NewEdge Wealth LLC Takes $3.23 Million Position in LPL Financial Holdings Inc. $LPLA

NewEdge Wealth LLC acquired a new position in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) in the 2nd quarter, Holdings Channel.com reports. The fund acquired 11,476 shares of the financial services provider’s stock, valued at approximately $3,233,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Goldstein Advisors LLC grew its holdings in LPL Financial by 4.8% during the 4th quarter. Goldstein Advisors LLC now owns 634 shares of the financial services provider’s stock valued at $226,000 after buying an additional 29 shares during the last quarter. Coastal Bridge Advisors LLC boosted its stake in shares of LPL Financial by 0.6% during the fourth quarter. Coastal Bridge Advisors LLC now owns 5,475 shares of the financial services provider’s stock valued at $1,956,000 after acquiring an additional 31 shares during the last quarter. Root Financial Partners LLC boosted its stake in shares of LPL Financial by 1.4% during the fourth quarter. Root Financial Partners LLC now owns 2,318 shares of the financial services provider’s stock valued at $828,000 after acquiring an additional 33 shares during the last quarter. Lifestyle Asset Management Inc. grew its holdings in shares of LPL Financial by 2.9% during the fourth quarter. Lifestyle Asset Management Inc. now owns 1,191 shares of the financial services provider’s stock worth $425,000 after buying an additional 34 shares in the last quarter. Finally, Bank of Nova Scotia grew its holdings in shares of LPL Financial by 0.7% during the first quarter. Bank of Nova Scotia now owns 5,705 shares of the financial services provider’s stock worth $1,716,000 after buying an additional 37 shares in the last quarter. Hedge funds and other institutional investors own 95.66% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on LPLA shares. JPMorgan Chase & Co. upped their price objective on shares of LPL Financial from $408.00 to $428.00 and gave the company an “overweight” rating in a research note on Friday, July 31st. TD Cowen lifted their target price on shares of LPL Financial from $330.00 to $372.00 and gave the stock a “hold” rating in a research note on Friday, July 31st. Weiss Ratings reiterated a “hold (c)” rating on shares of LPL Financial in a report on Friday, July 24th. William Blair reaffirmed an “outperform” rating on shares of LPL Financial in a research report on Thursday, June 4th. Finally, UBS Group decreased their price target on LPL Financial from $395.00 to $391.00 and set a “buy” rating on the stock in a research note on Wednesday, July 8th. Twelve equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $406.69.

Insider Buying and Selling at LPL Financial

In related news, Director Matthew Enyedi sold 1,000 shares of the stock in a transaction on Friday, July 31st. The stock was sold at an average price of $352.72, for a total value of $352,720.00. Following the completion of the sale, the director directly owned 13,121 shares in the company, valued at approximately $4,628,039.12. This represents a 7.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Aneri Jambusaria sold 308 shares of the firm’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $306.00, for a total value of $94,248.00. Following the completion of the transaction, the director directly owned 6,415 shares in the company, valued at $1,962,990. This trade represents a 4.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.60% of the stock is currently owned by corporate insiders.

LPL Financial Price Performance

LPLA stock opened at $354.02 on Friday. The stock has a 50-day moving average price of $325.27 and a two-hundred day moving average price of $315.54. The company has a market cap of $27.88 billion, a PE ratio of 28.23, a price-to-earnings-growth ratio of 0.60 and a beta of 0.48. The company has a current ratio of 2.39, a quick ratio of 2.39 and a debt-to-equity ratio of 1.30. LPL Financial Holdings Inc. has a 12-month low of $260.15 and a 12-month high of $400.16.

LPL Financial (NASDAQ:LPLA) last issued its earnings results on Thursday, July 30th. The financial services provider reported $5.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.39 by $0.45. The business had revenue of $5.19 billion during the quarter, compared to analysts’ expectations of $5.04 billion. LPL Financial had a return on equity of 32.20% and a net margin of 5.13%.The company’s revenue for the quarter was up 35.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.51 EPS. As a group, research analysts predict that LPL Financial Holdings Inc. will post 24.09 EPS for the current year.

LPL Financial Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Friday, August 14th will be given a $0.30 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.20 annualized dividend and a dividend yield of 0.3%. LPL Financial’s dividend payout ratio is presently 9.57%.

About LPL Financial

LPL Financial (NASDAQ: LPLA) is a U.S.-focused financial services firm that provides brokerage, custodial and advisory platforms to independent financial advisors, registered investment advisers and institutions. Operating primarily as an independent broker-dealer and custodian, the company supports a network of advisors with the operational, compliance and clearing infrastructure needed to manage client accounts and deliver investment advice outside of traditional wirehouse models.

The firm’s product and service offerings include trade execution and clearing, custody services, retirement plan services, model portfolio and advisory platforms, wealth management technology, investment research and product access across equities, fixed income, mutual funds, exchange-traded funds and insurance and annuity solutions.