Third Point LLC Acquires 170,000 Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)

Third Point LLC boosted its stake in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 35.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 655,000 shares of the financial services provider's stock after purchasing an additional 170,000 shares during the period. LPL Financial comprises 2.9% of Third Point LLC's investment portfolio, making the stock its 13th largest position. Third Point LLC owned 0.87% of LPL Financial worth $213,864,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Principal Financial Group Inc. increased its position in LPL Financial by 15.7% during the 3rd quarter. Principal Financial Group Inc. now owns 25,418 shares of the financial services provider's stock valued at $5,913,000 after buying an additional 3,444 shares in the last quarter. Truist Financial Corp raised its holdings in LPL Financial by 7.9% in the fourth quarter. Truist Financial Corp now owns 192,153 shares of the financial services provider's stock worth $62,740,000 after buying an additional 14,106 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of LPL Financial by 4.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 31,209 shares of the financial services provider's stock worth $10,190,000 after buying an additional 1,383 shares in the last quarter. Bank of Montreal Can grew its holdings 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 valued at $19,561,000 after buying an additional 19,126 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of LPL Financial by 4.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 335,749 shares of the financial services provider's stock valued at $109,625,000 after acquiring an additional 13,936 shares in the last quarter. Institutional investors own 95.66% of the company's stock.

Insider Buying and Selling

In related news, CFO Matthew J. Audette sold 4,588 shares of LPL Financial stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $360.07, for a total transaction of $1,652,001.16. Following the sale, the chief financial officer now owns 16,538 shares of the company's stock, valued at approximately $5,954,837.66. This trade represents a 21.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Marc Eliot Cohen sold 1,100 shares of the company's stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $365.85, for a total value of $402,435.00. Following the completion of the transaction, the director now owns 4,075 shares of the company's stock, valued at $1,490,838.75. The trade was a 21.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,465 shares of company stock valued at $12,562,070. Company insiders own 1.30% of the company's stock.

LPL Financial Stock Performance

NASDAQ:LPLA traded up $9.53 during mid-day trading on Friday, hitting $333.56. 613,454 shares of the company traded hands, compared to its average volume of 826,249. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 1.60. The stock's fifty day moving average price is $322.48 and its 200-day moving average price is $326.55. The firm has a market cap of $26.47 billion, a price-to-earnings ratio of 23.76, a price-to-earnings-growth ratio of 0.94 and a beta of 0.64. LPL Financial Holdings Inc. has a one year low of $187.19 and a one year high of $384.04.

LPL Financial (NASDAQ:LPLA - Get Free Report) last released its earnings results on Thursday, January 30th. The financial services provider reported $4.25 EPS for the quarter, topping analysts' consensus estimates of $4.01 by $0.24. LPL Financial had a net margin of 8.55% and a return on equity of 49.41%. Research analysts anticipate that LPL Financial Holdings Inc. will post 19.35 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have commented on the company. Citigroup cut their target price on LPL Financial from $415.00 to $400.00 and set a "buy" rating on the stock in a research note on Wednesday, April 2nd. UBS Group lifted their price objective on LPL Financial from $390.00 to $420.00 and gave the stock a "buy" rating in a report on Friday, January 31st. Keefe, Bruyette & Woods upped their target price on shares of LPL Financial from $390.00 to $405.00 and gave the company an "outperform" rating in a research note on Friday, January 31st. JPMorgan Chase & Co. lifted their price target on shares of LPL Financial from $397.00 to $405.00 and gave the stock an "overweight" rating in a research note on Friday, January 31st. Finally, Barclays lowered their price objective on shares of LPL Financial from $414.00 to $365.00 and set an "overweight" rating on the stock in a research report on Monday, April 7th. One research analyst has rated the stock with a sell rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat.com, LPL Financial presently has a consensus rating of "Moderate Buy" and an average price target of $369.83.

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.