Covestor Ltd Trims Stake in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Covestor Ltd lowered its holdings in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) by 35.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 96 shares of the financial services provider’s stock after selling 53 shares during the period. Covestor Ltd’s holdings in LPL Financial were worth $31,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in LPLA. Graney & King LLC purchased a new position in LPL Financial in the 4th quarter worth approximately $30,000. Jones Financial Companies Lllp raised its position in LPL Financial by 45.3% in the fourth quarter. Jones Financial Companies Lllp now owns 138 shares of the financial services provider’s stock worth $45,000 after acquiring an additional 43 shares during the period. Atala Financial Inc bought a new stake in LPL Financial during the fourth quarter valued at about $59,000. Compass Financial Services Inc purchased a new stake in LPL Financial in the 4th quarter worth approximately $65,000. Finally, R Squared Ltd purchased a new position in shares of LPL Financial during the 4th quarter valued at $78,000. Institutional investors own 95.66% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Matthew J. Audette sold 28,777 shares of the company’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $365.14, for a total transaction of $10,507,633.78. Following the completion of the transaction, the chief financial officer now owns 13,663 shares in the company, valued at $4,988,907.82. This represents a 67.81 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Marc Eliot Cohen sold 1,100 shares of the firm’s stock in a transaction that occurred on Wednesday, February 26th. The shares were 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 in the company, valued at approximately $1,490,838.75. This trade represents a 21.26 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 34,465 shares of company stock worth $12,562,070. Company insiders own 1.30% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on LPLA. Morgan Stanley lifted their price objective on shares of LPL Financial from $379.00 to $413.00 and gave the company an “overweight” rating in a research report on Thursday, February 6th. Barclays lowered their price target on LPL Financial from $414.00 to $365.00 and set an “overweight” rating for the company in a research report on Monday, April 7th. Wells Fargo & Company reduced their price target on LPL Financial from $405.00 to $342.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. StockNews.com cut shares of LPL Financial from a “hold” rating to a “sell” rating in a research report on Wednesday, March 26th. Finally, JPMorgan Chase & Co. raised their price target on LPL Financial from $397.00 to $405.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. One investment analyst has rated the stock with a sell rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, LPL Financial presently has a consensus rating of “Moderate Buy” and a consensus price target of $369.83.

LPL Financial Stock Up 1.0 %

NASDAQ:LPLA opened at $313.81 on Wednesday. LPL Financial Holdings Inc. has a twelve month low of $187.19 and a twelve month high of $384.04. The company’s 50 day moving average is $337.77 and its two-hundred day moving average is $320.14. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 1.60. The company has a market cap of $24.90 billion, a PE ratio of 22.35, a P/E/G ratio of 0.94 and a beta of 0.64.

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

LPL Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Tuesday, March 11th were paid a dividend of $0.30 per share. The ex-dividend date was Tuesday, March 11th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.38%. LPL Financial’s payout ratio is 8.55%.

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.