Cinctive Capital Management LP Sells 7,508 Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)

Cinctive Capital Management LP lessened its holdings in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) by 18.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 32,858 shares of the financial services provider’s stock after selling 7,508 shares during the quarter. Cinctive Capital Management LP’s holdings in LPL Financial were worth $7,644,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Ashton Thomas Private Wealth LLC purchased a new position in LPL Financial in the second quarter worth $25,000. Key Financial Inc bought a new stake in LPL Financial during the second quarter worth about $28,000. Ashton Thomas Securities LLC purchased a new position in shares of LPL Financial in the 3rd quarter worth about $31,000. Paladin Wealth LLC bought a new position in shares of LPL Financial during the 3rd quarter valued at about $34,000. Finally, Crewe Advisors LLC raised its holdings in shares of LPL Financial by 360.7% during the 2nd quarter. Crewe Advisors LLC now owns 129 shares of the financial services provider’s stock valued at $36,000 after buying an additional 101 shares in the last quarter. Hedge funds and other institutional investors own 95.66% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. UBS Group increased their target price on shares of LPL Financial from $215.00 to $250.00 and gave the company a “neutral” rating in a report on Tuesday, October 8th. The Goldman Sachs Group lifted their price objective on LPL Financial from $271.00 to $305.00 and gave the stock a “buy” rating in a report on Friday, November 1st. StockNews.com upgraded LPL Financial from a “sell” rating to a “hold” rating in a report on Saturday, November 9th. TD Cowen raised their price target on LPL Financial from $271.00 to $277.00 and gave the stock a “hold” rating in a research report on Thursday, October 31st. Finally, Morgan Stanley boosted their price objective on LPL Financial from $303.00 to $309.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, LPL Financial currently has an average rating of “Moderate Buy” and an average target price of $290.83.

LPL Financial Stock Performance

Shares of LPLA opened at $325.15 on Monday. LPL Financial Holdings Inc. has a 52 week low of $187.19 and a 52 week high of $330.72. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 1.60. The stock has a market cap of $24.35 billion, a P/E ratio of 24.45, a P/E/G ratio of 1.59 and a beta of 0.85. The business’s 50 day moving average price is $274.56 and its 200-day moving average price is $255.03.

LPL Financial (NASDAQ:LPLA) last announced its quarterly earnings results on Wednesday, October 30th. The financial services provider reported $4.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.69 by $0.47. LPL Financial had a net margin of 8.73% and a return on equity of 49.47%. The company had revenue of $3.11 billion for the quarter, compared to analysts’ expectations of $3.04 billion. During the same quarter in the previous year, the business posted $3.74 EPS. LPL Financial’s revenue was up 6.0% compared to the same quarter last year. Equities research analysts anticipate that LPL Financial Holdings Inc. will post 16.1 earnings per share for the current fiscal year.

LPL Financial Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Thursday, November 14th will be paid a $0.30 dividend. The ex-dividend date is Thursday, November 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.37%. LPL Financial’s dividend payout ratio (DPR) is currently 9.02%.

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, fixed income, alternative investments, retirement and 529 education savings plans, and insurance.