LPL Financial (NASDAQ:LPLA) declared that its Board of Directors has initiated a share buyback program, which allows the company to buyback $359.00 million in outstanding shares on Tuesday, December 5th, EventVestor reports. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Shares of LPL Financial (NASDAQ LPLA) traded down $0.43 during trading on Thursday, hitting $53.47. 598,500 shares of the stock were exchanged, compared to its average volume of 718,061. LPL Financial has a 12 month low of $34.01 and a 12 month high of $55.39. The company has a debt-to-equity ratio of 2.54, a quick ratio of 1.48 and a current ratio of 1.48. The company has a market cap of $4,861.25, a P/E ratio of 21.65, a PEG ratio of 1.80 and a beta of 1.88.

LPL Financial (NASDAQ:LPLA) last issued its quarterly earnings results on Thursday, October 26th. The financial services provider reported $0.63 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.03. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.08 billion. LPL Financial had a net margin of 5.19% and a return on equity of 26.03%. The firm’s quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.58 EPS. equities analysts predict that LPL Financial will post 2.31 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 27th. Investors of record on Thursday, November 9th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.87%. The ex-dividend date of this dividend was Wednesday, November 8th. LPL Financial’s payout ratio is 42.55%.

LPLA has been the topic of a number of analyst reports. SunTrust Banks upgraded shares of LPL Financial from a “hold” rating to a “buy” rating and increased their target price for the stock from $49.00 to $55.00 in a research report on Wednesday, August 16th. Nomura increased their target price on shares of LPL Financial from $53.00 to $58.00 and gave the stock a “buy” rating in a research report on Thursday, August 17th. J P Morgan Chase & Co restated a “neutral” rating and set a $51.00 target price (up previously from $48.00) on shares of LPL Financial in a research report on Friday, August 18th. Zacks Investment Research lowered shares of LPL Financial from a “buy” rating to a “hold” rating in a research report on Wednesday, September 20th. Finally, Morgan Stanley increased their target price on shares of LPL Financial from $39.00 to $42.00 and gave the stock an “underweight” rating in a research report on Thursday, October 5th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. LPL Financial has an average rating of “Hold” and a consensus price target of $54.55.

In related news, CEO Dan H. Arnold sold 3,742 shares of the stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $48.54, for a total value of $181,636.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.00% of the stock is owned by corporate insiders.

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About LPL Financial

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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