Shares of LPL Financial Holdings Inc (NASDAQ:LPLA) have received a consensus rating of “Buy” from the thirteen research firms that are presently covering the company, MarketBeat.com reports. Five analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $68.40.
Several equities analysts have weighed in on LPLA shares. BidaskClub downgraded LPL Financial from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, January 16th. Citigroup lifted their target price on LPL Financial from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Monday, February 5th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $73.00 target price on shares of LPL Financial in a research report on Friday, February 2nd. SunTrust Banks reaffirmed a “buy” rating and issued a $75.00 target price on shares of LPL Financial in a research report on Friday, February 2nd. Finally, Nomura lifted their target price on LPL Financial from $80.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, February 2nd.
LPL Financial (NASDAQ:LPLA) opened at $64.99 on Wednesday. The firm has a market capitalization of $5,893.20, a PE ratio of 25.19, a price-to-earnings-growth ratio of 1.16 and a beta of 1.59. The company has a debt-to-equity ratio of 2.47, a current ratio of 1.39 and a quick ratio of 1.39. LPL Financial has a 52-week low of $37.38 and a 52-week high of $66.64.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 23rd. Stockholders of record on Friday, March 9th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.54%. The ex-dividend date is Thursday, March 8th. LPL Financial’s payout ratio is presently 38.76%.
LPL Financial announced that its board has authorized a stock repurchase program on Tuesday, December 5th that allows the company to buyback $359.00 million in shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
In related news, Director Marco Hellman sold 29,300 shares of the business’s stock in a transaction that occurred on Tuesday, March 6th. The stock was sold at an average price of $63.63, for a total transaction of $1,864,359.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Dan H. Arnold sold 4,004 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $65.20, for a total value of $261,060.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,443,037 shares of company stock valued at $90,586,339. 4.00% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in LPLA. The Manufacturers Life Insurance Company increased its position in LPL Financial by 8.2% during the second quarter. The Manufacturers Life Insurance Company now owns 2,794 shares of the financial services provider’s stock worth $119,000 after buying an additional 211 shares during the period. Nationwide Fund Advisors increased its position in LPL Financial by 799.4% during the third quarter. Nationwide Fund Advisors now owns 150,801 shares of the financial services provider’s stock worth $7,777,000 after buying an additional 134,035 shares during the period. New York State Teachers Retirement System acquired a new position in LPL Financial during the third quarter worth approximately $402,000. Canada Pension Plan Investment Board increased its position in LPL Financial by 6.5% during the third quarter. Canada Pension Plan Investment Board now owns 101,200 shares of the financial services provider’s stock worth $5,219,000 after buying an additional 6,200 shares during the period. Finally, State Board of Administration of Florida Retirement System increased its position in LPL Financial by 1.4% during the third quarter. State Board of Administration of Florida Retirement System now owns 102,460 shares of the financial services provider’s stock worth $5,284,000 after buying an additional 1,373 shares during the period. 93.64% of the stock is currently owned by institutional investors.
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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