Inc. will post 19.35 EPS for the current year.

LPL Financial Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Shareholders 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 yield of 0.30%. The ex-dividend date was Friday, May 30th. LPL Financial's dividend payout ratio is presently 8.30%.

Insider Buying and Selling

In other LPL Financial news, Director Greg Gates sold 1,500 shares of LPL Financial stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $382.63, for a total transaction of $573,945.00. Following the completion of the sale, the director owned 20,620 shares of the company's stock, valued at approximately $7,889,830.60. The trade was a 6.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.70% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on LPLA. Barclays raised their price target on LPL Financial from $450.00 to $460.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Wells Fargo & Company raised their price target on LPL Financial from $402.00 to $420.00 and gave the company an "overweight" rating in a research report on Friday, July 11th. JMP Securities raised their price target on LPL Financial from $420.00 to $440.00 and gave the company a "market outperform" rating in a research report on Friday, May 9th. TD Cowen downgraded LPL Financial from a "strong-buy" rating to a "hold" rating and decreased their target price for the stock from $406.00 to $403.00 in a research report on Wednesday, July 9th. Finally, Redburn Atlantic raised 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 research report on Monday, June 9th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat.com, LPL Financial presently has a consensus rating of "Moderate Buy" and an average target price 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.