LPL Financial (NASDAQ:LPLA) Hits New 52-Week High – Here’s What Happened

Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) hit a new 52-week high on Friday . The stock traded as high as $383.61 and last traded at $379.46, with a volume of 1348463 shares trading hands. The stock had previously closed at $383.33.

Analysts Set New Price Targets

Several brokerages have recently issued reports on LPLA. Citigroup raised their target price on shares of LPL Financial from $310.00 to $385.00 and gave the stock a “buy” rating in a report on Friday, January 10th. JMP Securities reissued a “market outperform” rating and issued a $435.00 price target on shares of LPL Financial in a report on Friday, January 31st. UBS Group upped their price objective on shares of LPL Financial from $390.00 to $420.00 and gave the company a “buy” rating in a research note on Friday, January 31st. Morgan Stanley raised their target price on LPL Financial from $379.00 to $413.00 and gave the stock an “overweight” rating in a research note on Thursday, February 6th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of LPL Financial from $390.00 to $405.00 and gave the stock an “outperform” rating in a report on Friday, January 31st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $379.17.

LPL Financial Trading Down 1.0 %

The stock has a 50 day moving average of $348.16 and a 200-day moving average of $288.42. The company has a market capitalization of $28.41 billion, a P/E ratio of 27.03, a P/E/G ratio of 0.95 and a beta of 0.87. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 1.60.

LPL Financial (NASDAQ:LPLA) last posted its quarterly earnings results on Thursday, January 30th. The financial services provider reported $4.25 earnings per share for the quarter, topping analysts’ consensus estimates of $4.01 by $0.24. LPL Financial had a net margin of 8.55% and a return on equity of 49.41%. On average, research analysts predict that LPL Financial Holdings Inc. will post 19.35 EPS for the current year.

LPL Financial Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Tuesday, March 11th will be issued a dividend of $0.30 per share. The ex-dividend date is Tuesday, March 11th. This represents a $1.20 dividend on an annualized basis and a yield of 0.32%. LPL Financial’s dividend payout ratio is presently 8.55%.

Insider Activity

In other LPL Financial news, Director Aneri Jambusaria sold 305 shares of the business’s stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $331.94, for a total value of $101,241.70. Following the sale, the director now owns 3,920 shares in the company, valued at $1,301,204.80. The trade was a 7.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Matthew J. Audette sold 28,777 shares of the stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $365.14, for a total transaction of $10,507,633.78. Following the transaction, the chief financial officer now directly owns 13,663 shares of the company’s stock, valued at $4,988,907.82. This trade represents a 67.81 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On LPL Financial

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of LPL Financial during the 4th quarter valued at approximately $305,747,000. Raymond James Financial Inc. purchased a new position in LPL Financial in the fourth quarter worth about $295,982,000. Boston Partners increased its position in shares of LPL Financial by 26.0% during the 4th quarter. Boston Partners now owns 3,905,541 shares of the financial services provider’s stock valued at $1,278,454,000 after purchasing an additional 805,637 shares during the last quarter. FMR LLC raised its holdings in LPL Financial by 24.4% during the 3rd quarter. FMR LLC now owns 3,322,571 shares of the financial services provider’s stock valued at $772,930,000 after buying an additional 650,675 shares during the period. Finally, Janus Henderson Group PLC lifted its position in LPL Financial by 20.6% in the fourth quarter. Janus Henderson Group PLC now owns 3,050,529 shares of the financial services provider’s stock worth $996,032,000 after buying an additional 522,032 shares during the last quarter. 95.66% of the stock is owned by institutional investors.

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.