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

LPL Financial (NASDAQ:LPLA - Get Free Report) was downgraded by investment analysts at TD Cowen from a "strong-buy" rating to a "hold" rating in a report released on Wednesday, MarketBeat reports. They presently have a $403.00 price target on the financial services provider's stock, down from their prior price target of $406.00. TD Cowen's price target would suggest a potential upside of 5.63% from the company's current price.

Several other research firms have also weighed in on LPLA. Redburn Atlantic raised LPL Financial from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $420.00 to $460.00 in a research report on Monday, June 9th. JMP Securities lifted their price target on LPL Financial from $420.00 to $440.00 and gave the company a "market outperform" rating in a research note on Friday, May 9th. Citigroup downgraded LPL Financial from a "buy" rating to a "neutral" rating and set a $400.00 price target for the company. in a research note on Monday, June 9th. Wells Fargo & Company cut their price target on LPL Financial from $405.00 to $342.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Finally, Morgan Stanley lifted their price target on LPL Financial from $330.00 to $450.00 and gave the company an "overweight" rating in a research note on Wednesday, May 21st. One analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $363.08.

LPL Financial Price Performance

NASDAQ:LPLA traded up $0.64 during trading hours on Wednesday, reaching $381.54. 216,071 shares of the company were exchanged, compared to its average volume of 803,067. The company has a market capitalization of $30.52 billion, a P/E ratio of 26.40, a P/E/G ratio of 1.05 and a beta of 0.64. LPL Financial has a 1-year low of $187.19 and a 1-year high of $390.23. The company has a debt-to-equity ratio of 1.82, a current ratio of 2.31 and a quick ratio of 2.31. The business has a 50 day moving average of $372.62 and a 200 day moving average of $349.25.

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

Insider Activity at LPL Financial

In related news, Director Greg Gates sold 1,500 shares of the business's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $382.63, for a total transaction of $573,945.00. Following the completion of the transaction, the director owned 20,620 shares in the company, valued at approximately $7,889,830.60. The trade was a 6.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.30% of the stock is owned by company insiders.

Institutional Trading of LPL Financial

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Summit Securities Group LLC acquired a new position in LPL Financial in the 1st quarter worth $26,000. Millstone Evans Group LLC increased 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 valued at $28,000 after purchasing an additional 48 shares during the period. Graney & King LLC acquired a new position in shares of LPL Financial during the fourth quarter valued at approximately $30,000. Private Trust Co. NA increased its stake in shares of LPL Financial by 234.5% during the first quarter. Private Trust Co. NA now owns 97 shares of the financial services provider's stock valued at $32,000 after acquiring an additional 68 shares during the period. Finally, MassMutual Private Wealth & Trust FSB increased its stake in shares of LPL Financial by 63.9% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 100 shares of the financial services provider's stock valued at $33,000 after acquiring 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.