LPL Financial (NASDAQ:LPLA) Stock Rating Lowered by Citigroup

Citigroup lowered shares of LPL Financial (NASDAQ:LPLA - Free Report) from a neutral rating to a sell rating in a research note published on Wednesday, MarketBeat.com reports. Citigroup currently has $80.00 price target on the financial services provider's stock.

A number of other research firms have also commented on LPLA. Barclays raised their price target on LPL Financial from $400.00 to $450.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. Wells Fargo & Company reduced their target price on LPL Financial from $405.00 to $342.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. JMP Securities upped their price target on LPL Financial from $420.00 to $440.00 and gave the company a "market outperform" rating in a research report on Friday, May 9th. Redburn Atlantic upgraded shares of LPL Financial from a "neutral" rating to a "buy" rating and raised their price objective for the company from $420.00 to $460.00 in a research report on Monday, June 9th. Finally, Morgan Stanley boosted their price objective on shares of LPL Financial from $330.00 to $450.00 and gave the company an "overweight" rating in a research note on Wednesday, May 21st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $369.08.

LPL Financial Stock Performance

NASDAQ LPLA traded down $8.21 during trading on Wednesday, hitting $371.97. 422,028 shares of the company's stock traded hands, compared to its average volume of 852,301. The company has a debt-to-equity ratio of 1.82, a quick ratio of 2.31 and a current ratio of 2.31. The stock has a market capitalization of $29.75 billion, a price-to-earnings ratio of 25.74, a PEG ratio of 1.05 and a beta of 0.64. LPL Financial has a 12-month low of $187.19 and a 12-month high of $390.23. The business has a 50 day moving average of $373.74 and a 200-day moving average of $349.60.

LPL Financial (NASDAQ:LPLA - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The financial services provider reported $5.15 EPS for the quarter, beating analysts' consensus estimates of $4.54 by $0.61. LPL Financial had a net margin of 8.23% and a return on equity of 46.34%. The company had revenue of $3.67 billion for the quarter, compared to analysts' expectations of $3.63 billion. During the same period in the prior year, the company posted $3.83 EPS. LPL Financial's revenue was up 4.5% compared to the same quarter last year. As a group, equities research analysts anticipate that LPL Financial will post 19.35 earnings per share for the current fiscal year.

LPL Financial Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 30th were given a $0.30 dividend. The ex-dividend date was Friday, May 30th. This represents a $1.20 annualized dividend and a yield of 0.32%. LPL Financial's dividend payout ratio (DPR) is presently 8.30%.

Insiders Place Their Bets

In other news, Director Greg Gates sold 1,500 shares of the company's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $382.63, for a total value of $573,945.00. Following the completion of the transaction, the director directly owned 20,620 shares in the company, valued at approximately $7,889,830.60. This represents a 6.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.30% of the stock is owned by insiders.

Institutional Trading of LPL Financial

A number of hedge funds have recently bought and sold shares of the company. Bank of Montreal Can raised its stake in shares of LPL Financial by 46.9% during the fourth quarter. Bank of Montreal Can now owns 59,910 shares of the financial services provider's stock worth $19,561,000 after acquiring an additional 19,126 shares in the last quarter. DAVENPORT & Co LLC raised its position in LPL Financial by 8.9% in the 1st quarter. DAVENPORT & Co LLC now owns 1,918 shares of the financial services provider's stock worth $627,000 after purchasing an additional 156 shares during the period. Merit Financial Group LLC lifted its stake in LPL Financial by 195.1% in the first quarter. Merit Financial Group LLC now owns 3,341 shares of the financial services provider's stock worth $1,093,000 after purchasing an additional 2,209 shares during the last quarter. Amalgamated Bank boosted its position in LPL Financial by 3.8% during the first quarter. Amalgamated Bank now owns 5,875 shares of the financial services provider's stock valued at $1,922,000 after buying an additional 213 shares during the period. Finally, Blue Trust Inc. grew its stake in shares of LPL Financial by 2,319.1% during the first quarter. Blue Trust Inc. now owns 1,137 shares of the financial services provider's stock valued at $372,000 after buying an additional 1,090 shares during the last quarter. Institutional investors own 95.66% of the company's stock.

LPL Financial Company 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.