Envestnet Portfolio Solutions Inc. Sells 3,704 Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)

Envestnet Portfolio Solutions Inc. lessened its stake in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 19.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,619 shares of the financial services provider's stock after selling 3,704 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in LPL Financial were worth $3,555,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the company. QRG Capital Management Inc. lifted its holdings in shares of LPL Financial by 5.4% during the 4th quarter. QRG Capital Management Inc. now owns 5,491 shares of the financial services provider's stock worth $1,250,000 after acquiring an additional 283 shares during the period. BNP Paribas Financial Markets grew its position in shares of LPL Financial by 226.3% in the 4th quarter. BNP Paribas Financial Markets now owns 38,076 shares of the financial services provider's stock valued at $8,667,000 after buying an additional 26,406 shares during the last quarter. Mawer Investment Management Ltd. acquired a new stake in LPL Financial during the 4th quarter valued at approximately $3,375,000. Northwest Financial Advisors bought a new stake in LPL Financial during the fourth quarter valued at $3,501,000. Finally, Principal Securities Inc. acquired a new stake in shares of LPL Financial during the 4th quarter worth approximately $551,000. 95.66% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have weighed in on LPLA. JMP Securities restated a "market outperform" rating and set a $305.00 price objective on shares of LPL Financial in a report on Wednesday, May 1st. JPMorgan Chase & Co. raised their price objective on LPL Financial from $254.00 to $260.00 and gave the company a "neutral" rating in a research note on Tuesday, April 2nd. UBS Group increased their target price on shares of LPL Financial from $260.00 to $267.00 and gave the company a "neutral" rating in a report on Wednesday, February 14th. Morgan Stanley upgraded shares of LPL Financial from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $254.00 to $315.00 in a report on Tuesday, April 9th. Finally, TD Cowen boosted their target price on LPL Financial from $269.00 to $271.00 and gave the stock a "hold" rating in a research note on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $276.20.

LPL Financial Stock Performance

Shares of NASDAQ LPLA traded down $0.64 during trading on Wednesday, reaching $267.77. 424,172 shares of the stock traded hands, compared to its average volume of 536,682. The company has a debt-to-equity ratio of 1.70, a current ratio of 1.84 and a quick ratio of 1.84. The stock has a market capitalization of $20.01 billion, a P/E ratio of 20.27, a price-to-earnings-growth ratio of 1.07 and a beta of 0.83. LPL Financial Holdings Inc. has a 52-week low of $189.59 and a 52-week high of $276.12. The company has a 50-day moving average of $265.05 and a 200-day moving average of $245.60.

LPL Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 4th. Investors of record on Tuesday, May 21st will be paid a $0.30 dividend. The ex-dividend date of this dividend is Monday, May 20th. This represents a $1.20 dividend on an annualized basis and a yield of 0.45%. LPL Financial's dividend payout ratio is 9.06%.

Insider Transactions at LPL Financial

In related news, Director Kabir Sethi sold 1,300 shares of the business's stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $266.50, for a total transaction of $346,450.00. Following the completion of the transaction, the director now owns 10,245 shares of the company's stock, valued at $2,730,292.50. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Director Kabir Sethi sold 1,300 shares of the firm's stock in a transaction on Monday, February 26th. The shares were sold at an average price of $266.50, for a total transaction of $346,450.00. Following the sale, the director now owns 10,245 shares in the company, valued at approximately $2,730,292.50. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Dan H. Arnold sold 34,807 shares of the firm's stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $266.54, for a total value of $9,277,457.78. Following the sale, the chief executive officer now owns 141,810 shares in the company, valued at approximately $37,798,037.40. The disclosure for this sale can be found here. Insiders sold 60,151 shares of company stock valued at $15,911,088 over the last three months. Company insiders own 1.00% of the company's stock.

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.