Rivermont Capital Management LP Invests $19.61 Million in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Rivermont Capital Management LP purchased a new stake in LPL Financial Holdings Inc. (NASDAQ:LPLA) in the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 60,062 shares of the financial services provider’s stock, valued at approximately $19,611,000. LPL Financial accounts for 7.4% of Rivermont Capital Management LP’s investment portfolio, making the stock its 2nd largest position.

Other hedge funds and other institutional investors have also modified their holdings of the company. Truist Financial Corp lifted its stake in LPL Financial by 7.9% in the 4th quarter. Truist Financial Corp now owns 192,153 shares of the financial services provider’s stock worth $62,740,000 after acquiring an additional 14,106 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of LPL Financial by 4.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 31,209 shares of the financial services provider’s stock worth $10,190,000 after purchasing an additional 1,383 shares in the last quarter. Bank of Montreal Can boosted its holdings in shares of LPL Financial by 46.9% during the fourth quarter. Bank of Montreal Can now owns 59,910 shares of the financial services provider’s stock worth $19,561,000 after purchasing an additional 19,126 shares during the period. Charles Schwab Investment Management Inc. grew its position in LPL Financial by 4.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 335,749 shares of the financial services provider’s stock valued at $109,625,000 after purchasing an additional 13,936 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in LPL Financial by 27.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,275,136 shares of the financial services provider’s stock valued at $296,635,000 after buying an additional 276,166 shares during the period. Institutional investors and hedge funds own 95.66% of the company’s stock.

Insiders Place Their Bets

In other news, Director Marc Eliot Cohen sold 1,100 shares of the stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $365.85, for a total value of $402,435.00. Following the completion of the transaction, the director now owns 4,075 shares in the company, valued at approximately $1,490,838.75. This represents a 21.26% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Matthew J. Audette sold 4,588 shares of the company’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $360.07, for a total transaction of $1,652,001.16. Following the completion of the sale, the chief financial officer now directly owns 16,538 shares in the company, valued at approximately $5,954,837.66. The trade was a 21.72% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

LPL Financial Trading Up 0.5%

NASDAQ:LPLA opened at $385.05 on Thursday. The company’s 50 day moving average is $323.22 and its 200-day moving average is $331.40. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 1.60. LPL Financial Holdings Inc. has a 12 month low of $187.19 and a 12 month high of $390.23. The firm has a market cap of $30.55 billion, a price-to-earnings ratio of 27.43, a P/E/G ratio of 0.94 and a beta of 0.65.

LPL Financial (NASDAQ:LPLA) last announced its earnings results on Thursday, May 8th. The financial services provider reported $5.15 EPS for the quarter, topping the consensus estimate of $4.54 by $0.61. The firm had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $3.63 billion. LPL Financial had a net margin of 8.55% and a return on equity of 49.41%. The business’s quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter last year, the firm posted $3.83 EPS. Equities analysts anticipate that LPL Financial Holdings Inc. will post 19.35 EPS for the current year.

LPL Financial Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 12th. Investors of record on Friday, May 30th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 0.31%. The ex-dividend date of this dividend is Friday, May 30th. LPL Financial’s payout ratio is currently 8.30%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. StockNews.com raised shares of LPL Financial from a “sell” rating to a “hold” rating in a research note on Tuesday. UBS Group lifted their price objective on LPL Financial from $390.00 to $420.00 and gave the company a “buy” rating in a research report on Friday, January 31st. Citigroup lowered their target price on LPL Financial from $415.00 to $400.00 and set a “buy” rating on the stock in a research note on Wednesday, April 2nd. JPMorgan Chase & Co. raised their price target on LPL Financial from $397.00 to $405.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Finally, Keefe, Bruyette & Woods increased their price objective on 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 hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, LPL Financial currently has a consensus rating of “Moderate Buy” and a consensus target price of $374.42.

LPL Financial 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.