LPL Financial Holdings Inc. (LPLA) Downgraded by Zacks Investment Research
LPL Financial Holdings Inc. (NASDAQ:LPLA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “LPL Financial Holdings Inc. is engaged in providing an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at financial institutions in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, general securities, alternative investments, retirement plans, fixed income, and insurance offerings. LPL Financial Holdings Inc., formerly known as LPL Investment Holdings Inc., is based in Boston, Massachusetts. “
LPLA has been the subject of several other reports. SunTrust Banks, Inc. reaffirmed a “hold” rating and set a $42.00 price target on shares of LPL Financial Holdings in a report on Tuesday, July 4th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $48.00 price target on shares of LPL Financial Holdings in a report on Tuesday, June 6th. BidaskClub raised LPL Financial Holdings from a “hold” rating to a “buy” rating in a report on Tuesday, July 25th. J P Morgan Chase & Co reaffirmed a “neutral” rating and set a $51.00 price target (up from $48.00) on shares of LPL Financial Holdings in a report on Friday, August 18th. Finally, Nomura increased their price target on LPL Financial Holdings from $53.00 to $58.00 and gave the stock a “buy” rating in a report on Thursday, August 17th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $48.20.
LPL Financial Holdings (NASDAQ LPLA) traded down 0.68% during trading on Wednesday, hitting $49.51. 761,342 shares of the company traded hands. The firm has a market cap of $4.45 billion, a price-to-earnings ratio of 21.51 and a beta of 1.84. LPL Financial Holdings has a 52-week low of $28.38 and a 52-week high of $49.90. The company’s 50-day moving average is $46.22 and its 200 day moving average is $42.35.
LPL Financial Holdings (NASDAQ:LPLA) last announced its earnings results on Thursday, July 27th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.08. The business had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.05 billion. LPL Financial Holdings had a net margin of 5.10% and a return on equity of 26.45%. The company’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same period last year, the firm posted $0.53 earnings per share. On average, equities analysts anticipate that LPL Financial Holdings will post $2.40 earnings per share for the current year.
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A number of institutional investors have recently added to or reduced their stakes in the business. 361 Capital LLC lifted its holdings in LPL Financial Holdings by 322.0% in the second quarter. 361 Capital LLC now owns 93,104 shares of the financial services provider’s stock valued at $3,953,000 after acquiring an additional 71,040 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in LPL Financial Holdings by 8.2% in the second quarter. The Manufacturers Life Insurance Company now owns 2,794 shares of the financial services provider’s stock valued at $119,000 after acquiring an additional 211 shares during the period. State Street Corp lifted its holdings in LPL Financial Holdings by 2.7% in the second quarter. State Street Corp now owns 1,251,932 shares of the financial services provider’s stock valued at $53,161,000 after acquiring an additional 32,320 shares during the period. Wildcat Capital Management LLC lifted its holdings in LPL Financial Holdings by 0.8% in the second quarter. Wildcat Capital Management LLC now owns 208,401 shares of the financial services provider’s stock valued at $8,801,000 after acquiring an additional 1,754 shares during the period. Finally, Janus Henderson Group PLC acquired a new stake in LPL Financial Holdings in the second quarter valued at $399,202,000. 89.73% of the stock is owned by institutional investors.
LPL Financial Holdings Company Profile
LPL Financial Holdings Inc is a broker-dealer, a custodian for registered investment advisors and an independent consultant to retirement plans. The Company provides a platform of brokerage and investment advisory services to independent financial advisors, including financial advisors at financial institutions across the country.
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