Thornburg Investment Management Inc. Increases Stock Holdings in LPL Financial Holdings Inc. $LPLA

Key Points

• Thornburg Investment Management increased its LPL Financial stake by 48.5% in the second quarter, bringing its holdings to 54,967 shares valued at approximately $15.5 million. Institutional investors collectively own 95.66% of LPL’s stock.
• LPL Financial reported stronger-than-expected quarterly results, with EPS of $5.84 and revenue of $5.19 billion; revenue rose 35.2% year over year. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $406.69.
• LPL shares opened at $370.69, while insiders have sold 5,427 shares worth about $1.91 million over the past 90 days. The company also paid a quarterly dividend of $0.30 per share, yielding approximately 0.3%.

Thornburg Investment Management Inc. boosted its holdings in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 48.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 54,967 shares of the financial services provider's stock after purchasing an additional 17,957 shares during the quarter. Thornburg Investment Management Inc. owned approximately 0.07% of LPL Financial worth $15,483,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in LPL Financial in the 2nd quarter valued at about $1,333,189,000. Jupiter Topco LLC acquired a new position in shares of LPL Financial during the 2nd quarter valued at about $1,182,595,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of LPL Financial during the 4th quarter worth about $450,493,000. SurgoCap Partners LP purchased a new position in shares of LPL Financial during the 2nd quarter worth about $299,487,000. Finally, Norges Bank acquired a new stake in shares of LPL Financial in the fourth quarter worth approximately $371,616,000. 95.66% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Greg Gates sold 4,119 shares of the company's stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $355.38, for a total transaction of $1,463,810.22. Following the completion of the sale, the director directly owned 23,602 shares of the company's stock, valued at approximately $8,387,678.76. This represents a 14.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Aneri Jambusaria sold 308 shares of the company's stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $306.00, for a total transaction of $94,248.00. Following the sale, the director directly owned 6,415 shares of the company's stock, valued at approximately $1,962,990. This trade represents a 4.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 5,427 shares of company stock valued at $1,910,778. Company insiders own 0.60% of the company's stock.

LPL Financial Stock Performance

NASDAQ LPLA opened at $370.69 on Friday. The company has a debt-to-equity ratio of 1.30, a current ratio of 2.39 and a quick ratio of 2.39. LPL Financial Holdings Inc. has a 1-year low of $260.15 and a 1-year high of $400.16. The firm has a market capitalization of $29.19 billion, a P/E ratio of 29.56, a P/E/G ratio of 0.62 and a beta of 0.48. The business's 50-day simple moving average is $333.13 and its 200-day simple moving average is $315.22.

LPL Financial (NASDAQ:LPLA - Get Free Report) last posted its earnings results on Thursday, July 30th. The financial services provider reported $5.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.39 by $0.45. LPL Financial had a net margin of 5.13% and a return on equity of 32.20%. The firm had revenue of $5.19 billion during the quarter, compared to the consensus estimate of $5.04 billion. During the same quarter in the prior year, the company earned $4.51 EPS. The company's revenue was up 35.2% on a year-over-year basis. Equities analysts predict that LPL Financial Holdings Inc. will post 24.09 EPS for the current year.

LPL Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Friday, August 14th 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 14th. LPL Financial's payout ratio is currently 9.57%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on LPLA shares. TD Cowen boosted their target price on shares of LPL Financial from $330.00 to $372.00 and gave the company a "hold" rating in a report on Friday, July 31st. Wolfe Research reaffirmed an "outperform" rating and set a $454.00 price target on shares of LPL Financial in a research note on Wednesday, August 12th. Weiss Ratings reiterated a "hold (c)" rating on shares of LPL Financial in a report on Friday, July 24th. BMO Capital Markets boosted their price objective on shares of LPL Financial from $300.00 to $390.00 and gave the company an "outperform" rating in a research note on Monday, August 3rd. Finally, JPMorgan Chase & Co. upped their price objective on LPL Financial from $408.00 to $428.00 and gave the stock an "overweight" rating in a report on Friday, July 31st. Twelve equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $406.69.

LPL Financial Company Profile

LPL Financial NASDAQ: LPLA is a U.S.-focused financial services firm that provides brokerage, custodial and advisory platforms to independent financial advisors, registered investment advisers and institutions. Operating primarily as an independent broker-dealer and custodian, the company supports a network of advisors with the operational, compliance and clearing infrastructure needed to manage client accounts and deliver investment advice outside of traditional wirehouse models.

The firm's product and service offerings include trade execution and clearing, custody services, retirement plan services, model portfolio and advisory platforms, wealth management technology, investment research and product access across equities, fixed income, mutual funds, exchange-traded funds and insurance and annuity solutions.

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