LPL Financial (NASDAQ:LPLA) Reaches New 12-Month High at $92.99

LPL Financial Holdings Inc (NASDAQ:LPLA) hit a new 52-week high on Monday . The company traded as high as $92.99 and last traded at $91.68, with a volume of 406525 shares changing hands. The stock had previously closed at $92.35.

Several equities analysts have recently weighed in on LPLA shares. Zacks Investment Research upgraded shares of LPL Financial from a “sell” rating to a “hold” rating in a research report on Tuesday, October 29th. Wolfe Research set a $110.00 target price on shares of LPL Financial and gave the stock a “buy” rating in a report on Friday, October 25th. Citigroup increased their target price on shares of LPL Financial from $105.00 to $110.00 and gave the company a “sell” rating in a research note on Friday, November 15th. BidaskClub upgraded shares of LPL Financial from a “buy” rating to a “strong-buy” rating in a report on Saturday, November 16th. Finally, Credit Suisse Group reduced their target price on shares of LPL Financial from $110.00 to $98.00 and set an “outperform” rating for the company in a report on Tuesday, October 1st. Two research analysts have rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $92.64.

The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 2.56. The firm has a market cap of $7.40 billion, a price-to-earnings ratio of 17.17, a price-to-earnings-growth ratio of 0.86 and a beta of 1.43. The stock has a 50-day moving average of $85.44 and a two-hundred day moving average of $81.62.

LPL Financial (NASDAQ:LPLA) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $1.71 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.61 by $0.10. The firm had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.42 billion. LPL Financial had a return on equity of 59.56% and a net margin of 10.07%. LPL Financial’s revenue was up 6.4% on a year-over-year basis. During the same quarter last year, the business posted $1.19 EPS. Sell-side analysts expect that LPL Financial Holdings Inc will post 7.15 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.09%. The ex-dividend date was Wednesday, November 6th. LPL Financial’s payout ratio is 18.76%.

In other news, CEO Dan H. Arnold sold 48,159 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $80.00, for a total transaction of $3,852,720.00. Following the sale, the chief executive officer now owns 227,784 shares in the company, valued at $18,222,720. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John Andrew Kalbaugh sold 32,120 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $80.28, for a total transaction of $2,578,593.60. Following the completion of the sale, the director now owns 24,096 shares of the company’s stock, valued at approximately $1,934,426.88. The disclosure for this sale can be found here. Over the last quarter, insiders sold 149,600 shares of company stock valued at $12,483,871. Corporate insiders own 2.20% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. JS Capital Management LLC purchased a new position in shares of LPL Financial during the third quarter valued at $416,000. Point72 Asset Management L.P. acquired a new position in shares of LPL Financial in the third quarter worth $11,694,000. Redwood Investment Management LLC raised its holdings in shares of LPL Financial by 36.8% during the third quarter. Redwood Investment Management LLC now owns 10,870 shares of the financial services provider’s stock worth $890,000 after acquiring an additional 2,926 shares in the last quarter. Voya Investment Management LLC boosted its position in LPL Financial by 49.1% during the third quarter. Voya Investment Management LLC now owns 1,295,396 shares of the financial services provider’s stock valued at $106,094,000 after purchasing an additional 426,793 shares during the last quarter. Finally, Eqis Capital Management Inc. boosted its position in LPL Financial by 24.7% during the third quarter. Eqis Capital Management Inc. now owns 6,323 shares of the financial services provider’s stock valued at $518,000 after purchasing an additional 1,252 shares during the last quarter. Hedge funds and other institutional investors own 93.76% of the company’s stock.

About LPL Financial (NASDAQ:LPLA)

LPL Financial Holdings Inc, together with its subsidiaries, provides 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, equities, retirement and 529 education savings plans, fixed income, and insurance, as well as alternative investments, such as non-traded real estate investment trusts and business development companies.

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