Enterprise Financial Services Corp Lowers Stock Position in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Enterprise Financial Services Corp cut its position in shares of LPL Financial Holdings Inc. (NASDAQ:LPLAGet Rating) by 64.0% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 5,724 shares of the financial services provider’s stock after selling 10,168 shares during the quarter. Enterprise Financial Services Corp’s holdings in LPL Financial were worth $916,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC purchased a new position in LPL Financial during the fourth quarter valued at $313,205,000. JPMorgan Chase & Co. lifted its holdings in LPL Financial by 313.4% during the fourth quarter. JPMorgan Chase & Co. now owns 1,325,082 shares of the financial services provider’s stock valued at $212,133,000 after purchasing an additional 1,004,582 shares in the last quarter. abrdn plc purchased a new position in LPL Financial during the fourth quarter valued at $111,468,000. Bank of New York Mellon Corp lifted its holdings in LPL Financial by 31.6% during the third quarter. Bank of New York Mellon Corp now owns 1,477,203 shares of the financial services provider’s stock valued at $231,565,000 after purchasing an additional 355,040 shares in the last quarter. Finally, Point72 Asset Management L.P. lifted its holdings in LPL Financial by 173.6% during the third quarter. Point72 Asset Management L.P. now owns 518,279 shares of the financial services provider’s stock valued at $81,245,000 after purchasing an additional 328,879 shares in the last quarter. 96.06% of the stock is currently owned by hedge funds and other institutional investors.

LPL Financial stock traded up $0.13 during midday trading on Wednesday, hitting $184.07. 15,408 shares of the stock were exchanged, compared to its average volume of 823,180. LPL Financial Holdings Inc. has a fifty-two week low of $127.03 and a fifty-two week high of $220.80. The stock has a market capitalization of $14.72 billion, a price-to-earnings ratio of 32.38, a PEG ratio of 0.48 and a beta of 0.95. The stock’s 50-day simple moving average is $188.24 and its 200 day simple moving average is $175.13. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 1.57.

LPL Financial (NASDAQ:LPLAGet Rating) last announced its quarterly earnings results on Thursday, April 28th. The financial services provider reported $1.95 earnings per share for the quarter, beating analysts’ consensus estimates of $1.79 by $0.16. LPL Financial had a net margin of 5.74% and a return on equity of 35.82%. The business had revenue of $2.07 billion during the quarter, compared to analysts’ expectations of $2.14 billion. During the same period last year, the business earned $1.77 earnings per share. The business’s revenue for the quarter was up 21.0% on a year-over-year basis. Equities analysts anticipate that LPL Financial Holdings Inc. will post 9.69 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 24th. Shareholders of record on Thursday, June 9th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date is Wednesday, June 8th. LPL Financial’s dividend payout ratio is presently 17.61%.

In other news, CEO Dan H. Arnold sold 23,119 shares of the firm’s stock in a transaction that occurred on Monday, February 28th. The shares were sold at an average price of $180.77, for a total value of $4,179,221.63. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michelle Oroschakoff sold 15,724 shares of the firm’s stock in a transaction that occurred on Monday, May 16th. The shares were sold at an average price of $172.23, for a total transaction of $2,708,144.52. Following the completion of the transaction, the director now directly owns 42,068 shares of the company’s stock, valued at approximately $7,245,371.64. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,029 shares of company stock valued at $9,035,766. Company insiders own 1.60% of the company’s stock.

Several equities analysts have recently weighed in on the stock. JMP Securities raised shares of LPL Financial from a “market perform” rating to an “outperform” rating and set a $242.00 price target on the stock in a research note on Thursday, April 7th. Morgan Stanley raised their price target on shares of LPL Financial from $246.00 to $263.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 13th. Truist Financial raised their price target on shares of LPL Financial from $200.00 to $230.00 in a research note on Tuesday, May 3rd. StockNews.com downgraded shares of LPL Financial from a “hold” rating to a “sell” rating in a research note on Monday, May 2nd. Finally, Citigroup raised their price target on shares of LPL Financial from $225.00 to $270.00 and gave the stock a “buy” rating in a research note on Thursday, April 14th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $221.00.

LPL Financial Company Profile (Get Rating)

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 auction rate notes.

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Institutional Ownership by Quarter for LPL Financial (NASDAQ:LPLA)

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