Heron Bay Capital Management Invests $66.27 Million in LPL Financial Holdings Inc. $LPLA

Heron Bay Capital Management acquired a new stake in LPL Financial Holdings Inc. (NASDAQ:LPLA) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 235,259 shares of the financial services provider’s stock, valued at approximately $66,268,000. LPL Financial accounts for 6.0% of Heron Bay Capital Management’s investment portfolio, making the stock its 2nd largest position.

Other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in LPL Financial during the second quarter worth about $1,333,189,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in LPL Financial in the 4th quarter valued at about $450,493,000. Norges Bank acquired a new position in shares of LPL Financial during the 4th quarter valued at about $371,616,000. Capital World Investors increased its stake in shares of LPL Financial by 37.9% during the 4th quarter. Capital World Investors now owns 3,625,357 shares of the financial services provider’s stock valued at $1,294,869,000 after acquiring an additional 996,806 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of LPL Financial by 4,435.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 747,086 shares of the financial services provider’s stock worth $210,439,000 after acquiring an additional 730,613 shares during the period. 95.66% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on LPLA shares. William Blair reissued an “outperform” rating on shares of LPL Financial in a research report on Thursday, June 4th. TD Cowen upped their price target on shares of LPL Financial from $330.00 to $372.00 and gave the stock a “hold” rating in a research report on Friday, July 31st. JPMorgan Chase & Co. increased their price target on shares of LPL Financial from $408.00 to $428.00 and gave the stock an “overweight” rating in a research note on Friday, July 31st. Wolfe Research reiterated an “outperform” rating and issued a $454.00 price target on shares of LPL Financial in a report on Wednesday, August 12th. Finally, UBS Group lowered their price objective on shares of LPL Financial from $395.00 to $391.00 and set a “buy” rating for the company in a research note on Wednesday, July 8th. Twelve analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $406.69.

Insiders Place Their Bets

In other news, Director Matthew Enyedi sold 1,000 shares of the stock in a transaction on Friday, July 31st. The shares were sold at an average price of $352.72, for a total value of $352,720.00. Following the completion of the sale, the director owned 13,121 shares of the company’s stock, valued at $4,628,039.12. This represents a 7.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 firm’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $355.38, for a total transaction of $1,463,810.22. Following the completion of the transaction, the director directly owned 23,602 shares in the company, valued at approximately $8,387,678.76. This represents a 14.86% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 5,427 shares of company stock worth $1,910,778 over the last ninety days. 0.60% of the stock is owned by company insiders.

LPL Financial Stock Performance

NASDAQ LPLA opened at $361.35 on Friday. The firm has a market capitalization of $28.45 billion, a P/E ratio of 28.82, a P/E/G ratio of 0.59 and a beta of 0.48. LPL Financial Holdings Inc. has a 1-year low of $260.15 and a 1-year high of $400.16. The company has a debt-to-equity ratio of 1.30, a current ratio of 2.39 and a quick ratio of 2.39. The business’s 50-day simple moving average is $326.58 and its 200-day simple moving average is $315.86.

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. Equities analysts predict that LPL Financial Holdings Inc. will post 24.09 EPS for the current year.

LPL Financial Announces Dividend

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

LPL Financial Company Profile

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.