LPL Financial (NASDAQ:LPLA) Price Target Cut to $438.00 by Analysts at JPMorgan Chase & Co.

Key Points

• Analysts at JPMorgan Chase & Co. have reduced the price target for LPL Financial from $463.00 to $438.00, maintaining an "overweight" rating on the stock.
• Despite the price reduction, the new target suggests a potential upside of 27.11% based on the current stock price.
• The average rating for LPL Financial is a "Moderate Buy" with an average price target of $398.38, as reported by MarketBeat.

LPL Financial (NASDAQ:LPLA - Get Free Report) had its price objective dropped by research analysts at JPMorgan Chase & Co. from $463.00 to $438.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has an "overweight" rating on the financial services provider's stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 27.11% from the stock's current price.

Several other research analysts have also commented on LPLA. TD Cowen lowered shares of LPL Financial from a "strong-buy" rating to a "hold" rating and cut their price target for the company from $406.00 to $403.00 in a report on Wednesday, July 9th. The Goldman Sachs Group started coverage on shares of LPL Financial in a research note on Friday, September 12th. They issued a "buy" rating and a $405.00 price target for the company. UBS Group set a $455.00 price objective on shares of LPL Financial in a report on Thursday, October 9th. Raymond James Financial raised shares of LPL Financial from an "underperform" rating to a "market perform" rating in a report on Thursday, October 9th. Finally, Wells Fargo & Company lifted their price objective on shares of LPL Financial from $402.00 to $420.00 and gave the stock an "overweight" rating in a report on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, LPL Financial presently has an average rating of "Moderate Buy" and an average price target of $398.38.

LPL Financial Trading Up 2.0%

Shares of LPLA traded up $6.64 during mid-day trading on Monday, hitting $344.58. The company had a trading volume of 167,822 shares, compared to its average volume of 840,193. The business's 50-day simple moving average is $342.78 and its 200-day simple moving average is $353.33. The company has a quick ratio of 3.22, a current ratio of 3.22 and a debt-to-equity ratio of 1.41. LPL Financial has a 1-year low of $252.55 and a 1-year high of $403.58. The stock has a market cap of $27.57 billion, a PE ratio of 23.50, a P/E/G ratio of 0.79 and a beta of 0.61.

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

Insider Activity

In related news, Director Aneri Jambusaria sold 80 shares of the company's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $361.25, for a total value of $28,900.00. Following the completion of the sale, the director owned 5,582 shares of the company's stock, valued at $2,016,497.50. This represents a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Greg Gates sold 750 shares of the company's stock in a transaction dated Monday, October 6th. The stock was sold at an average price of $314.42, for a total transaction of $235,815.00. Following the completion of the sale, the director directly owned 16,870 shares of the company's stock, valued at $5,304,265.40. The trade was a 4.26% decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,830 shares of company stock valued at $1,333,105 in the last ninety days. Corporate insiders own 0.70% of the company's stock.

Institutional Investors Weigh In On LPL Financial

Several hedge funds and other institutional investors have recently bought and sold shares of LPLA. Dodge & Cox raised its position in LPL Financial by 77.3% in the second quarter. Dodge & Cox now owns 2,701,709 shares of the financial services provider's stock worth $1,013,060,000 after acquiring an additional 1,178,249 shares in the last quarter. Norges Bank bought a new stake in LPL Financial in the second quarter worth about $402,312,000. Principal Financial Group Inc. raised its position in LPL Financial by 1,453.3% in the first quarter. Principal Financial Group Inc. now owns 1,038,683 shares of the financial services provider's stock worth $339,795,000 after acquiring an additional 971,814 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in LPL Financial by 61.1% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,442,182 shares of the financial services provider's stock worth $915,745,000 after acquiring an additional 926,122 shares in the last quarter. Finally, Jennison Associates LLC raised its holdings in LPL Financial by 786.2% during the 1st quarter. Jennison Associates LLC now owns 959,371 shares of the financial services provider's stock worth $313,849,000 after buying an additional 851,115 shares during the period. 95.66% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.