JPMorgan Chase & Co. Lowers LPL Financial (NASDAQ:LPLA) Price Target to $433.00

LPL Financial (NASDAQ:LPLA) had its price objective cut by research analysts at JPMorgan Chase & Co. from $440.00 to $433.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 19.87% from the company’s current price.

A number of other equities analysts also recently issued reports on the stock. JMP Securities set a $475.00 price objective on shares of LPL Financial in a report on Friday, October 31st. TD Cowen lifted their price target on shares of LPL Financial from $356.00 to $410.00 and gave the stock a “hold” rating in a research note on Monday, November 3rd. Rothschild & Co Redburn downgraded shares of LPL Financial from a “buy” rating to a “neutral” rating and set a $390.00 price objective for the company. in a research report on Friday, September 19th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of LPL Financial in a report on Friday, October 31st. Finally, Morgan Stanley cut their price target on LPL Financial from $462.00 to $447.00 and set an “overweight” rating for the company in a report on Monday, December 22nd. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $429.80.

LPL Financial Stock Performance

LPLA traded down $4.14 during mid-day trading on Tuesday, reaching $361.22. 61,929 shares of the company traded hands, compared to its average volume of 473,677. The company’s fifty day moving average price is $365.47 and its 200-day moving average price is $358.89. The stock has a market capitalization of $28.91 billion, a P/E ratio of 33.25, a P/E/G ratio of 0.75 and a beta of 0.57. The company has a quick ratio of 2.60, a current ratio of 2.60 and a debt-to-equity ratio of 1.49. LPL Financial has a 52-week low of $262.83 and a 52-week high of $403.58.

LPL Financial (NASDAQ:LPLA) last released its quarterly earnings results on Thursday, October 30th. The financial services provider reported $5.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.49 by $0.71. The firm had revenue of $4.55 billion for the quarter, compared to the consensus estimate of $4.08 billion. LPL Financial had a return on equity of 36.80% and a net margin of 5.35%.The company’s revenue for the quarter was up 46.4% on a year-over-year basis. During the same period last year, the business posted $4.16 EPS. On average, sell-side analysts expect that LPL Financial will post 19.35 EPS for the current year.

Insider Buying and Selling

In other news, CEO Richard Steinmeier sold 5,058 shares of the company’s stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $370.99, for a total transaction of $1,876,467.42. Following the sale, the chief executive officer directly owned 9,326 shares of the company’s stock, valued at $3,459,852.74. This represents a 35.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Greg Gates sold 750 shares of the stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $370.97, for a total value of $278,227.50. Following the transaction, the director owned 14,620 shares of the company’s stock, valued at $5,423,581.40. This represents a 4.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 7,388 shares of company stock worth $2,747,538. Corporate insiders own 0.70% of the company’s stock.

Institutional Investors Weigh In On LPL Financial

A number of hedge funds have recently bought and sold shares of LPLA. Cullen Frost Bankers Inc. grew its stake in shares of LPL Financial by 9.9% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 301 shares of the financial services provider’s stock worth $113,000 after buying an additional 27 shares in the last quarter. Camden National Bank grew its position in LPL Financial by 3.1% in the second quarter. Camden National Bank now owns 967 shares of the financial services provider’s stock worth $363,000 after acquiring an additional 29 shares in the last quarter. Stratos Investment Management LLC increased its stake in LPL Financial by 4.2% during the third quarter. Stratos Investment Management LLC now owns 715 shares of the financial services provider’s stock worth $238,000 after acquiring an additional 29 shares during the last quarter. Perennial Investment Advisors LLC lifted its stake in shares of LPL Financial by 4.0% in the 2nd quarter. Perennial Investment Advisors LLC now owns 804 shares of the financial services provider’s stock valued at $302,000 after purchasing an additional 31 shares during the last quarter. Finally, Magnolia Private Wealth LLC boosted its holdings in shares of LPL Financial by 2.0% in the 2nd quarter. Magnolia Private Wealth LLC now owns 1,662 shares of the financial services provider’s stock worth $623,000 after purchasing an additional 33 shares during the period. Hedge funds and other institutional investors own 95.66% of the company’s stock.

About LPL Financial

LPL Financial (NASDAQ: LPLA) is a U.S.-focused financial services firm that provides brokerage, custodial and advisory platforms to independent financial advisors, registered investment advisers and institutions. Operating primarily as an independent broker-dealer and custodian, the company supports a network of advisors with the operational, compliance and clearing infrastructure needed to manage client accounts and deliver investment advice outside of traditional wirehouse models.

The firm’s product and service offerings include trade execution and clearing, custody services, retirement plan services, model portfolio and advisory platforms, wealth management technology, investment research and product access across equities, fixed income, mutual funds, exchange-traded funds and insurance and annuity solutions.