Zacks Investment Research Upgrades LPL Financial Holdings Inc. (LPLA) to “Buy”

Zacks Investment Research upgraded shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning. The firm currently has $59.00 price objective on the financial services provider’s stock.

According to Zacks, “LPL Financial Holdings Inc. is engaged in providing an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at financial institutions in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, general securities, alternative investments, retirement plans, fixed income, and insurance offerings. LPL Financial Holdings Inc., formerly known as LPL Investment Holdings Inc., is based in Boston, Massachusetts. “

A number of other brokerages have also recently issued reports on LPLA. ValuEngine cut shares of LPL Financial Holdings from a buy rating to a hold rating in a report on Friday, October 6th. Morgan Stanley boosted their price objective on shares of LPL Financial Holdings from $39.00 to $42.00 and gave the company an underweight rating in a report on Thursday, October 5th. Nomura boosted their price objective on shares of LPL Financial Holdings from $53.00 to $58.00 and gave the company a buy rating in a report on Thursday, August 17th. J P Morgan Chase & Co restated a neutral rating and set a $51.00 price objective (up previously from $48.00) on shares of LPL Financial Holdings in a report on Friday, August 18th. Finally, SunTrust Banks, Inc. upgraded shares of LPL Financial Holdings from a hold rating to a buy rating and boosted their price objective for the company from $49.00 to $55.00 in a report on Wednesday, August 16th. One analyst has rated the stock with a sell rating, five have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus target price of $49.70.

Shares of LPL Financial Holdings (LPLA) opened at 53.47 on Wednesday. The stock has a 50 day moving average of $50.06 and a 200-day moving average of $44.34. The firm has a market cap of $4.81 billion, a price-to-earnings ratio of 23.23 and a beta of 1.87. LPL Financial Holdings has a 52 week low of $30.73 and a 52 week high of $53.92.

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 the Zacks’ consensus estimate of $0.66 by $0.08. The firm had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $1.05 billion. LPL Financial Holdings had a net margin of 5.10% and a return on equity of 26.45%. The business’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.53 earnings per share. Equities research analysts expect that LPL Financial Holdings will post $2.37 earnings per share for the current year.

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Several institutional investors have recently added to or reduced their stakes in LPLA. Mckinley Capital Management LLC Delaware acquired a new position in shares of LPL Financial Holdings in the second quarter valued at approximately $104,000. Public Employees Retirement Association of Colorado boosted its holdings in shares of LPL Financial Holdings by 1.9% in the second quarter. Public Employees Retirement Association of Colorado now owns 2,776 shares of the financial services provider’s stock valued at $118,000 after buying an additional 52 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of LPL Financial Holdings by 8.2% in the second quarter. The Manufacturers Life Insurance Company now owns 2,794 shares of the financial services provider’s stock valued at $119,000 after buying an additional 211 shares during the period. SG Americas Securities LLC acquired a new position in shares of LPL Financial Holdings in the first quarter valued at approximately $171,000. Finally, Teacher Retirement System of Texas boosted its holdings in shares of LPL Financial Holdings by 10.4% in the second quarter. Teacher Retirement System of Texas now owns 6,514 shares of the financial services provider’s stock valued at $277,000 after buying an additional 611 shares during the period. Institutional investors own 89.73% 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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Analyst Recommendations for LPL Financial Holdings (NASDAQ:LPLA)

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