TD Asset Management Inc Sells 28,646 Shares of LPL Financial Holdings Inc. $LPLA

Key Points

• TD Asset Management Inc reduced its stake in LPL Financial Holdings Inc by 4.2%, selling 28,646 shares and holding 653,239 shares worth approximately $244.9 million.
• Several institutional investors have adjusted their positions in LPL Financial, with approximately 95.66% of the stock currently owned by institutional investors.
• LPL Financial recently announced a $0.30 quarterly dividend with an annualized yield of 0.4%, and reported strong earnings, surpassing consensus estimates with $4.51 per share.

TD Asset Management Inc cut its stake in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 4.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 653,239 shares of the financial services provider's stock after selling 28,646 shares during the period. TD Asset Management Inc owned 0.82% of LPL Financial worth $244,945,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in LPLA. Summit Securities Group LLC bought a new position in shares of LPL Financial during the 1st quarter worth approximately $26,000. Millstone Evans Group LLC boosted its holdings in shares of 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 buying an additional 48 shares in the last quarter. Private Trust Co. NA boosted its holdings in shares of LPL Financial by 234.5% during the 1st quarter. Private Trust Co. NA now owns 97 shares of the financial services provider's stock worth $32,000 after buying an additional 68 shares in the last quarter. 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 in the last quarter. Finally, Maseco LLP bought a new position in shares of LPL Financial during the 2nd quarter worth approximately $34,000. 95.66% of the stock is currently owned by institutional investors.

Insider Activity

In other LPL Financial news, Director Aneri Jambusaria sold 80 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $361.25, for a total value of $28,900.00. Following the completion of the transaction, the director owned 5,582 shares in the company, valued at $2,016,497.50. This trade represents a 1.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Greg Gates sold 1,500 shares of the firm's stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $338.21, for a total value of $507,315.00. Following the completion of the transaction, the director owned 17,620 shares of the company's stock, valued at approximately $5,959,260.20. This represents a 7.85% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,830 shares of company stock valued at $1,333,105. 0.70% of the stock is owned by corporate insiders.

LPL Financial Stock Up 0.8%

LPLA stock opened at $317.71 on Tuesday. The company has a debt-to-equity ratio of 1.41, a quick ratio of 3.22 and a current ratio of 3.22. The company has a market capitalization of $25.42 billion, a price-to-earnings ratio of 21.73, a PEG ratio of 0.74 and a beta of 0.61. LPL Financial Holdings Inc. has a fifty-two week low of $245.87 and a fifty-two week high of $403.58. The stock has a fifty day moving average of $346.17 and a 200-day moving average of $353.27.

LPL Financial (NASDAQ:LPLA - Get Free Report) last posted its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $3.77 billion. LPL Financial had a return on equity of 39.80% and a net margin of 7.91%.The firm's quarterly revenue was up 30.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.88 EPS. As a group, equities research analysts predict that LPL Financial Holdings Inc. will post 19.35 earnings per share for the current year.

LPL Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were paid a $0.30 dividend. The ex-dividend date was Friday, August 15th. This represents a $1.20 annualized dividend and a yield of 0.4%. LPL Financial's dividend payout ratio (DPR) is currently 8.21%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on LPLA. JMP Securities upped their target price on LPL Financial from $440.00 to $455.00 and gave the stock a "market outperform" rating in a research report on Thursday, October 9th. Wells Fargo & Company upped their target price on LPL Financial from $402.00 to $420.00 and gave the stock an "overweight" rating in a research report on Friday, July 11th. Morgan Stanley lowered their target price on LPL Financial from $490.00 to $462.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 1st. Keefe, Bruyette & Woods upped their target price on LPL Financial from $425.00 to $435.00 and gave the stock an "outperform" rating in a research report on Monday, August 4th. Finally, BMO Capital Markets began coverage on LPL Financial in a research report on Friday, October 3rd. They set an "outperform" rating and a $365.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $395.85.

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.

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