Prudential Financial Inc. lifted its position in LPL Financial Holdings Inc. (NASDAQ:LPLA) by 2.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,474 shares of the financial services provider’s stock after acquiring an additional 195 shares during the period. Prudential Financial Inc.’s holdings in LPL Financial were worth $1,009,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Teacher Retirement System of Texas raised its position in shares of LPL Financial by 17.5% in the 2nd quarter. Teacher Retirement System of Texas now owns 10,433 shares of the financial services provider’s stock valued at $1,408,000 after acquiring an additional 1,553 shares during the period. American Century Companies Inc. raised its position in shares of LPL Financial by 39.9% in the 2nd quarter. American Century Companies Inc. now owns 1,063,660 shares of the financial services provider’s stock valued at $143,573,000 after acquiring an additional 303,276 shares during the period. Magnetar Financial LLC acquired a new stake in shares of LPL Financial in the 2nd quarter valued at approximately $1,587,000. Artemis Investment Management LLP raised its position in shares of LPL Financial by 4.1% in the 2nd quarter. Artemis Investment Management LLP now owns 680,138 shares of the financial services provider’s stock valued at $91,901,000 after acquiring an additional 26,982 shares during the period. Finally, First Trust Advisors LP raised its position in shares of LPL Financial by 3.7% in the 2nd quarter. First Trust Advisors LP now owns 161,712 shares of the financial services provider’s stock valued at $21,828,000 after acquiring an additional 5,803 shares during the period. Institutional investors and hedge funds own 93.63% of the company’s stock.
In related news, Director Michelle Oroschakoff sold 17,010 shares of the firm’s stock in a transaction on Tuesday, November 16th. The shares were sold at an average price of $166.97, for a total value of $2,840,159.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.90% of the stock is currently owned by company insiders.
LPL Financial (NASDAQ:LPLA) last posted its quarterly earnings data on Thursday, October 28th. The financial services provider reported $1.77 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.72 by $0.05. LPL Financial had a net margin of 6.43% and a return on equity of 38.13%. The company had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $2.04 billion. During the same period last year, the company earned $1.44 earnings per share. The firm’s revenue was up 38.4% compared to the same quarter last year. As a group, sell-side analysts expect that LPL Financial Holdings Inc. will post 7.02 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, November 29th. Investors of record on Thursday, November 11th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, November 9th. This represents a $1.00 annualized dividend and a dividend yield of 0.58%. LPL Financial’s dividend payout ratio is presently 17.57%.
A number of analysts recently weighed in on LPLA shares. Morgan Stanley increased their price target on shares of LPL Financial from $208.00 to $226.00 and gave the company an “overweight” rating in a research report on Friday, October 29th. Citigroup raised their target price on shares of LPL Financial from $228.00 to $234.00 and gave the stock a “buy” rating in a report on Friday, September 24th. Truist Securities started coverage on shares of LPL Financial in a report on Tuesday, November 2nd. They set a “buy” rating and a $200.00 target price on the stock. JMP Securities restated a “hold” rating on shares of LPL Financial in a report on Tuesday, October 26th. Finally, Truist started coverage on shares of LPL Financial in a report on Tuesday, November 2nd. They set a “buy” rating and a $200.00 target price on the stock. Three analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $172.10.
LPL Financial Profile
LPL Financial Holdings, Inc serves independent financial advisors and financial institutions, providing them with the technology, research, clearing and compliance services, and practice management programs they need to create and grow their practices. It provides objective financial guidance to millions of American families seeking wealth management, retirement planning, financial planning and asset management solutions.
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