First Trust Advisors LP boosted its position in LPL Financial Holdings Inc (NASDAQ:LPLA) by 5.1% in the 3rd quarter, Holdings Channel reports. The firm owned 259,202 shares of the financial services provider’s stock after buying an additional 12,609 shares during the quarter. First Trust Advisors LP’s holdings in LPL Financial were worth $16,721,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of the company. Great West Life Assurance Co. Can raised its stake in shares of LPL Financial by 12.1% during the second quarter. Great West Life Assurance Co. Can now owns 9,853 shares of the financial services provider’s stock valued at $646,000 after acquiring an additional 1,065 shares in the last quarter. First Mercantile Trust Co. raised its stake in shares of LPL Financial by 12.2% during the second quarter. First Mercantile Trust Co. now owns 10,525 shares of the financial services provider’s stock valued at $689,000 after acquiring an additional 1,141 shares in the last quarter. HL Financial Services LLC raised its stake in shares of LPL Financial by 22.3% during the second quarter. HL Financial Services LLC now owns 7,280 shares of the financial services provider’s stock valued at $477,000 after acquiring an additional 1,325 shares in the last quarter. Integrated Investment Consultants LLC bought a new stake in shares of LPL Financial during the second quarter valued at approximately $111,000. Finally, Amalgamated Bank raised its stake in shares of LPL Financial by 9.5% during the second quarter. Amalgamated Bank now owns 20,656 shares of the financial services provider’s stock valued at $1,354,000 after acquiring an additional 1,797 shares in the last quarter. 94.47% of the stock is owned by hedge funds and other institutional investors.
Several research firms have recently weighed in on LPLA. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $83.00 price target on shares of LPL Financial in a research note on Friday, July 27th. Wells Fargo & Co lifted their price target on shares of LPL Financial from $70.00 to $74.00 and gave the company a “market perform” rating in a research note on Friday, July 27th. BidaskClub raised shares of LPL Financial from a “sell” rating to a “hold” rating in a research note on Saturday, July 21st. Zacks Investment Research downgraded shares of LPL Financial from a “buy” rating to a “hold” rating in a research note on Tuesday, August 21st. Finally, Wolfe Research began coverage on shares of LPL Financial in a research note on Tuesday, September 25th. They set an “outperform” rating for the company. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $78.18.
Shares of LPLA stock opened at $65.15 on Friday. The company has a market cap of $5.50 billion, a P/E ratio of 21.72, a price-to-earnings-growth ratio of 0.82 and a beta of 1.59. The company has a debt-to-equity ratio of 2.43, a quick ratio of 1.40 and a current ratio of 1.40. LPL Financial Holdings Inc has a 52-week low of $48.13 and a 52-week high of $73.28.
LPL Financial (NASDAQ:LPLA) last issued its quarterly earnings data on Thursday, October 25th. The financial services provider reported $1.32 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.24 by $0.08. The company had revenue of $1.33 billion for the quarter, compared to analyst estimates of $1.30 billion. LPL Financial had a net margin of 7.68% and a return on equity of 41.69%. Sell-side analysts anticipate that LPL Financial Holdings Inc will post 5.16 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 26th. Investors of record on Thursday, November 8th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.53%. The ex-dividend date of this dividend is Wednesday, November 7th. LPL Financial’s payout ratio is 33.33%.
In related news, Director Michelle Oroschakoff sold 6,000 shares of LPL Financial stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $67.11, for a total transaction of $402,660.00. Following the transaction, the director now directly owns 19,811 shares of the company’s stock, valued at $1,329,516.21. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 2.60% of the company’s stock.
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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 financial institutions in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, equities, retirement and 529 education savings plans, fixed income, and insurance, as well as alternative investments, such as non-traded real estate investment trusts and business development companies.
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