Russell Investments Group Ltd. reduced its position in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA – Free Report) by 20.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 120,767 shares of the financial services provider’s stock after selling 30,806 shares during the period. Russell Investments Group Ltd.’s holdings in LPL Financial were worth $26,262,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in the company. First Manhattan Co. purchased a new position in shares of LPL Financial in the 4th quarter worth approximately $27,000. Janiczek Wealth Management LLC boosted its position in LPL Financial by 267.6% in the second quarter. Janiczek Wealth Management LLC now owns 136 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 99 shares during the last quarter. Ceredex Value Advisors LLC bought a new position in LPL Financial in the 2nd quarter valued at $38,000. Harbor Capital Advisors Inc. purchased a new stake in shares of LPL Financial during the 2nd quarter valued at $40,000. Finally, Industrial Alliance Investment Management Inc. bought a new stake in shares of LPL Financial during the 1st quarter worth $41,000. 92.84% of the stock is owned by institutional investors.
Insider Buying and Selling
In other news, CEO Dan H. Arnold sold 353 shares of LPL Financial stock in a transaction dated Wednesday, September 20th. The stock was sold at an average price of $250.03, for a total transaction of $88,260.59. Following the completion of the sale, the chief executive officer now owns 145,884 shares in the company, valued at approximately $36,475,376.52. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Aneri Jambusaria sold 1,930 shares of the company’s stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $222.37, for a total value of $429,174.10. Following the completion of the transaction, the director now directly owns 1,802 shares in the company, valued at approximately $400,710.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Dan H. Arnold sold 353 shares of the firm’s stock in a transaction dated Wednesday, September 20th. The shares were sold at an average price of $250.03, for a total value of $88,260.59. Following the transaction, the chief executive officer now directly owns 145,884 shares in the company, valued at $36,475,376.52. The disclosure for this sale can be found here. Insiders sold a total of 12,583 shares of company stock worth $3,017,039 over the last ninety days. 1.30% of the stock is owned by corporate insiders.
LPL Financial Trading Up 0.3 %
LPL Financial (NASDAQ:LPLA – Get Free Report) last posted its earnings results on Thursday, October 26th. The financial services provider reported $3.74 earnings per share for the quarter, topping analysts’ consensus estimates of $3.59 by $0.15. LPL Financial had a net margin of 11.99% and a return on equity of 60.49%. The business had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.51 billion. During the same quarter in the prior year, the firm posted $3.13 EPS. LPL Financial’s revenue was up 16.6% on a year-over-year basis. On average, equities analysts forecast that LPL Financial Holdings Inc. will post 15.45 EPS for the current fiscal year.
LPL Financial Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 27th. Investors of record on Thursday, November 9th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 0.53%. The ex-dividend date is Wednesday, November 8th. LPL Financial’s dividend payout ratio is 8.14%.
Wall Street Analysts Forecast Growth
Several equities analysts recently weighed in on LPLA shares. Citigroup increased their price target on shares of LPL Financial from $245.00 to $275.00 and gave the company a “buy” rating in a research report on Friday, July 28th. Morgan Stanley decreased their price target on shares of LPL Financial from $260.00 to $252.00 and set an “equal weight” rating for the company in a research note on Monday, October 30th. Jefferies Financial Group increased their price objective on LPL Financial from $282.00 to $284.00 in a report on Tuesday, October 10th. Barclays lowered their target price on LPL Financial from $277.00 to $265.00 and set an “overweight” rating on the stock in a research note on Monday, October 30th. Finally, StockNews.com assumed coverage on LPL Financial in a research note on Thursday, October 5th. They set a “hold” rating for the company. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, LPL Financial currently has an average rating of “Moderate Buy” and a consensus target price of $252.90.
LPL Financial Company Profile
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 enterprises in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, equities, retirement and education savings plans, fixed income, and insurance, as well as alternative investments, such as non-traded real estate investment trusts and auction rate notes.
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