LPL Financial Holdings Inc. $LPLA Shares Sold by Portside Wealth Group LLC

Portside Wealth Group LLC lessened its holdings in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) by 14.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 946 shares of the financial services provider’s stock after selling 165 shares during the quarter. Portside Wealth Group LLC’s holdings in LPL Financial were worth $355,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. AGF Management Ltd. grew its stake in LPL Financial by 74.9% in the second quarter. AGF Management Ltd. now owns 765,024 shares of the financial services provider’s stock valued at $286,861,000 after purchasing an additional 327,580 shares in the last quarter. Bryn Mawr Trust Advisors LLC bought a new stake in shares of LPL Financial in the 2nd quarter valued at approximately $316,000. JPMorgan Chase & Co. increased its holdings in LPL Financial by 8.8% in the first quarter. JPMorgan Chase & Co. now owns 1,304,780 shares of the financial services provider’s stock worth $426,846,000 after buying an additional 105,665 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in LPL Financial by 5.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 354,001 shares of the financial services provider’s stock valued at $115,808,000 after acquiring an additional 18,252 shares in the last quarter. Finally, FORA Capital LLC bought a new position in LPL Financial during the first quarter valued at approximately $1,728,000. 95.66% of the stock is currently owned by institutional investors and hedge funds.

LPL Financial Price Performance

Shares of NASDAQ LPLA opened at $356.37 on Thursday. The company has a fifty day moving average price of $343.74 and a 200 day moving average price of $361.54. The firm has a market cap of $28.52 billion, a PE ratio of 32.81, a PEG ratio of 0.78 and a beta of 0.63. The company has a current ratio of 2.60, a quick ratio of 2.60 and a debt-to-equity ratio of 1.49. LPL Financial Holdings Inc. has a 1-year low of $262.83 and a 1-year high of $403.58.

LPL Financial (NASDAQ:LPLA) last issued its quarterly earnings results on Thursday, October 30th. The financial services provider reported $5.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.49 by $0.71. LPL Financial had a net margin of 5.35% and a return on equity of 36.80%. The firm had revenue of $4.55 billion for the quarter, compared to analyst estimates of $4.08 billion. During the same period in the previous year, the business earned $4.16 EPS. The company’s revenue was up 46.4% compared to the same quarter last year. Research analysts predict that LPL Financial Holdings Inc. will post 19.35 earnings per share for the current fiscal year.

LPL Financial Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Thursday, November 13th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend is Thursday, November 13th. LPL Financial’s dividend payout ratio is currently 11.05%.

Insider Activity at LPL Financial

In related news, Director Aneri Jambusaria sold 80 shares of the business’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $361.25, for a total value of $28,900.00. Following the completion of the sale, the director directly owned 5,582 shares in the company, valued at $2,016,497.50. The trade was a 1.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Greg Gates sold 1,500 shares of the firm’s stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $376.43, for a total transaction of $564,645.00. Following the transaction, the director directly owned 15,370 shares in the company, valued at approximately $5,785,729.10. This represents a 8.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 3,830 shares of company stock valued at $1,336,675 over the last 90 days. Company insiders own 1.30% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Weiss Ratings restated a “hold (c)” rating on shares of LPL Financial in a research note on Friday, October 31st. BMO Capital Markets began coverage on shares of LPL Financial in a report on Friday, October 3rd. They issued an “outperform” rating and a $365.00 target price on the stock. UBS Group set a $455.00 target price on shares of LPL Financial in a research report on Thursday, October 9th. Keefe, Bruyette & Woods raised their price target on LPL Financial from $425.00 to $435.00 and gave the company an “outperform” rating in a research report on Monday, August 4th. Finally, Citigroup reissued an “outperform” rating on shares of LPL Financial in a research report on Friday, October 31st. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, LPL Financial currently has a consensus rating of “Moderate Buy” and a consensus price target of $429.00.

About LPL Financial

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.