LPL Financial Holdings Inc. $LPLA Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut its holdings in LPL Financial Holdings Inc. (NASDAQ:LPLA) by 19.1% in the third quarter, Holdings Channel reports. The institutional investor owned 938,755 shares of the financial services provider’s stock after selling 221,566 shares during the quarter. JPMorgan Chase & Co.’s holdings in LPL Financial were worth $312,320,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. State of New Jersey Common Pension Fund D lifted its position in shares of LPL Financial by 4.8% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 27,980 shares of the financial services provider’s stock valued at $9,309,000 after buying an additional 1,277 shares in the last quarter. Presidio Capital Management LLC acquired a new position in LPL Financial during the third quarter worth $761,000. PNC Financial Services Group Inc. lifted its holdings in LPL Financial by 8.8% during the third quarter. PNC Financial Services Group Inc. now owns 7,043 shares of the financial services provider’s stock valued at $2,343,000 after purchasing an additional 567 shares in the last quarter. Coronation Fund Managers Ltd. grew its position in shares of LPL Financial by 24.5% in the third quarter. Coronation Fund Managers Ltd. now owns 187,973 shares of the financial services provider’s stock valued at $62,537,000 after purchasing an additional 36,950 shares during the period. Finally, Assetmark Inc. grew its position in shares of LPL Financial by 4.9% in the third quarter. Assetmark Inc. now owns 1,537 shares of the financial services provider’s stock valued at $511,000 after purchasing an additional 72 shares during the period. 95.66% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on LPLA. TD Cowen reduced their price target on shares of LPL Financial from $399.00 to $378.00 and set a “hold” rating for the company in a research report on Friday, January 30th. Morgan Stanley cut their price objective on LPL Financial from $462.00 to $447.00 and set an “overweight” rating for the company in a research note on Monday, December 22nd. Barclays decreased their target price on LPL Financial from $444.00 to $434.00 and set an “overweight” rating on the stock in a research report on Friday, January 30th. The Goldman Sachs Group reiterated a “buy” rating and set a $421.00 price target on shares of LPL Financial in a research report on Friday, October 31st. Finally, JPMorgan Chase & Co. increased their price objective on LPL Financial from $433.00 to $439.00 and gave the company an “overweight” rating in a research note on Friday, January 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, LPL Financial currently has an average rating of “Moderate Buy” and a consensus price target of $428.71.

Insider Activity at LPL Financial

In related news, Director Greg Gates sold 750 shares of the firm’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $370.97, for a total transaction of $278,227.50. Following the completion of the sale, the director directly owned 14,620 shares in the company, valued at approximately $5,423,581.40. This trade represents a 4.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Richard Steinmeier sold 5,058 shares of LPL Financial stock in a transaction dated 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 transaction, the chief executive officer directly owned 9,326 shares in the company, valued at $3,459,852.74. This trade represents a 35.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 5,888 shares of company stock valued at $2,182,893. 1.30% of the stock is owned by company insiders.

LPL Financial Price Performance

LPLA stock opened at $327.92 on Friday. LPL Financial Holdings Inc. has a 1 year low of $262.83 and a 1 year high of $403.58. The company has a debt-to-equity ratio of 1.49, a current ratio of 2.60 and a quick ratio of 2.60. The firm has a market capitalization of $26.25 billion, a PE ratio of 29.78, a price-to-earnings-growth ratio of 0.73 and a beta of 0.58. The business has a 50 day simple moving average of $364.06 and a 200-day simple moving average of $355.90.

LPL Financial (NASDAQ:LPLA) last announced its quarterly earnings data on Thursday, January 29th. The financial services provider reported $5.23 EPS for the quarter, topping analysts’ consensus estimates of $4.82 by $0.41. The firm had revenue of $4.93 billion for the quarter, compared to the consensus estimate of $4.90 billion. LPL Financial had a return on equity of 35.99% and a net margin of 5.08%.The firm’s revenue was up 8.4% compared to the same quarter last year. During the same quarter last year, the business posted $4.25 earnings per share. Equities research analysts anticipate that LPL Financial Holdings Inc. will post 19.35 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 Tuesday, March 24th. Stockholders of record on Tuesday, March 10th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, March 10th. This represents a $1.20 annualized dividend and a dividend yield of 0.4%. LPL Financial’s payout ratio is presently 10.90%.

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.