Southpoint Capital Advisors LP boosted its position in LPL Financial Holdings Inc. (NASDAQ:LPLA) by 1.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,775,000 shares of the financial services provider’s stock after purchasing an additional 25,000 shares during the quarter. LPL Financial makes up 4.2% of Southpoint Capital Advisors LP’s portfolio, making the stock its 3rd biggest position. Southpoint Capital Advisors LP owned approximately 2.22% of LPL Financial worth $252,334,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently bought and sold shares of LPLA. Better Money Decisions LLC bought a new position in LPL Financial in the first quarter worth $25,000. Capital Asset Advisory Services LLC purchased a new stake in shares of LPL Financial in the fourth quarter worth $28,000. Ameritas Investment Company LLC purchased a new stake in shares of LPL Financial in the first quarter worth $29,000. Fred Alger Management LLC purchased a new stake in shares of LPL Financial in the first quarter worth $30,000. Finally, Wolverine Asset Management LLC purchased a new stake in shares of LPL Financial in the first quarter worth $55,000. Institutional investors and hedge funds own 95.97% of the company’s stock.
In related news, Director Matthew Enyedi sold 7,712 shares of the business’s stock in a transaction on Tuesday, July 20th. The stock was sold at an average price of $130.00, for a total transaction of $1,002,560.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Dan H. Arnold sold 15,594 shares of the business’s stock in a transaction on Monday, May 10th. The stock was sold at an average price of $154.41, for a total value of $2,407,869.54. Following the transaction, the chief executive officer now owns 219,609 shares in the company, valued at $33,909,825.69. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 137,340 shares of company stock worth $20,428,432. 1.90% of the stock is owned by company insiders.
LPL Financial (NASDAQ:LPLA) last posted its quarterly earnings data on Thursday, April 29th. The financial services provider reported $1.77 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.64 by $0.13. LPL Financial had a return on equity of 39.31% and a net margin of 7.30%. The company had revenue of $1.71 billion during the quarter. Sell-side analysts forecast that LPL Financial Holdings Inc. will post 7.17 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, June 7th. Shareholders of record on Monday, May 24th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 0.73%. The ex-dividend date of this dividend was Friday, May 21st. LPL Financial’s dividend payout ratio (DPR) is presently 15.48%.
A number of research analysts have weighed in on LPLA shares. The Goldman Sachs Group downgraded LPL Financial from a “conviction-buy” rating to a “buy” rating in a report on Wednesday, June 23rd. Credit Suisse Group reissued a “neutral” rating and issued a $166.00 target price on shares of LPL Financial in a report on Thursday, May 27th. lowered their target price on LPL Financial from $239.00 to $220.00 and set a “buy” rating on the stock in a report on Monday, July 12th. Barclays raised their price objective on LPL Financial from $61.00 to $66.00 and gave the stock an “equal weight” rating in a research note on Monday, April 12th. They noted that the move was a valuation call. Finally, UBS Group lifted their target price on LPL Financial from $160.00 to $175.00 and gave the company a “buy” rating in a research note on Friday, April 30th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $155.35.
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 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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