State Street Corp boosted its position in LPL Financial Holdings Inc. (NASDAQ:LPLA) by 2.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,219,612 shares of the financial services provider’s stock after buying an additional 34,875 shares during the period. State Street Corp owned approximately 1.35% of LPL Financial Holdings worth $48,583,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bank of America Corp DE increased its position in LPL Financial Holdings by 8.0% in the first quarter. Bank of America Corp DE now owns 290,483 shares of the financial services provider’s stock worth $11,570,000 after buying an additional 21,445 shares during the period. Schwab Charles Investment Management Inc. raised its stake in shares of LPL Financial Holdings by 9.1% in the first quarter. Schwab Charles Investment Management Inc. now owns 528,433 shares of the financial services provider’s stock worth $21,048,000 after buying an additional 44,131 shares in the last quarter. BlackRock Inc. raised its stake in shares of LPL Financial Holdings by 11,835.9% in the first quarter. BlackRock Inc. now owns 3,512,602 shares of the financial services provider’s stock worth $139,907,000 after buying an additional 3,483,173 shares in the last quarter. UBS Group AG raised its stake in shares of LPL Financial Holdings by 216.5% in the first quarter. UBS Group AG now owns 8,334 shares of the financial services provider’s stock worth $332,000 after buying an additional 5,701 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of LPL Financial Holdings by 6.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,414,114 shares of the financial services provider’s stock worth $56,324,000 after buying an additional 80,173 shares in the last quarter. 91.15% of the stock is currently owned by institutional investors and hedge funds.
LPL Financial Holdings Inc. (LPLA) opened at 45.67 on Friday. The firm’s 50-day moving average price is $43.99 and its 200 day moving average price is $41.10. The company has a market capitalization of $4.11 billion, a price-to-earnings ratio of 19.84 and a beta of 1.84. LPL Financial Holdings Inc. has a one year low of $26.99 and a one year high of $46.62.
LPL Financial Holdings (NASDAQ:LPLA) last issued its quarterly earnings data on Thursday, July 27th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.08. LPL Financial Holdings had a net margin of 5.10% and a return on equity of 26.45%. The firm had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.05 billion. During the same quarter in the previous year, the firm posted $0.53 EPS. The company’s revenue for the quarter was up 4.5% compared to the same quarter last year. On average, equities research analysts expect that LPL Financial Holdings Inc. will post $2.62 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Thursday, August 10th 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 2.19%. The ex-dividend date of this dividend is Tuesday, August 8th. LPL Financial Holdings’s payout ratio is 43.48%.
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A number of analysts have commented on the company. BidaskClub lowered LPL Financial Holdings from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. SunTrust Banks, Inc. reissued a “hold” rating and set a $42.00 price objective on shares of LPL Financial Holdings in a report on Tuesday, July 4th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $48.00 target price on shares of LPL Financial Holdings in a report on Tuesday, June 6th. Morgan Stanley reaffirmed an “underweight” rating and issued a $38.00 target price (up from $35.00) on shares of LPL Financial Holdings in a report on Monday, July 10th. Finally, Citigroup Inc. upped their target price on LPL Financial Holdings from $47.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, May 10th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $42.73.
In other news, insider William P. Jr. Morrissey sold 32,150 shares of the business’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $39.34, for a total transaction of $1,264,781.00. Following the completion of the sale, the insider now owns 49,691 shares of the company’s stock, valued at approximately $1,954,843.94. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 4.00% of the company’s stock.
LPL Financial Holdings Company Profile
LPL Financial Holdings Inc is a broker-dealer, a custodian for registered investment advisors and an independent consultant to retirement plans. The Company provides a platform of brokerage and investment advisory services to independent financial advisors, including financial advisors at financial institutions across the country.
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