Wealthspire Advisors LLC Takes $259,000 Position in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Key Points

• Wealthspire Advisors LLC acquired 791 shares of LPL Financial Holdings Inc. for approximately $259,000 during the first quarter of 2023.
• Several large investors notably increased their stakes in LPL Financial, with Principal Financial Group Inc. and Jennison Associates LLC both increasing their holdings by over 700% this quarter.
• Analysts are optimistic about LPL Financial's growth, with numerous firms upgrading their price targets and maintaining an overall rating of "Moderate Buy."

Wealthspire Advisors LLC purchased a new stake in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) during the first quarter, according to the company in its most recent filing with the SEC. The firm purchased 791 shares of the financial services provider's stock, valued at approximately $259,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Westfield Capital Management Co. LP boosted its holdings in shares of LPL Financial by 17.6% in the 1st quarter. Westfield Capital Management Co. LP now owns 830,099 shares of the financial services provider's stock valued at $271,559,000 after buying an additional 124,180 shares during the period. Raiffeisen Bank International AG acquired a new stake in shares of LPL Financial in the 1st quarter worth approximately $324,000. Bank of Nova Scotia acquired a new stake in shares of LPL Financial in the 1st quarter worth approximately $941,000. R Squared Ltd grew its holdings in LPL Financial by 158.3% during the first quarter. R Squared Ltd now owns 620 shares of the financial services provider's stock worth $203,000 after acquiring an additional 380 shares during the period. Finally, United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund lifted its stake in LPL Financial by 110.0% during the first quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund now owns 2,100 shares of the financial services provider's stock valued at $687,000 after purchasing an additional 1,100 shares during the last quarter. Institutional investors and hedge funds own 95.66% of the company's stock.

LPL Financial Stock Up 0.7%

LPLA traded up $2.76 during trading hours on Tuesday, hitting $373.41. 592,280 shares of the company's stock were exchanged, compared to its average volume of 815,436. The stock has a market cap of $29.87 billion, a price-to-earnings ratio of 25.54, a PEG ratio of 0.87 and a beta of 0.66. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 1.41. The stock's 50-day moving average is $377.43 and its two-hundred day moving average is $355.88. LPL Financial Holdings Inc. has a 1-year low of $198.87 and a 1-year high of $403.58.

LPL Financial (NASDAQ:LPLA - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The financial services provider reported $4.51 earnings per share for the quarter, beating the consensus estimate of $4.21 by $0.30. The company had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.77 billion. LPL Financial had a net margin of 7.91% and a return on equity of 39.80%. The company's revenue was up 30.8% on a year-over-year basis. During the same period in the prior year, the firm earned $3.88 earnings per share. Sell-side analysts predict that LPL Financial Holdings Inc. will post 19.35 earnings per share for the current fiscal year.

LPL Financial Dividend Announcement

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

Insider Buying and Selling

In other LPL Financial news, Director Greg Gates sold 1,500 shares of the firm's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $374.05, for a total value of $561,075.00. Following the transaction, the director directly owned 19,120 shares of the company's stock, valued at $7,151,836. This trade represents a 7.27% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Wells Fargo & Company increased their target price on shares of LPL Financial from $402.00 to $420.00 and gave the company an "overweight" rating in a research note on Friday, July 11th. Wall Street Zen downgraded shares of LPL Financial from a "buy" rating to a "hold" rating in a research report on Saturday, June 14th. Redburn Atlantic upgraded shares of LPL Financial from a "neutral" rating to a "buy" rating and upped their price target for the company from $420.00 to $460.00 in a research report on Monday, June 9th. Citigroup lowered shares of LPL Financial from a "neutral" rating to a "sell" rating and set a $80.00 price objective on the stock. in a research note on Wednesday, July 9th. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $490.00 price objective (up previously from $450.00) on shares of LPL Financial in a research note on Tuesday, July 15th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $383.58.

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.