Vestmark Advisory Solutions Inc. Buys 21,873 Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)

Key Points

• Vestmark Advisory Solutions Inc. increased its stake in LPL Financial Holdings Inc. by 104.5% during the first quarter, now owning 42,798 shares valued at $14 million.
• Several institutional investors also boosted their holdings in LPL Financial, with hedge funds now owning 95.66% of the company's stock.
• LPL Financial reported quarterly earnings of $4.51 per share, exceeding expectations and reflecting a 30.8% increase in revenue compared to the same quarter last year.

Vestmark Advisory Solutions Inc. increased its stake in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 104.5% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 42,798 shares of the financial services provider's stock after purchasing an additional 21,873 shares during the quarter. Vestmark Advisory Solutions Inc. owned approximately 0.05% of LPL Financial worth $14,001,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Colonial Trust Co SC raised its holdings in shares of LPL Financial by 6.1% during the 4th quarter. Colonial Trust Co SC now owns 505 shares of the financial services provider's stock worth $165,000 after buying an additional 29 shares in the last quarter. United Capital Financial Advisors LLC increased its holdings in LPL Financial by 2.6% in the 4th quarter. United Capital Financial Advisors LLC now owns 1,203 shares of the financial services provider's stock worth $393,000 after purchasing an additional 31 shares in the last quarter. Koshinski Asset Management Inc. grew its position in shares of LPL Financial by 4.9% in the 1st quarter. Koshinski Asset Management Inc. now owns 812 shares of the financial services provider's stock valued at $266,000 after buying an additional 38 shares during the last quarter. Mariner LLC grew its position in shares of LPL Financial by 0.3% in the 4th quarter. Mariner LLC now owns 12,611 shares of the financial services provider's stock valued at $4,117,000 after buying an additional 39 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its position in shares of LPL Financial by 63.9% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 100 shares of the financial services provider's stock valued at $33,000 after buying an additional 39 shares during the last quarter. 95.66% of the stock is currently owned by institutional investors.

Insider Activity at LPL Financial

In related news, Director Greg Gates sold 1,500 shares of the business's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $374.05, for a total transaction of $561,075.00. Following the transaction, the director owned 19,120 shares of the company's stock, valued at approximately $7,151,836. The trade was a 7.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.30% of the stock is currently owned by corporate insiders.

LPL Financial Stock Down 1.4%

NASDAQ LPLA traded down $4.98 during trading hours on Friday, reaching $350.98. 506,950 shares of the company traded hands, compared to its average volume of 934,077. LPL Financial Holdings Inc. has a 12 month low of $204.41 and a 12 month high of $403.58. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 1.41. The stock has a market capitalization of $28.08 billion, a PE ratio of 24.01, a PEG ratio of 0.82 and a beta of 0.66. The company has a 50 day moving average of $375.53 and a two-hundred day moving average of $355.93.

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 (EPS) for the quarter, topping analysts' consensus estimates of $4.21 by $0.30. LPL Financial had a net margin of 7.91% and a return on equity of 39.80%. The company had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $3.77 billion. During the same period last year, the firm posted $3.88 EPS. The company's revenue for the quarter was up 30.8% on a year-over-year basis. As a group, equities analysts expect that LPL Financial Holdings Inc. will post 19.35 earnings per share for the current year.

LPL Financial Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be given a $0.30 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.3%. LPL Financial's dividend payout ratio (DPR) is currently 8.21%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Citigroup downgraded LPL Financial from a "neutral" rating to a "sell" rating and set a $80.00 price target for the company. in a research report on Wednesday, July 9th. TD Cowen lowered LPL Financial from a "strong-buy" rating to a "hold" rating and decreased their price objective for the stock from $406.00 to $403.00 in a report on Wednesday, July 9th. Barclays lifted their price target on LPL Financial from $460.00 to $463.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Redburn Atlantic upgraded LPL Financial from a "neutral" rating to a "buy" rating and lifted their price target for the company from $420.00 to $460.00 in a research report on Monday, June 9th. Finally, Wells Fargo & Company boosted 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. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $383.58.

LPL Financial Profile

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.