Wells Fargo & Co Reiterates Market Perform Rating for LPL Financial (LPLA)
LPL Financial (NASDAQ:LPLA)‘s stock had its “market perform” rating restated by Wells Fargo & Co in a research report issued to clients and investors on Thursday, The Fly reports. They currently have a $60.00 target price on the financial services provider’s stock, up from their prior target price of $52.00. Wells Fargo & Co’s price objective would suggest a potential upside of 2.65% from the company’s previous close.
Several other equities research analysts have also recently commented on LPLA. Zacks Investment Research cut LPL Financial from a “hold” rating to a “sell” rating in a research note on Tuesday. Morgan Stanley upgraded LPL Financial from an “underweight” rating to an “equal weight” rating and set a $42.00 target price on the stock in a research note on Wednesday. Keefe, Bruyette & Woods restated a “buy” rating and issued a $66.00 target price on shares of LPL Financial in a research note on Friday, December 22nd. SunTrust Banks restated a “buy” rating and issued a $65.00 target price on shares of LPL Financial in a research note on Friday, October 27th. Finally, JPMorgan Chase & Co. boosted their target price on LPL Financial from $52.00 to $53.00 and gave the company a “neutral” rating in a research note on Monday, October 30th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $56.83.
LPL Financial (NASDAQ:LPLA) opened at $58.45 on Thursday. The company has a debt-to-equity ratio of 2.54, a current ratio of 1.48 and a quick ratio of 1.48. LPL Financial has a 12-month low of $35.78 and a 12-month high of $59.14. The stock has a market capitalization of $5,270.00, a P/E ratio of 24.77, a P/E/G ratio of 1.41 and a beta of 1.88.
LPL Financial announced that its board has authorized a share repurchase plan on Tuesday, December 5th that allows the company to repurchase $359.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.
In related news, CEO Dan H. Arnold sold 3,742 shares of the stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $48.54, for a total value of $181,636.68. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 4.00% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Atlantic Trust Group LLC acquired a new position in LPL Financial in the 3rd quarter valued at $1,109,000. Parametric Portfolio Associates LLC grew its holdings in LPL Financial by 11.6% in the 3rd quarter. Parametric Portfolio Associates LLC now owns 370,490 shares of the financial services provider’s stock valued at $19,106,000 after buying an additional 38,412 shares in the last quarter. Public Employees Retirement System of Ohio grew its holdings in LPL Financial by 72.5% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 66,716 shares of the financial services provider’s stock valued at $3,441,000 after buying an additional 28,046 shares in the last quarter. Insight Capital Research & Management Inc. acquired a new position in LPL Financial in the 3rd quarter valued at $1,364,000. Finally, California Public Employees Retirement System grew its holdings in LPL Financial by 2.6% in the 3rd quarter. California Public Employees Retirement System now owns 214,127 shares of the financial services provider’s stock valued at $11,043,000 after buying an additional 5,427 shares in the last quarter. Institutional investors and hedge funds own 90.28% of the company’s stock.
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LPL Financial 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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