Third Point LLC Sells 30,000 Shares of LPL Financial Holdings Inc. $LPLA

Key Points

• Third Point LLC reduced its stake in LPL Financial Holdings Inc. by 4.6%, now holding 625,000 shares, which represents about 3.1% of its investment portfolio.
• Several institutional investors have increased their holdings in LPL Financial, with Millstone Evans Group LLC raising its stake by 123.1% during the first quarter.
• Despite rating changes from various analysts, the consensus rating for LPL Financial remains a "Moderate Buy" with a target price of $383.33.

Third Point LLC lessened its holdings in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 4.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 625,000 shares of the financial services provider's stock after selling 30,000 shares during the period. LPL Financial comprises approximately 3.1% of Third Point LLC's holdings, making the stock its 12th largest holding. Third Point LLC owned about 0.78% of LPL Financial worth $204,462,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Summit Securities Group LLC purchased a new position in LPL Financial during the 1st quarter valued at about $26,000. Millstone Evans Group LLC increased its holdings 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 valued at $28,000 after purchasing an additional 48 shares during the period. Private Trust Co. NA increased 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 period. MassMutual Private Wealth & Trust FSB increased its holdings in LPL Financial by 63.9% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 100 shares of the financial services provider's stock valued at $33,000 after purchasing an additional 39 shares during the period. Finally, City Holding Co. purchased a new position in LPL Financial during the 1st quarter valued at about $34,000. Hedge funds and other institutional investors own 95.66% of the company's stock.

LPL Financial Stock Up 1.1%

Shares of LPL Financial stock traded up $3.78 during midday trading on Friday, hitting $351.49. The company had a trading volume of 169,498 shares, compared to its average volume of 816,968. 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 stock has a market capitalization of $28.12 billion, a P/E ratio of 24.05, a P/E/G ratio of 0.80 and a beta of 0.66. The company has a 50 day moving average of $368.35 and a 200 day moving average of $354.09. LPL Financial Holdings Inc. has a 52-week low of $205.50 and a 52-week high of $403.58.

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. LPL Financial had a return on equity of 39.80% and a net margin of 7.91%.The company had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.77 billion. During the same quarter in the prior year, the business posted $3.88 EPS. The firm's quarterly revenue was up 30.8% compared to the same quarter last year. On average, equities analysts predict 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 announced a quarterly dividend, which was paid on Friday, August 29th. Shareholders of record on Friday, August 15th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 0.3%. The ex-dividend date was Friday, August 15th. LPL Financial's dividend payout ratio (DPR) is currently 8.21%.

Insider Buying and Selling at LPL Financial

In other LPL Financial news, Director Greg Gates sold 1,500 shares of the stock in a transaction on Friday, September 5th. The stock was sold at an average price of $338.21, for a total transaction of $507,315.00. Following the sale, the director directly owned 17,620 shares in the company, valued at approximately $5,959,260.20. This trade represents a 7.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Aneri Jambusaria sold 80 shares of the stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $361.25, for a total value of $28,900.00. Following the sale, the director owned 5,582 shares in the company, valued at approximately $2,016,497.50. This represents a 1.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,580 shares of company stock worth $1,671,235. Company insiders own 1.30% of the company's stock.

Wall Street Analyst Weigh In

LPLA has been the topic of a number of research analyst reports. Barclays reduced their price target on LPL Financial from $463.00 to $460.00 and set an "overweight" rating on the stock in a report on Tuesday, September 2nd. Morgan Stanley reiterated an "overweight" rating and set a $490.00 target price (up previously from $450.00) on shares of LPL Financial in a report on Tuesday, July 15th. The Goldman Sachs Group initiated coverage on LPL Financial in a report on Friday. They set a "buy" rating and a $405.00 target price on the stock. Redburn Atlantic upgraded LPL Financial from a "neutral" rating to a "buy" rating and upped their target price for the stock from $420.00 to $460.00 in a report on Monday, June 9th. Finally, Wall Street Zen downgraded LPL Financial from a "buy" rating to a "hold" rating in a report on Saturday, June 14th. Ten research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $391.67.

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.