LPL Financial Holdings Downgraded by Citigroup Inc. to Neutral (LPLA)
LPL Financial Holdings (NASDAQ:LPLA) was downgraded by investment analysts at Citigroup Inc. from a “buy” rating to a “neutral” rating in a note issued to investors on Thursday, TheFlyOnTheWall.com reports. They currently have a $52.00 target price on the stock, down from their previous target price of $57.00. Citigroup Inc.’s price objective points to a potential upside of 11.09% from the stock’s previous close.
LPLA has been the subject of a number of other recent research reports. Analysts at Credit Suisse cut their price target on shares of LPL Financial Holdings from $55.00 to $53.00 in a research note on Thursday. They now have a “neutral” rating on the stock. Separately, analysts at Zacks upgraded shares of LPL Financial Holdings from an “underperform” rating to a “neutral” rating in a research note on Wednesday, July 9th. They now have a $50.20 price target on the stock. Finally, analysts at Zacks downgraded shares of LPL Financial Holdings from a “neutral” rating to an “underperform” rating in a research note on Tuesday, June 10th. They now have a $48.20 price target on the stock. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $52.24.
LPL Financial Holdings (NASDAQ:LPLA) traded down 1.41% on Thursday, hitting $46.81. The stock had a trading volume of 845,487 shares. LPL Financial Holdings has a 52-week low of $36.58 and a 52-week high of $56.45. The stock’s 50-day moving average is $49.31 and its 200-day moving average is $50.43. The company has a market cap of $4.705 billion and a price-to-earnings ratio of 27.49.
LPL Financial Holdings (NASDAQ:LPLA) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.61 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.61. The company had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.10 billion. During the same quarter in the previous year, the company posted $0.61 earnings per share. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. On average, analysts predict that LPL Financial Holdings will post $2.54 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, August 29th. Shareholders of record on Thursday, August 14th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date of this dividend is Tuesday, August 12th.
LPL Financial Holdings Inc, formerly LPL Investment Holdings Inc, is a holding company. The Company provides an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at financial institutions (NASDAQ:LPLA) in the United States of America.
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