LPL Financial Holdings Inc. $LPLA Shares Newly Bought by Provenance Wealth Advisors LLC

Provenance Wealth Advisors LLC acquired a new stake in LPL Financial Holdings Inc. (NASDAQ:LPLA) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 2,597 shares of the financial services provider’s stock, valued at approximately $794,000.

A number of other hedge funds have also added to or reduced their stakes in LPLA. BlackRock Inc. purchased a new position in shares of LPL Financial during the second quarter worth approximately $1,333,189,000. Jupiter Topco LLC purchased a new stake in shares of LPL Financial in the second quarter valued at approximately $1,182,595,000. Janus Henderson Group PLC boosted its holdings in shares of LPL Financial by 8.6% in the first quarter. Janus Henderson Group PLC now owns 3,666,780 shares of the financial services provider’s stock valued at $1,103,079,000 after purchasing an additional 289,227 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of LPL Financial by 36.3% in the first quarter. Principal Financial Group Inc. now owns 2,636,544 shares of the financial services provider’s stock valued at $793,163,000 after purchasing an additional 702,061 shares during the period. Finally, WCM Investment Management LLC grew its stake in LPL Financial by 0.8% in the first quarter. WCM Investment Management LLC now owns 1,734,395 shares of the financial services provider’s stock worth $520,631,000 after purchasing an additional 12,922 shares in the last quarter. 95.66% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

LPLA has been the topic of several research reports. TD Cowen reduced their price objective on LPL Financial from $380.00 to $356.00 and set a “hold” rating on the stock in a report on Wednesday, October 28th. Weiss Ratings reiterated a “hold (c)” rating on shares of LPL Financial in a report on Thursday, October 22nd. The Goldman Sachs Group reiterated a “buy” rating and issued a $400.00 target price on shares of LPL Financial in a report on Wednesday, October 28th. Bank of America dropped their price target on LPL Financial from $557.00 to $554.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. Finally, Truist Financial cut their price target on LPL Financial from $354.00 to $335.00 and set a “hold” rating on the stock in a research note on Wednesday, October 28th. Fourteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $400.60.

LPL Financial Price Performance

NASDAQ LPLA opened at $311.48 on Thursday. The company has a debt-to-equity ratio of 1.34, a quick ratio of 2.62 and a current ratio of 2.62. The firm’s 50 day moving average price is $326.66 and its 200-day moving average price is $322.00. LPL Financial Holdings Inc. has a 52-week low of $260.15 and a 52-week high of $400.16. The company has a market cap of $24.25 billion, a PE ratio of 17.87, a P/E/G ratio of 0.57 and a beta of 0.55.

LPL Financial (NASDAQ:LPLA) last issued its quarterly earnings data on Tuesday, October 27th. The financial services provider reported $5.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.69 by $0.28. The company had revenue of $5.34 billion for the quarter, compared to analyst estimates of $5.35 billion. LPL Financial had a net margin of 6.83% and a return on equity of 32.05%. LPL Financial’s revenue was up 17.4% compared to the same quarter last year. During the same period last year, the company posted $5.20 earnings per share. Sell-side analysts forecast that LPL Financial Holdings Inc. will post 23.45 EPS for the current fiscal year.

LPL Financial Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 30th. Shareholders of record on Thursday, November 12th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Thursday, November 12th. LPL Financial’s dividend payout ratio (DPR) is 6.88%.

Insider Buying and Selling at LPL Financial

In other news, Director Aneri Jambusaria sold 308 shares of LPL Financial stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $357.36, for a total value of $110,066.88. Following the transaction, the director directly owned 6,107 shares in the company, valued at approximately $2,182,397.52. This trade represents a 4.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Greg Gates sold 4,119 shares of the business’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $355.38, for a total value of $1,463,810.22. Following the completion of the transaction, the director directly owned 23,602 shares of the company’s stock, valued at approximately $8,387,678.76. The trade was a 14.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 4,867 shares of company stock valued at $1,726,944. 0.60% of the stock is currently owned by corporate insiders.

About LPL Financial

LPL Financial Holdings Inc is a financial services company that supports independent financial advisors and institutions across the United States. Through its primary subsidiary, LPL Financial LLC, the company provides brokerage, investment advisory, and custodial services, enabling advisors to serve individual investors, families, retirement plans, and other clients.

LPL’s platform includes access to brokerage and advisory products, securities clearing and custody, trading and operations support, technology, compliance services, investment research, and practice-management resources.