CIBC Asset Management Inc grew its position in LPL Financial Holdings Inc (NASDAQ:LPLA) by 13.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,375 shares of the financial services provider’s stock after buying an additional 3,790 shares during the quarter. CIBC Asset Management Inc’s holdings in LPL Financial were worth $2,024,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Great West Life Assurance Co. Can grew its stake in LPL Financial by 12.1% during the 2nd quarter. Great West Life Assurance Co. Can now owns 9,853 shares of the financial services provider’s stock worth $646,000 after purchasing an additional 1,065 shares in the last quarter. First Mercantile Trust Co. grew its stake in LPL Financial by 12.2% during the 2nd quarter. First Mercantile Trust Co. now owns 10,525 shares of the financial services provider’s stock worth $689,000 after purchasing an additional 1,141 shares in the last quarter. HL Financial Services LLC grew its stake in LPL Financial by 22.3% during the 2nd quarter. HL Financial Services LLC now owns 7,280 shares of the financial services provider’s stock worth $477,000 after purchasing an additional 1,325 shares in the last quarter. Integrated Investment Consultants LLC acquired a new position in LPL Financial during the 2nd quarter worth $111,000. Finally, Amalgamated Bank grew its stake in LPL Financial by 9.5% during the 2nd quarter. Amalgamated Bank now owns 20,656 shares of the financial services provider’s stock worth $1,354,000 after purchasing an additional 1,797 shares in the last quarter. 94.47% of the stock is owned by institutional investors and hedge funds.
In other LPL Financial news, Director Michelle Oroschakoff sold 6,000 shares of LPL Financial stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $67.11, for a total transaction of $402,660.00. Following the completion of the sale, the director now directly owns 19,811 shares of the company’s stock, valued at approximately $1,329,516.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.60% of the stock is owned by insiders.
Shares of NASDAQ LPLA opened at $65.15 on Friday. The stock has a market cap of $5.50 billion, a price-to-earnings ratio of 21.72, a price-to-earnings-growth ratio of 0.82 and a beta of 1.59. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 2.43. LPL Financial Holdings Inc has a 1 year low of $48.13 and a 1 year high of $73.28.
LPL Financial (NASDAQ:LPLA) last announced its quarterly earnings results on Thursday, October 25th. The financial services provider reported $1.32 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.24 by $0.08. The company had revenue of $1.33 billion during the quarter, compared to the consensus estimate of $1.30 billion. LPL Financial had a return on equity of 41.69% and a net margin of 7.68%. On average, equities research analysts expect that LPL Financial Holdings Inc will post 5.16 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, November 26th. Shareholders of record on Thursday, November 8th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date is Wednesday, November 7th. LPL Financial’s dividend payout ratio (DPR) is 33.33%.
Several research firms recently commented on LPLA. BidaskClub raised LPL Financial from a “strong sell” rating to a “sell” rating in a research note on Tuesday, October 30th. Citigroup boosted their target price on LPL Financial from $80.00 to $84.00 and gave the stock a “buy” rating in a research note on Tuesday, October 30th. Credit Suisse Group lowered their target price on LPL Financial from $91.00 to $88.00 and set an “outperform” rating for the company in a research note on Friday, October 26th. Wells Fargo & Co boosted their target price on LPL Financial from $70.00 to $74.00 and gave the stock a “market perform” rating in a research note on Friday, July 27th. Finally, Zacks Investment Research cut LPL Financial from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 5th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company. LPL Financial has an average rating of “Hold” and a consensus target price of $78.18.
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LPL Financial Profile
LPL Financial Holdings Inc, together with its subsidiaries, provides 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, equities, retirement and 529 education savings plans, fixed income, and insurance, as well as alternative investments, such as non-traded real estate investment trusts and business development companies.
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