LPL Financial (LPLA) Lifted to Strong-Buy at Zacks Investment Research
LPL Financial (NASDAQ:LPLA) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Friday. The firm currently has a $68.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 13.86% from the stock’s current price.
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 topic of several other reports. Citigroup boosted their price objective on shares of LPL Financial from $63.00 to $65.00 and gave the company a “buy” rating in a report on Friday, November 10th. SunTrust Banks restated a “buy” rating and issued a $65.00 price objective on shares of LPL Financial in a report on Friday, October 27th. Nomura boosted their price objective on shares of LPL Financial from $64.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, November 9th. Morgan Stanley boosted their price objective on shares of LPL Financial from $39.00 to $42.00 and gave the company an “underweight” rating in a report on Thursday, October 5th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of LPL Financial from $52.00 to $53.00 and gave the company a “neutral” rating in a report on Monday, October 30th. Six equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $57.50.
LPL Financial (NASDAQ:LPLA) last issued its quarterly earnings data on Thursday, October 26th. The financial services provider reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.03. The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.08 billion. LPL Financial had a net margin of 5.19% and a return on equity of 26.03%. LPL Financial’s revenue was up 4.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.58 EPS. research analysts anticipate that LPL Financial will post 2.31 earnings per share for the current year.
LPL Financial announced that its Board of Directors has initiated a share buyback program on Tuesday, December 5th that allows the company to buyback $359.00 million in outstanding shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
In other LPL Financial news, CEO Dan H. Arnold sold 3,742 shares of the business’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $48.54, for a total transaction of $181,636.68. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 4.00% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of the business. Atlantic Trust Group LLC purchased a new stake in LPL Financial during the third quarter worth about $1,109,000. Parametric Portfolio Associates LLC grew its position in shares of LPL Financial by 11.6% during the third quarter. Parametric Portfolio Associates LLC now owns 370,490 shares of the financial services provider’s stock worth $19,106,000 after buying an additional 38,412 shares in the last quarter. Public Employees Retirement System of Ohio grew its position in shares of LPL Financial by 72.5% during the third quarter. Public Employees Retirement System of Ohio now owns 66,716 shares of the financial services provider’s stock worth $3,441,000 after buying an additional 28,046 shares in the last quarter. Insight Capital Research & Management Inc. acquired a new position in shares of LPL Financial during the third quarter worth about $1,364,000. Finally, California Public Employees Retirement System grew its position in shares of LPL Financial by 2.6% during the third quarter. California Public Employees Retirement System now owns 214,127 shares of the financial services provider’s stock worth $11,043,000 after buying an additional 5,427 shares in the last quarter. Institutional investors own 90.28% of the company’s stock.
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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