LPL Financial (NASDAQ:LPLA) Downgraded to Hold Rating by TD Cowen

LPL Financial (NASDAQ:LPLA - Get Free Report) was downgraded by equities research analysts at TD Cowen from a "strong-buy" rating to a "hold" rating in a research note issued to investors on Wednesday, MarketBeat reports. They currently have a $403.00 target price on the financial services provider's stock, down from their prior target price of $406.00. TD Cowen's price target points to a potential upside of 6.00% from the company's current price.

Other equities analysts have also issued research reports about the company. Redburn Atlantic raised LPL Financial from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $420.00 to $460.00 in a research report on Monday, June 9th. Barclays lifted their price target on LPL Financial from $400.00 to $450.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. Wall Street Zen cut LPL Financial from a "buy" rating to a "hold" rating in a research report on Saturday, June 14th. Wells Fargo & Company lowered their price objective on LPL Financial from $405.00 to $342.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Finally, Citigroup cut LPL Financial from a "buy" rating to a "neutral" rating and set a $400.00 price objective on the stock. in a research report on Monday, June 9th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $363.08.

LPL Financial Stock Down 0.2%

Shares of NASDAQ LPLA traded down $0.72 on Wednesday, reaching $380.18. 613,792 shares of the company's stock traded hands, compared to its average volume of 854,022. LPL Financial has a 12 month low of $187.19 and a 12 month high of $390.23. The business's 50 day simple moving average is $373.74 and its two-hundred day simple moving average is $349.60. The company has a market cap of $30.41 billion, a price-to-earnings ratio of 26.31, a price-to-earnings-growth ratio of 1.05 and a beta of 0.64. The company has a quick ratio of 2.31, a current ratio of 2.31 and a debt-to-equity ratio of 1.82.

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

Insider Activity at LPL Financial

In related news, Director Greg Gates sold 1,500 shares of LPL Financial stock in a transaction on 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 sale, the director owned 20,620 shares of the company's stock, valued at $7,889,830.60. The trade was a 6.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.30% of the stock is owned by insiders.

Institutional Trading of LPL Financial

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LPLA. Summit Securities Group LLC purchased a new stake in LPL Financial during the first quarter valued at approximately $26,000. Millstone Evans Group LLC raised its stake in shares of LPL Financial by 123.1% in the first quarter. Millstone Evans Group LLC now owns 87 shares of the financial services provider's stock worth $28,000 after buying an additional 48 shares during the period. Graney & King LLC bought a new position in shares of LPL Financial in the fourth quarter worth about $30,000. Private Trust Co. NA raised its stake in shares of LPL Financial by 234.5% in the first quarter. Private Trust Co. NA now owns 97 shares of the financial services provider's stock worth $32,000 after buying an additional 68 shares during the period. Finally, MassMutual Private Wealth & Trust FSB raised its stake in shares of LPL Financial by 63.9% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 100 shares of the financial services provider's stock worth $33,000 after buying an additional 39 shares during the period. 95.66% of the stock is owned by hedge funds and other 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.